Is This The End Of The Human Buyer? With Martin Rand CEO Of Pactum – The Grocery Insider Podcast
In this week’s episode of The Grocery Insider, in association with HRA Global, we speak to Martin Rand, CEO of Pactum AI. You can listen to the full episode of Is This the end of the Human Buyer? on the Grocery Insider podcast, via Apple Podcasts or Spotify. Alternatively, simply search ‘Is this the end to the Human buyer?’.
00:00 – 06:15 Introduction to Martin
- He was a project manager at Skype, moving into his own company in farm management systems for farmers.
- A look into how Martin’s work with Walmart came about.
- An insight into how Pactum was started, by aiming to make negotiations more efficient, to get better outcomes for both sides.
06:15 – 15:35 Pactum’s Aims
- The primary driver is a lack of resource from retail side?
- Where margins are squeezed, is AI better at getting to the further reaches of their supply base?
- Pactum interacts through a ‘chat’ based system, which aims to make better, more win-win, efficient deals for both sides.
- Where does it gather its data from?
- What makes Pactum different in that this is a very technical conversation between two specialists?
15:35 – 20:10 The ‘Bot’
- What is most important to the bot? Is it price, quality, service level, footfall?
- Does this technology lose that important ‘human’ factor in the deals done?
20:10 – 23:25 Incorporating AI Into Your Negotiations
- What advice would you give a food and drink brand that has an AI approach from a retailer? How would you advise a brand to engage with bot buying?
- How tough times allow companies to innovate more.
- What type of retail is interested in working with Pactum?
23:25 – End: The Future
- With the delayering of head offices, are companies creating new roles to program, monitor and supervise the AI?
- Does this not create a two-tier supply base with bigger suppliers with more selling power vs smaller suppliers relegated to negotiating with the bot?
- 10 years from now, will the technology has taken root and how wide do you think it will be?
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