What is Machine Learning?
Machine learning (ML) is a type of artificial intelligence (AI) that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so. Machine learning algorithms use historical data as input to predict new output values.
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Image recognition is another well-known and widespread example of machine learning in practice today. It can identify an object as a digital image, based on the intensity of the pixels in black and white images or color images. |
How Machine Learning Helps Price Optimization
AI helps you understand the relationship between your pricing strategy, your competitors’ strategy and your customers’ willingness to pay. In the simplest terms, it gives you a customer perspective of what’s going on by predicting what your customers will do if there is a pricing change.
Machine Learning (ML), a subset of AI, creates a software model of your market that can be tested and improved. This market simulation allows for more complex strategies to be explored and implemented. The models continuously integrate new information to uncover emerging trends and customer demands. The biggest difference between Pricefx’s AI pricing solution and the competition's is the control factor. Our solution allows you to adjust variables to reflect what’s currently happening.
What is AI?
Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving.
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A subset of artificial intelligence is machine learning (ML), which refers to the concept that computer programs can automatically learn from and adapt to new data without being assisted by humans. Deep learning techniques enable this automatic learning through the absorption of huge amounts of unstructured data such as text, images, or video.
Advantages of an AI Pricing Solution on Your Business
There are a number of benefits of an AI pricing optimization solution. By automating the process, less manual labor is required to calculate prices. This will speed up decision-making and you’ll see more consistency and accuracy in pricing across the organization. Still, the biggest gains are seen in business goals. In fact, one study found that companies using price optimization software enjoyed more than 4x the growth in their annual revenue.
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