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The Price is Right: How to Optimize Prices with AI

Mitch Lee< Mitch Lee October 16, 2023

AI is transforming every industry, from agriculture to utilities. It’s a global game-changer when it comes to automating processes, gaining insights, and predicting outcomes, plus revolutionizing operations. The Pricing Excellence Report and 2024 Outlook from Vendavo and Copperberg found that 51% of top pricing professionals already use AI in their pricing processes today or plan to implement it in the next 12 months. But how will they do this?

Mitch Lee, Profit Evangelist at Vendavo, dove into this topic in an article for Solutions Review, explaining the importance of AI in pricing and how to use it as a data-driven, decision-making, price optimization co-pilot.

From compiling price data from the web to making pricing recommendations that factor in business rules, changing competitor actions, and market trends, AI is powering timely, informed decision-making with greater efficiency. It is also upleveling professional pricers’ output by eliminating the need to conduct repetitive, manual tasks.”


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