AI Takeover? 3 AI Predictions for Negotiation in 2024
Shane Ray Martin
Investing in PeaceTech startups & teaching you how to negotiate | B Ventures, VC fund, Founder
(3 minute read)
Artificial intelligence (AI) is not just for academics or the elites of society – it's for you!
But before you start plugging awkward phrases like "what is AI" into Google, take a breather from your search and spend a few minutes reading this. I'll help you understand AI's potential future direction so you can decide how to use it (or not at all). Here are my top 3 AI predictions for negotiations in 2024.?
1. AI Makes Negotiation Fundamentals Essential??
AI is automating negotiations now. However, listening, asking questions, and labeling emotions will remain necessary. You'll negotiate with robots eventually, so taking a course or buying a book on negotiation is a wise idea. Keep practicing and investing in your growth, even as AI advances. You'll be happy you did –?to help you get started,?here's a free negotiation cheat sheet.?
2. AI Agents Emerge?
AI is leveling up in 2024. Negotiators will use low-cost AI agents to help prepare and execute their negotiations. USC researchers already use AI to predict outcomes and understand people's feelings during negotiations. It works. Your AI negotiation agent will be a versatile bot that can handle complex tasks for you. For example, Meta (formerly Facebook) has open-sourced code for a negotiation agent on GitHub. You can?check it out here. As AI advances, businesses who understand agents will have the upper hand.?
3. AI Accelerates Negotiation Preparation?
As AI gets smarter, preparing for negotiations will get easier. For example, here are?10 ChatGPT prompts?to help you prepare faster. When you input prompts into ChatGPT or BARD, you find information much faster than you can. Golden rule: The better the prompt, the better the output. Recently, I used these tools to fine-tune three negotiation strategies with a business owner who sold their business for six figures. Again, it works, but always verify your output with another source.?
This is a big opportunity for those teaching negotiation for a living. Some firms live in the past, relying on old tactics to do a new job. It's time to adapt because businesses want to use AI without spending tons of money, and learning the basics of AI in negotiation prep is a simple way for them to do that. Those teaching AI more will reap the benefits of happier customers and more revenue – major kudos to you for being ahead of the curve.?
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AI is here to stay. You might have a lot of questions about controlling it and ensuring it's doing things fairly. I definitely do. But you and I will learn as we go because the future of negotiation is today. Will you embrace it or fight it?
If AI or negotiations remotely interest you or you happen to be working on an AI negotiation tool, feel free to?book a Zoom meeting?with me or drop me an email at?[email protected]. I'm always available via text at 480-619-9239 too.
Another great resource is?Deep View, a top-notch, free newsletter with 100k+ subscribers to help you stay informed (no affiliation, just a friendly recommendation).
BONUS PREDICTION
4. AI Outperforms Human Negotiators
Here's a big one: AI will outperform humans in negotiations.?
Today, companies pay you to negotiate deals. Your negotiations can be challenging and take a long time – like running a marathon. I've run 15 of them –?I'm tired thinking about it! But what about the negotiations never negotiated? At some companies, there are more deals to negotiate than people to negotiate them. A lot of buyers are overworked and underpaid. This is where AI-powered negotiation services come in. They use AI to help make deals 24/7/365. Companies like?Pactum AI,?Procuro, and?WallEWorkers?are ones to keep an eye on. I know there are other excellent companies, too. Please DM me who they are, and I'll add them to this article.
Consultant in Patent Intelligence and Engineering Management
10 个月Shane Ray Martin Here is one fact, NOT prediction, we wanna show you. We are pure human, and are doing what AI can NOT do. Without metadata, especially multilingual metadata, NO multilingual data can be found/retrieved for intelligence analysis, Internet of Things (IoT), etc., even by the most advanced technologies, like artificial intelligence (AI), supercomputers, etc. https://lnkd.in/g-aJFnXR When we used the following Chinese-English multilingual question to test ChatGPT, an icon of AI, the experiment result showed that it can NOT answer this kind of questions, while we can do, with our IP. "Who, in the '湖北' province of mainland China, has new US patents granted on January 30, 2024?" Our IP is a?copyrighted multilingual metadata. It can provide the real time (2024.01.16) information about US patent holding/holder, based on the multilingual census geographical locations of Canada, mainland China, Hong Kong, Macao, Taiwan, Middle East (Israel, Saudi Arabia, UAE) and Europe (Austria, Germany, Switzerland, UK). Please contact [email protected] if our IP rings a bell to you. Thanks. P.S. We wrote our posts and created our IP ourselves, without using any AI tool.
Commercial advisor for large-scale procurement in major projects, critical contracts, & cost reduction. I lead a team applying commercial rigour to help clients achieve optimal outcomes, not just follow processes.
10 个月For those that missed this. This article is great. Awesome work Shane. I’m easpecialky keen to see how the AI negotiation agents play out (pun intended)!
Your insights on AI's impact on negotiations are spot-on! ?? AI indeed democratizes negotiation skills, making fundamentals crucial for everyone. By streamlining preparation, AI can elevate the quality of negotiations, while AI agents represent a transformative leap in how we approach and conduct these interactions. ?? The potential for AI to outperform humans in negotiations is a fascinating prospect, and it's one that could benefit from generative AI's efficiency and analytical capabilities. Imagine harnessing this power to enhance your negotiation strategies and outcomes. ??? Let's explore how generative AI can revolutionize your negotiation processes and save you time. Book a call with us to unlock AI's full potential in your work! ?? Christine
Your funding for a procurement FTE has been blocked! ?? Need help delivering projects? ?? I offer flexible procurement support to manage client relationships, fulfill commitments, and boost your revenue. ?? 0481 568 307
10 个月Interesting Article Shane Ray Martin, your content is fascinating. Where is it up to? is AI negotiating tail spend inventory line items under a price only model or does it have the capability to negotiate legal term or complex comercial structures like this in SaaS or consultancy contracts.