The New Frontier of Price Optimization
Identifying the optimal prices for products was once a time-consuming process. That’s changing as businesses start to take advantage of advances in machine learning, increases in computing speed, and greater availability of data.
Until fairly recently, price optimization has been restricted primarily to certain industries that have limited inventory, such as airlines and hotels. It’s complex work, demanding the analysis of vast quantities of data and a deep understanding of competitors’ behavior. Few organizations could optimize the price of more than a handful of products at one time.
But this is changing. Thanks to the growing availability of internal and external data, advances ...
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