The procuretech landscape has evolved rapidly in recent years.
Just take a look at this spider map of the Modern Procurement Platform Stack, produced annually by supply chain expert Dr Eloise Epstein. It illustrates the incredible scale of new capabilities that new technology is providing to procurement professionals.
At Pactum, we’re proud to be on that map as the category creator and leader for autonomous negotiations, alongside many other impressive companies – such as Sievo, the leader in procurement analytics.
Today, we can reveal that Pactum and Sievo are partnering to integrate AI-powered procurement analytics with AI-powered autonomous negotiations. This is a game changer in procurement.
Sievo is offering procurement teams a comprehensive solution that enables them to launch autonomous negotiations with suppliers based on value capture opportunities identified in Sievo. It closes the data-to-action gap. Businesses will start reaping the value of their data faster than ever before.
For far too long, procurement has often been undervalued in business. It has too often been perceived as an administrative function that simply executes requests from the rest of the business. In reality, procurement professionals are key to driving strategy, innovation and competitive advantage.
Procurement is all about creating value. So when procurement professionals get hold of better tools to do their jobs, it can significantly contribute to the value of their business. That’s why procurement has been growing in strategic importance over recent years.
AI is taking this to a whole new level, enabling procurement professionals to achieve things that weren’t even possible until recently. Autonomous negotiations is a key example. AI is enabling procurement teams to engage vastly more suppliers who previously would have had to settle for standardized terms, but who can now be given more optimal terms for both sides.
The results are clear. Companies aren’t only making huge savings. They have better engagement and stronger relationships with their suppliers (who give overwhelmingly positive feedback too). This is key to business velocity.
Now imagine those results when we can feed even deeper data into autonomous negotiations. That’s why, here at Pactum, we’re really excited about this partnership with Sievo and how we can together deliver yet more value to procurement professionals, enabling them to both identify and achieve cost savings and new opportunities like never before.
Sammeli Sammalkorpi, CEO and Co-founder at Sievo, says:
“In today’s highly competitive environment, the need for fast, automated decision-making based on reliable data has never been more important. What will create a significant competitive advantage is the capability to drive actions at scale. Data-driven procurement is not about better decisions. It’s about faster decisions, and more of them. Analytics alone holds no value; it’s the actions that can be taken that truly drive results. To truly enable procurement leaders to drive competitiveness, they need effortless ways to analyze their data, make decisions, and act on them. The partnership between Sievo and Pactum is a remarkable step towards closing the data-to-action gap.”
The power of procurement can no longer be ignored. Procurement professionals are rightly being given more strategic roles within the most innovative, future-facing businesses. Pactum and Sievo are both proud to support them.