PRESS RELEASE – April 2, 2024
We are thrilled to announce the exciting partnership between Sievo and Pactum. Pactum, globally renowned for its autonomous negotiation solutions, and Sievo, the global leader in Procurement Analytics, are joining forces to redefine procurement strategies and unlock efficiency and automation from analytics to data-driven decision-making.
Sievo brings to the table its advanced procurement analytics capabilities. Sievo closes the data-to-action gap by leveraging AI-driven analysis of companies' expenditure data, seamlessly delivering actionable insights to procurement teams, and streamlining cost savings and decision-making. On the contrary, Pactum's expertise in autonomous negotiations offers an AI-driven approach to streamline and optimize supplier negotiations. Their platform's ability to conduct thousands of intricate negotiations simultaneously presents a significant efficiency boost. The synergy of Sievo and Pactum promises a comprehensive solution that covers the entire procurement spectrum, from analytics to negotiation.
Companies using Sievo will be able to initiate new negotiations with their suppliers in order to improve contractual terms for both sides, informed by the data. This could include, for example, early payment discounts and rebates that suppliers wouldn’t previously have the option to choose in return for improved working capital or the opportunity to supply more business.
Martin Rand, Cofounder and CEO at Pactum, says:
“There’s been rapid growth in procurement technology over recent years and it’s served to significantly enhance the strategic importance of procurement within businesses. AI is now rapidly accelerating this trend, enabling procurement professionals to unlock value with their suppliers in ways never before possible and take on a greater role driving wider innovation. It just wasn’t economical until now for procurement teams to spend too much time managing and optimizing all their contracts, but data-driven automation is a game changer for supply chain management. This timely partnership between Sievo and Pactum is a pivotal moment for procurement technology, offering a significant new advantage in cost management and supplier relationships.”
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 Sievo-Pactum partnership stands to revolutionize how enterprises approach procurement. By combining Pactum's autonomous negotiation algorithms with Sievo's procurement analytics solution, businesses are one step closer towards closing the data-to-action gap. This partnership will enable companies to identify cost-saving opportunities, execute on those more efficiently, leading to improved bottom-line results.
The collaboration between Sievo and Pactum marks a pivotal moment in the evolution of procurement. As businesses increasingly seek opportunities for automation and data-driven decision-making, the combined strengths of Sievo and Pactum offer a glimpse into the future of procurement, where AI and analytics drive efficiency, innovation, and strategic value.
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About Sievo
Sievo is the procurement analytics solution for data-driven enterprises. Sievo gives procurement, finance, and leadership teams a single source of truth and radical transparency to all sourcing decisions. Our solution helps you choose the right suppliers, deliver savings, and manage compliance with confidence. Not only that, we also enable a sustainable, diverse, and resilient supply base. Sievo bridges the data-to-action gap and powers agile procurement by combining AI with procurement expertise. Procurement organizations need an analytics partner they can trust. More information is available at Media Kit.
About Pactum
Pactum enables some of the world’s largest companies, including Walmart and Maersk, to conduct AI-powered autonomous negotiations with their suppliers. The AI is trained on Harvard principles of negotiation and aims to reach more Pareto efficient deals, which is when both sides can extract maximum value. This not only enables significant cost savings, but also improves supplier engagement. Over the past half decade, Pactum has built the world’s largest library of negotiation behavioral learnings while developing this field of AI as every negotiation serves as an A/B test providing more data about how to get better deals for both sides. Read further at pactum.com.
Media Contacts
Sievo
Aino Häkkinen
VP Marketing
aino.hakkinen@sievo.com
Pactum
Adam Rang
Marketing Manager
adam.rang@pactum.com
