Because AI can manage massive volumes of data with greater raw computing power than ever before, it enables a level of precision in decision-making that was previously unthinkable.
Because pricing has a direct impact on revenue, it makes sense to invest in optimising this business function. Manual pricing strategies – based on supply and demand, gut feel, or knee-jerk reactions to customer behaviours – can be hit and miss. And a poorly-judged quote will often lose the sale.
AI dynamic pricing, on the other hand, is powered by algorithms and context-aware, machine-guided learning that encompasses real-time data. This technology can help pinpoint buying patterns so precisely and accurately that each customer becomes a ‘segment of one’. Instead of overpricing or reacting to non optimised competitive pressures, you’ll know exactly what price individual customers are willing to pay. The result? Significantly improved win-rates, leading to an exponential growth in both new and repeat sales.