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Artificial intelligence is “steroids for business” | Perfect Price

After interviewing key industry CEOs, Jim Kramer of Mad Money thinks that AI is “like steroids for businesses”. Here’s 2 simple reasons why he’s right.

Companies using AI for pricing dramatically outperform rivals
In experiments we have done, companies using AI to manage their pricing increase revenue by 10-20% and profit by as much as 27%. If you think about low margin industries like car rental or retail, that is astonishing. Competitors can hardly hope to keep up.

Here’s just one example, of how much more money a specific car made with AI than before:

In other applications–and Kramer mentions Amazon, Netflix and Spotify in his piece (only Amazon uses it on pricing)–the impact of AI is just as profound. Pandora can’t keep up with Spotify; Walmart is losing to Amazon and Netflix has changed TV and movies forever.

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Artificial intelligence is “steroids for business”.

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