26 Jan Unit 7 discussion response_MT436
13189Response or elaborate on the discussion post below:
In business it is all about cost and what you can get through negotiation in terms of deals made at a lower cost. According to Redbear negotiations around 71% of global manufacturing companies argue that raw materials costs are still a problem and that these costs will rise by 3.2% in the first five months of 2024. Its important that procurement managers train within a specific field so that they are proficient in negotiating with various vendors for their organization. Managers will need specific tools, skills, and knowledge to reach the best outcome for the business and the vendor. These procurement managers can make more informed decisions and negotiate better terms.
The company I investigated was Walmart. Back in 2022 Walmart focused negotiation with all its 100,000 plus suppliers using AI-powered negotiations software with a text-based interface (i.e., a chatbot) according to the Harvard Business Review. Walmart piloted the software in 2021 and as a result 20% of its suppliers have signed agreements with cookie-cutter terms, reducing the cost they would have incurred if they had used human resources for their negotiations.
This was a risk for Walmart to take exploring negotiations out of the norm, however Walmart knew that using the system could yield a positive return on investment if the chatbot could close deals with 20% of the suppliers involved. Although AI is here to stay it was difficult relying on this data for such a large corporation. Walmart insured that the data being assessed first were goods not for re-sale like carts, fleet services, and other equipment. They also ensured that no products sold to customers would be evaluated so as to not disrupt operations.
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