How To Take Advantage Of Artificial Intelligence Through Tools Designed For It
Today, with the proliferation of technologies aimed at structuring large volumes of data (Big Data) and the development of solutions based on Artificial Intelligence, organizations have at their disposal an “intelligence” that allows them to obtain an advantage over the competition by extracting knowledge relevant to your business. These technologies offer multiple benefits, so below, we show you how to use Big Data and Artificial Intelligence through these tools you design for it.
Big Data And Pricing. Price Monitoring, Modelling And Management.
One of the main reasons consumers usually make their purchases online is to benefit from more adjusted prices than in physical establishments. This fact makes us think that having a price management and control tool on the Internet is an essential task to make decisions on online pricing strategies.
With a platform for price monitoring, uncertainty in decision-making around a pricing strategy can be reduced. There are tools such as the net price that collect many fees and information about products and services, both internal and from the competition (big data), for subsequent analysis of their fluctuations thanks to their artificial intelligence models. This facilitates a better understanding of the market and allows us to anticipate demand, thanks to alerts of both opportunities and threats concerning the prices of our products/services.
Why extract prices? The massive extraction of fees (in some cases more than 150 million prices per month) and its modelling to detect those threats and opportunities should require the attention of any company. This price monitoring allows focusing the effort only on those prices (own and those of the competition) that can impact the company’s income statement.
In those sectors with solid dependence on price search engines (e.g. insurance), the massive monitoring of prices, own and of the competition in these search engines, through the creation of descriptive and predictive mathematical models, allow a company to be ahead of the competition obtaining a differential advantage thanks to the knowledge that this modelling provides them.
Optimizing the price of the product/service is essential to maximize revenue. A tool like Net worth makes it easy for the commercial department to establish pricing policies based on Revenue or Yield Management techniques, or what is the same, to optimize its price management based on demand and availability of items. Having a platform with these characteristics has become a necessary element for obtaining total control of managing large volumes of prices on the Internet.
Geomarketing: Optimal Locations And Intelligent Consumer Segmentation
One of the advantages of joint analysis of demographic, economic and geographic data is the possibility of conducting market studies to make the marketing strategies carried out by companies profitable. The analysis of this type of data can be carried out through Geomarketing. As its name suggests, Geomarketing is a confluence between geography and marketing. It is an integrated information system – extensive data of various kinds -, statistical methods and graphic representations to give answers to marketing questions quickly and easily.
An example could be projected from different sectors whose objective is to create advanced geospatial models that allow predicting how certain elements (competition, attraction poles, demographics, schedules.) influence the billing of businesses to detect potential areas for improvement.