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Tag: AI

Decision Automation: How AI Helps Companies Move From Analytics To Action | Forbes

Decision Automation: How AI Helps Companies Move From Analytics To Action | Forbes

Forward-thinking CEOs have embraced business intelligence tools and big data, and many are considering how they can utilize artificial intelligence (AI) and predictive analytics. But analysis alone doesn’t always go far enough. To catch up to industry leaders like Amazon, Netflix, Google and others, I believe executives need to think beyond analytics and move toward […]

A Guide to Dynamic Pricing Algorithms | Grid Dynamics

A Guide to Dynamic Pricing Algorithms | Grid Dynamics

Price setting is one of the most important problems in retail because any price setting error directly results in lost profit. However, traditional price management methods almost never achieve optimal pricing because they are designed for traditional environments, where the frequency of price changes is inherently limited (e.g., brick-and-mortar stores), and the complexity of pricing […]

Big Ideas: “AI-powered dynamic pricing that shifts in real-time to changes in supply and demand” with Alex Shartsis CEO of Perfect Price | Thrive Global

Big Ideas: “AI-powered dynamic pricing that shifts in real-time to changes in supply and demand” with Alex Shartsis CEO of Perfect Price | Thrive Global

The world’s most successful companies (Uber, Amazon, Airbnb, and many others) already use dynamic pricing to predict changes in supply and demand, optimizing prices in real-time to maximize revenue. Consumers are already familiar with dynamic pricing: Uber rides, flights, hotels, and even Disneyworld tickets are all examples. The benefits of AI and Dynamic pricing are […]

How Is AI Is Empowering Sales | CIO Applications

How Is AI Is Empowering Sales | CIO Applications

Companies are using artificial intelligence and Machine Learning in all possible ways to advance their businesses. AI monitors a customer’s online activity to predict and suggest certain products which are relevant to the customer. Companies need to identify the different types of data sets that can be combined to portray the complete picture of the customer […]

Artificial intelligence, algorithmic pricing, and collusion | VOX

Artificial intelligence, algorithmic pricing, and collusion | VOX

Remember your last online purchase? Chances are, the price you paid was not set by humans but rather by a software algorithm. Already in 2015, more than a third of the vendors on Amazon.com had automated pricing (Chen et al. 2016), and the share has certainly risen since then – with the growth of a […]

Algorithms Are Better Than We Thought – They Can Collaborate Into Cartels | The Continental Telegraph

Algorithms Are Better Than We Thought – They Can Collaborate Into Cartels | The Continental Telegraph

Antitrust agencies are concerned that the autonomous pricing algorithms increasingly used by online vendors may learn to collude. This column uses experiments with pricing algorithms powered by AI in a controlled environment to demonstrate that even relatively simple algorithms systematically learn to play sophisticated collusive strategies. Most worrying is that they learn to collude by […]

Grocers: It’s Time to Disrupt Your ‘Traditional’ Predictive Analytics Approaches | Progressive Grocer

Grocers: It’s Time to Disrupt Your ‘Traditional’ Predictive Analytics Approaches | Progressive Grocer

THE AI APPROACH The AI approach is based on processing all the available data and evaluating the connections and relationships between every single product, which sheds light on the various “ripple” effects – such as cross-category cannibalization/affinity, promotional and price elasticities, and forward-buying – that occur across the entire retailer’s product assortment anytime a decision […]

Are budget airlines really charging families to sit with their own children? | NewStatesmanAmerica

Are budget airlines really charging families to sit with their own children? | NewStatesmanAmerica

Are algorithms trying to steal our children? That’s the question at the heart of the latest airline ticket pricing scandal. Are budget airlines trying to squeeze more money out of families by deliberately allocating them seats in separate parts of the plane, then forcing them to pay a fee so that children can be seated […]

The Dawn of AI-Driven Price Management | RIS News

The Dawn of AI-Driven Price Management | RIS News

Want to devastate your financial performance? Simple. Get pricing wrong. And yet, 42% of retailers still primarily use spreadsheets for pricing and 34% use internally built software. What’s the problem with these traditional tools? For starters, both are incapable of supporting big data, machine learning and artificial intelligence (AI). You know, science. Which is a […]

The CMA’s Paper on Pricing Algorithms, Collusion and Personalised Pricing |  The National Law Review

The CMA’s Paper on Pricing Algorithms, Collusion and Personalised Pricing | The National Law Review

On 8 October 2018, the UK Competition and Markets Authority (“CMA”) published a Working Paper on the ‘use of pricing algorithms to facilitate collusion and personalized pricing’ (the “Paper”). It follows a number of other initiatives from competition authorities regarding algorithms, including the recent German Monopolies Commission’s proposals regarding pricing algorithms, which was the subject […]