Machine Learning: Leveraging Dynamic Pricing to Achieve Strategic Goals
Most present-day pricing strategies are heavily data-driven, although many organisations still do not utilise their data to its full potential. The continuously evolving nature of most industries means it is crucial to not only implement a dynamic pricing model but also ensure the analytics driving your pricing decisions are dynamic too.
With the exponential growth of e-commerce, the opportunity for dynamic pricing is no longer restricted to commodity-based products such as foreign currency and fuel. Online stores have almost completely removed the costs associated with a price change, paving the way for almost any organisation to utilise a dynamic system.
However, many organisations still lack the internal resource to develop and implement such a dynamic analytical strategy. This whitepaper will provide insight into how CMS Analytics utilises the power of machine learning to do exactly that.