Korjus brings out four reasons, why other businesses should consider Estonia as an expansion base to start conquering the universe: „First. You are faster, because the initial seed round investments come very easily and efficiently in Estonia. Second. You have longer runway, because the great tech-talent in Estonia costs less. Third. You are smarter and more efficient, because we have a startup founders’ community on Slack, who answers all of your questions within minutes. And fourth. Because of the Estonian nature, you have less stress, because you can get this work-life balance very nicely.
It was a year ago when Estonian startup Pactum launched an artificial intelligence (AI) tool for commercial negotiations. A month later, world class investors, including former Skypers Jaan Tallinn and Taavet Hinrikus backed the idea. In 2020, Pactum’s software is already being used by paying customers, such as one of the world’s largest companies Walmart, Korjus writes on Pactum blog.
“Our system helps companies enable growth and bring in initially lost income through stronger agreements, while minimizing waste by conducting thousands of parallel automated negotiations at a time. We’ve converted a process that used to take days, involving back and forth communication and preparation, contracts drafts, updates, and approvals, and signatures, etc. to now take an average of 15 minutes,” explained Martin Rand, Pactum’s CEO.
Augmented artificial intelligence evaluates agreement terms and offers an unbiased resolution that can result in either business development or renewed agreements where both parties have been equally evaluated to support a fair deal. Based off of historical data, terms are suggested and discussed through an auto generated chat-like interface to generate a contract that is then ready for review and sign off. All this together helps companies improve their bottom line by implementing bespoke negotiation services for large volumes of incremental partners in every market, that might have previously been unmanaged.
“Organizations that have massive numbers of supplier contracts forgo value for their suppliers and themselves when they impose the same contract terms regardless of local conditions or the different services a supplier can provide,” said Jeanne Brett, Professor Emeritus, Kellogg School of Management, Northwestern University. “Solutions like Pactum’s that leverage AI to implement negotiation strategy have the potential to facilitate agreements that are unique to individual relationships and that capture value for both parties.”
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