BUSINESS INSIGHTS
THE BARGAINING POWER OF ADVANCED AI IN RETAIL NEGOTIATIONS
Lloyd E . G . Barrett , Co-founder of Uncapt , emphasises the pivotal role of negotiation in business and the untapped potential of Advanced Artificial Negotiation Intelligence .
Soaring energy costs and rapid inflation in the price of goods and services have left many businesses struggling to stay afloat . With unpredictable consumer demands , the retail sector , now more than ever , needs a rethink .
The retail industry must find new ways to adapt . Advanced Artificial Negotiation Intelligence ( AANI ) offers a lifeline for retailers by revolutionising how they conduct business . Leveraging Artificial Intelligence-driven negotiation tools can streamline processes , optimise pricing strategies and increase business revenue .
Many companies still rely on Excel spreadsheets and their wits to negotiate with manufacturers and suppliers . However , AANI is about to overturn those long-held traditions ; it is the future of bargaining .
Unlocking the real value of your business
Many business leaders are aware of the untapped value within their companies .
They know they may be sitting on a gold mine regarding value but don ’ t have the money to hire the right people to extract it .
Imagine if you could map the decisionmaking of your best people and combine that with the reasoning of world-class negotiators . Now , imagine they can work 24 / 7 , 365 days a year , across all your suppliers simultaneously . How much value do you think you could unlock ?
What if you could use AANI , a technology that ’ s cognitively on par with people and , in some cases , better , to conduct negotiations on your behalf ? What if you used it to analyse vast amounts of data , predict outcomes and make strategic decisions instantly ?
You suddenly have technology that unlocks your company ’ s actual value . You ’ re fully equipped to extract that value to generate more business , revenue and profits .
Preventing inefficient tail spend
One of the industry ’ s biggest challenges is finding the time and resources to negotiate effectively with all their manufacturers and suppliers . Some buyers manage hundreds of suppliers within short time frames . A reasonable question to ask is , how do they manage ?
There is no way you can effectively manage hundreds of suppliers at a time and maintain long-term relationships with all of them . With the best will in the world , you ’ re limited to skimming through some of your deals , which inevitably will leave value on the table .
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