Staying at competitive parity and turning AI- and machine learning-based expertise into a pricing and revenue management strength needs to be a priority. The following are ten ways AI is improving pricing and revenue management today:Using AI to identify then eliminate the most unproductive customer discounts and segments, freeing up more financial resources and time for those that contribute to profits. The following two graphics summarize the brief's key findings:Bain & Company research brief, Bringing Order to Discounts Gone Haywire,Automating pricing rules with AI in revenue management systems increase total revenue by 5%. Improving pricing optimization with advanced techniques including AI has the potential to deliver a 5% increase in total revenue. BCG believes that automating pricing rules in revenue management systems and enforcing contractual pricing changes increase revenue.

Source: Forbes September 08, 2020 03:00 UTC