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Bots and AIs-The Future of Negotiation

  • 27th May'21

To get better results in business, many companies have moved to chatbots and AI to interact with customers. Even in everyday lives, we are dependent on AI in many ways. Right from auto-driven cars to remembering birthdays. AI does everything. While chatting with companies through web portals, you cannot make out if you are talking to a person or an AI. So, why not use AI and chatbots for negotiations? 

 

Negotiation

 

Like Joy Buolamwini, a founder of Algorithmic Justice League, says, “I am a poet of code on a mission to show compassion through computation.” This compassion through computation is an asset for the process of negotiation. 

Did you know that AI bots are already used to conduct negotiations? 

Well, yes. eBay, use simple bots called ‘snipping agents.’ They make an offer at the last moment, thus winning bids. Facebook, too, experimented to see if they can use bots for negotiations. It later claimed that the bots are trainable for linguistic skills. They can be better negotiators. However, the debate sill remains whether chatbots can negotiate better than humans?  But, each has its own set of advantages and disadvantages. 

 

Advantages:  

● AI bots optimally reach an agreement, while you cannot. 

● AI takes less time than humans to conclude a negotiation. 

● Human negotiations can come to a standstill, but AI bots will eventually conclude. 

● AI can optimally evaluate the theoretical intersection between the people who are negotiating. Thus can conclude sooner. 

 

You are already buying a house online, shopping through AI, taking virtual tours. Negotiations through AI and chatbots are just one step ahead in compassionating computing techniques. 

 

Disadvantages:  

● Algorithms fail in emotional, ethical, and moral thinking. AI does not prove helpful in political decisions where emotions play an important role.

● AI cannot maintain relations with the person it is negotiating with. You have to repetitively negotiate with a person while cracking a deal. You tend to develop a formal relationship with the person you are negotiating with. This makes future negotiations easier. 

● Another disadvantage is that AI fails to understand the socio-cultural conditions. It fails to empathize with negotiators. It works only on codes. 

 

Well, though not completely letting AI take over negotiations, an article in Fortune suggests that AI can surely help improve human negotiations. To know more on this, click the below-given link: 

https://negotiation-blog.eu/bots-and-ais-the-future-of-negotiation/ 

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