Artificial Intelligence Pricing Solutions Software In The Market

By Maria Gibson

Many factors are needed to consider in determining the product price. Companies involved in manufacturing production have more factors than service ones. Appropriate suggested retail prices may take a while in doing calculations. To help them, there is an artificial intelligence pricing solutions available in the market.

Its creation is thanks to the efforts of IT specialists and computer engineers with the cooperation and help of business managers. An AI capable of self learning is incorporated in it. Companies can choose one from the varying brands depending in purpose and usage

Pricing solutions that are dynamic in nature will use machine learning algorithms. It identifies and understands any input in its system. Buying patterns and market movements are carefully considered to determine product price. The product wants of the general public are also monitored for the company to know which ones are popular.

Wise Athena offers cost effective software solutions in order to provide optimal pricing, as well as trade promotions, to consumer packaged goods or CPGs. This software makes use of both predictive AI and econometric science. Its AI is able to understand the strategies in sales and in business of their company and compare it with that of their competitors. When a new product is launched, it is able to automatically input product details and specifications. It can calculate potential gains and losses as well to help them in determining ideal product volumes to compensate with the predicted losses.

The changes of dynamics in the market are being kept up by Perfect Price. Installed in the software is an AI that does accurate forecasting. The right price is then delivered to the company.

Its makers intentionally put a predictive ability within its algorithms. Pricing simulations with varying situations can then be done by the company for their product lines. Products are also identified in all of their branches to determine which are strong and weak respectively in consumer markets.

Pace is mostly suitable for large and small chains of hotels. This software is the leading system in this kind of service industry today. Always the right price is motto and belief of its creators. Hence, it can determine the right price even during seasonal hotel bookings. Their revenue management is being revolutionized as it helps combine gathered data and computer science in determining it.

Strongly competitive companies would like access in regards to numerous details of product pricing of their competitors. Incompetitor can give them that information which will then be analyzed and compared, especially details in regards to the modifications done to their products. This software can compare and calculate marketability of similar products between them. Any results produced are taken seriously so that the company can keep up with their sales on their products. The information however it is able to gather is limited to those in e commerce. If a particular competitor does not do it, then they shall manually gather data for comparison and analysis.

The most comprehensive out of all software listed here is Navetti PricePoint. It has algorithms that are machine learning and analytic methods in determining the optimal price. It has claims that it can control, measure, and manage the entire process in doing the pricing. The market was recently presented to its latest version which has additional modules and report templates.

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