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AI & Machine Learning in the Pricing World | Pricing Matters

In today’s fast-paced world, rapidly evolving data and software driven strategies are imperative to creating sustained commercial pricing success. Good processes and experienced personnel alone are no longer enough. It is nearly impossible to rely on spreadsheets, custom software tools, and empirical observation to properly manage the complexity of becoming a “data-driven” pricing organization. That’s why it’s more important than ever to not only understand what Artificial Intelligence (AI) and machine learning are but also to learn how to use them for tangible value in data-driven pricing.

AI is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans.1 Essentially, AI is the ability of a machine or computer to think, learn and act. According to Forbes Technology Council, machine learning is a branch of AI and is based on developing machines to process data and learn on their own, without constant human supervision. Machine learning algorithms supplement empirical data to help tackle the challenges pricing teams encounter on the road to creating sustained success.

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