Pricing experts Dallas Crawford and Dan Barrett of PriceAlign were recently featured in The Evolving Enterprise magazine. According to Crawford and Barrett, price alignment reveals opportunities for manufacturers during COVID-19 pandemic. Industrial journalist, TR Cutler authored the article. Read here.
Crawford suggested that PriceAlign’s Machine Learning models can be more adaptive than typical time series models in the pandemic environment. Adding more qualitative and timely input variables (like fuel costs) allow the model to be more contextual and tolerant to the aberrant data collected during this unique event. The pandemic gives manufacturing organizations which embrace the PriceAlign technology the opportunity to study and model the effects of these unique data to be better prepared for future events. Shutdowns will potentially cause incomplete data; future training of Machine Learning models will have to deal with it.
According to Barrett, the strength of any AI & Machine Learning-based solution rests in the ability to quantify the relationship between these variables and demand. While the pandemic is an important driver for price aligning, it remains just one factor impacting manufacturers on the demand and supply side.
The Evolving Enterprise is the new digital magazine bringing real-world applications for headline technologies such as Artificial Intelligence and Machine Learning.
PriceAlign enables robust management of pricing strategies, while eliminating implementation time, complexity, and costs typically found in other pricing solutions. PriceAlign delivers significant improvements in revenue and margin by providing a clear, guided user experience via insightful dashboards and comprehensive pricing science. The ease of setting and managing pricing boundaries sets this solution apart.
PriceAlign delivers significant efficiencies for any organization using simple rules or trial-and-error methods to derive prices, especially if corporate objectives include adjusting and maintaining prices at the most granular level. This best-in-class solution allows customers to maximize margins, retain customers, and grow market share through optimal pricing strategies including:
- Cost Plus
- Value-based pricing
- Dynamic Pricing
- Price Elasticity
PriceAlign gives customers enterprise-wide control of the entire pricing process by raising pricing strategies to new levels of sophistication. Through rapid deployment, customers achieve dynamic pricing based on a variety of factors and understand price elasticity across different products or regions. The recent global pandemic has clearly demonstrated the need and benefit of rapidly adjusting prices down to the most detailed levels and market conditions.
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