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Walmart is using technology from Pactum AI to negotiate with suppliers, per a Bloomberg report. The retailer tells the AI chatbot its budget, and the chatbot communicates with a human vendor. The Bentonville, Arkansas-based retail giant has embraced artificial intelligence a lot recently. In this video below, we explore how Walmart, the world’s largest retailer, is using an AI chatbot to negotiate with vendors and cut procurement costs. The chatbot, developed by Pactum AI, has shown positive results, enabling Walmart to reach deals with 68% of suppliers approached and resulting in average savings of 3% on contracts. We’ll discuss how this technology works, its impact on human negotiators, and the potential benefits and limitations of using AI in vendor negotiations. Join us to learn how Walmart is leading the way in using AI to save time and money, and what this means for the future of retail and automation, in the video published on April 27, 2023, by MrGloombit, as “Walmart’s New Bargaining Buddy: An AI Chatbot Revolutionizes Vendor Negotiations!“.
Walmart had also begun to use AI in many other areas, in the video published on April 15, 2019, by PIX11 News, as “Walmart experiments with AI to monitor stores in real time“, below:
Michael Dewitt, Head of Walmart International Indirect Spend Management, Walmart Travis Johnson, Director, Procurement Technology, Walmart The focus will be on the use of AI in two areas: 1. Using bots to negotiate payment terms and tail spend directly with suppliers 2. Using AI providing better sourcing insights to to build better long-term category strategies, identify more opportunities, deliver more value, and reduce cycle time by 60%, in the video published on April 13,, 2021, by AI4, as “Using AI to increase Value in Procurement with Walmart“, below:
When a banana starts to bruise, that would send an alert to a worker to replenish. Normally, that task would have been the subjective assessment of the worker, who likely wouldn’t have time to inspect every banana. But now Walmart can rely on thousands of cameras hanging from the ceiling that track when products are running low or when produce or meat start to lose their freshness. These cameras are a key feature of a living lab that officially opens inside this 50,000-square-foot store on Thursday. Walmart envisions using these cameras, combined with other technology like sensors on shelves to get the best picture of what’s going on in the store in real time so its workers can quickly react to replenish the products or fix other problems. The technology will also be able to figure out things like when shopping carts are running low, identify spills on the floor or when cash registers need to be open before it gets to the point of long lines. The end result: shoppers will be able to find what they need and have cleaner stores. It should also make workers more efficient as they’ll be freed up to serve the customers better or help out with creative merchandise displays. The technology, unveiled exclusively to The Associated Press, is the first time that so-called Artificial Intelligence is being used by Walmart in the most visible and pervasive way in its stores. In fact, behind a glass enclosed wall at the back of the store is a massive data center, where shoppers can see nine cooling towers, 100 servers and other computer equipment that process the 1.6 terra bytes of data per second _ roughly three years worth of music _ that is coming from cameras, and other equipment. Walmart says this AI Lab in a store is the first of its kind in the industry. Walmart’s deep dive into artificial intelligence in its physical store comes as Amazon raised the stakes in the grocery business with its purchase of Whole Foods Market nearly two years ago. That’s put more pressure on Walmart and other traditional retailers like Kroger and Albertson’s to pour money into technology into their physical stores as they want to make them more easier to shop. At the same time, they’re trying to keep food prices down and manage expenses. Amazon has been rolling out cashier-less Amazon Go stores, which has shelf sensors that track the 1,000 products on its shelves. Walmart’s online U.S. sales are still a fraction of Amazon’s online global merchandise empire, which reached $122.98 billion last year. To push online growth, Walmart has been rapidly expanding online services like curbside pickup of groceries. Walmart says that this new AI technology will ensure that shoppers will be able to have the item available once they show up to the store for pickup. Walmart’s new living lab marks its second living lab in a physical store to test new technology. Last year, Walmart’s Sam’s Club opened a 32,000 square foot lab store, the quarter of a size of a typical Sam’s Club store. It’s using the store to test new features surrounding its Scan & Go App, which lets customers scan items they shop and then pay from their phones, skipping the checkout line. The retail lab is the third project coming out of Walmart’s new incubation arm, created after the Jet.com’s acquisition as a way for the discounter to shape the future of retail, in the video published on April 30, 2019, by AP Archive, as “Walmart turns store into “A.I. Factory“, below:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker More about the community at www.WindermereSun.com
I am a mother/wife/daughter, math professor, solar advocate, world traveler, yogi, artist, photographer, sharer of knowledge/information, and resident of Windermere, FL. I've worked professionally in applied math, engineering, medical research, and as a university math professor in IL and FL for about 20 years. My husband and I loved Disney and moved down to Central Florida initially as snowbirds. But we've come to love the warmth and friendly people offered by this community and decided to move down to Windermere, FL full time in 2006. I am now spending time sharing information/ knowledge online, promoting understanding of math and solar energy (via http://www.sunisthefuture.net ), and developing Windermere Sun (http://www.WindermereSun.com) as an online publication, sharing and promoting Community ABC's (Activities-Businesses-Collaborations) for healthier/happier/more sustainable living. In the following posts, I'll be sharing with you some of the reasons why Windermere has attracted us to become full-time residents of Central Florida region. Please feel free to leave your comments via email at "Contact Us" in the topbar above or via info.WindermereSun@gmail.com.
~Let's help one another~
Windermere Sun-Susan Sun Nunamaker
Founder/Owner/Editor/Producer of Windermere Sun
email: info.WindermereSun@gmail.com
Twitter: @WindermereSun
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