PriceAI

The challenges of pricing: Identifying the optimal price to balance competing business needs No business decision has as large an impact as pricing. Improving pricing efficiency just 1% improves operating profit an average of 11%. Yet despite the opportunities presented by optimising pricing, it remains one of the most difficult business areas to predictably improve.

Maximising profit and protecting margin are critical when setting prices, but customers are increasingly more price sensitive in a challenging economy. This often leads to:

• Lost revenues and eroding margins due to price-based competition and discount pressures

• Compounding pricing inefficiencies associated with reliance on poor data in increasingly competitive markets

• Erosion of brand value and shrinking loyalty associated with prices set independently of demand or customer perceptions of value

The Evo solution: customer-centric pricing decisions every day
PriceAI ensures customer relevance with Prescriptive AI, rather than simply Predictive AI. The difference? Predictive AI can only tell you what will happen assuming no major disruptions, while Prescriptive AI adapts to changing conditions to help you achieve your business goals through more effective prices no matter what happens.

The responsive Evo system empowers you to:

• Track demand patterns accurately, based on Big Data sensors: attributes, competition, seasonality, market trends, inflation, weather, local economies, social trends and discount mechanics

• Set data-driven prices at any granularity, down to sub-customer level: the ability to differentiate by product, customer, promotion, offer, channel, location, and day

• Integrate sustainably with flexible workflows: optimal planning plus daily pricing management and impact measurement to ensure the most profitable and customer-centric prices without any extra tedious manual work