Procurement & AI - Interview with Martin Rand Pt. 1 - 030

Jun 8, 2020

In today's episode, I interviewe Martin Rand; CEO and co-founder of Pactum (www.pactum.com). Martin not only has vast experience in negotiations, but he also shows how Machine learning and AI can help in negotiations.

We go over the hot topic "digitalization in procurement". Martin, being the CEO of a company that offers AI solutions in negotiations, has a lot to share in this regard.

Episode Highlights

• Phil introduces Martin Rand
• Martin shares with us his experience in the field of negotiation
• Martin tells us about his company "Pactum" and what it does
• Understanding what a pareto efficient deal is, why is it important to be on the pareto optimal line?
• How was the idea of AI deal optimization born?
• What is the process of AI negotiation and how does it work?

Key Points

1. Human negotiated deals will always remain because human ingenuity is needed in large and strategic deals.
2. AI negotiating is mostly useful for large enterprises where many deals are un-managed.
3. Every negotiation should aim for a Pareto optimal outcome.