Artificial Intelligence Pricing Solutions That Companies Can Use

Determining the price of a product has many factors to consider, especially concerning those in the production side. It takes a while to calculate the suggested retail price for them. Hence, an artificial intelligence pricing solutions was made to help them.

Its creation is thanks to the efforts of IT specialists and computer engineers with the cooperation and help of business managers. An AI capable of self learning is incorporated in it. Companies can choose one from the varying brands depending in purpose and usage

Pricing solutions that are dynamic in nature will use machine learning algorithms. It identifies and understands any input in its system. Buying patterns and market movements are carefully considered to determine product price. The product wants of the general public are also monitored for the company to know which ones are popular.

Wise Athena offers cost effective software solutions in order to provide optimal pricing, as well as trade promotions, to consumer packaged goods or CPGs. This software makes use of both predictive AI and econometric science. Its AI is able to understand the strategies in sales and in business of their company and compare it with that of their competitors. When a new product is launched, it is able to automatically input product details and specifications. It can calculate potential gains and losses as well to help them in determining ideal product volumes to compensate with the predicted losses.

Perfect Price on the other hand keeps up with the always changing market dynamics. It is able to do highly accurate forecasting due to its AI. As an effect, the right price is delivered constantly.

Its predictive ability is due to its algorithms. As a result, it enables companies to do different pricing simulations for their respective product lines. It can also identify which ones in their branches are strong and weak in consumer markets, respectively.

Large and small chain hotels can use the software Pace. This is the leading software used in this type of service industry. Its makers believe in always putting the right price. This is good to have because most of the time, hotel bookings are seasonal. Hence, it targets the revenue management of the hotel which the software help revolutionize with the combination of gathered data and computer science.

There are companies that are strongly competitive in any given industry. Incompetitor is the type of software that can help them access pricing details of their competitors. Information is compared and analyzed, especially when there are details in that have been added or removed. For similar products, the software can compare and determine both products in terms of marketability. When they have the results, they will then do steps to keep their advantage or do improvements over their competitors. However, the information is only limited to those doing e commerce. If the significant competitor of the company is not in it, then their information shall be gathered manually.

Navetti PricePoint is the most comprehensive software out of those enlisted here. It claims to do the entirety of the pricing process in managing, controlling, and measuring price optimization. It also uses analytic methods and machine learning algorithms. Its creators have presented its latest version to the public. More pricing modules are added, as well as reporting templates that are both easy to do.