Discover what industry experts think.💡🤔
Recently launched a LinkedIn poll asking: "What's the most critical element of AI-powered Price Optimization?"
The options were:
💹DYNAMIC MARKET ADJUSTMENT: Dynamic adjustments in volatile markets and changing conditions.
📊USE OF ECONOMETRIC MODELS: Using AI models for price elasticity and economic intelligence.
⚡SPEED TO VALUE: Speed of obtaining insights and optimal price suggestions.
🎯MEASURED ACCURACY: Estimating accuracy around suggested prices.
The results show:
➡️Dynamic Market Adjustment is the top priority, chosen by nearly half the respondents.
➡️Use of Econometric Models comes second with 22%.
➡️Speed to Value and Measured Accuracy both received around 15%. Pricing experts prefer Speed to Value, Others prefer Measured Accuracy.
These results confirm that market volatility is the biggest pricing challenge. AI tools need economic intelligence to tackle this.
UPDATE Oct 2024:
According to a recent survey, most CEOs are concerned about the economy and the macro environment! This is fully in line with our finding that the most critical part of any AI-powered Price Optimization tool is its ability to adapt dynamically to new market conditions!
Interested in learning more about AI-Powered Price Optimization and Strategic Forecasting?
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