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AI does that by helping you to optimize pricing. That can come in a bunch of different ways that can come by assisting you to better segment customers and products, helping you to put together better quotes and/or offers or prices that are more appealing to your customers. 

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Taking that even one step further, AI can help you to optimize your operations and your products to better reflect and predict what your customers want and are willing to pay.  

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What is Machine Learning (ML) in Price Optimization Software? 

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A subset of AI, Machine Learning (ML) technology was proven to be a game changer of price optimization in the past, as it addressed elementary real-world challenges that businesses faced at that time.  

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Remember, pure ML pricing software is great and good enough to take on one of your company’s pricing tasks at any one time (e.g. profit margin, sales or volume increase, price optimization taking one variable into account etc.), but if you want to take on more than one objective, AI-powered pricing solutions will provide the additional functionality your business is craving.  

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AI-powered pricing software can consider both critical internal data as well as influential external data in their algorithms. AI pricing systems can process much larger and more diverse datasets than older technologies. Therefore, AI pricing software solutions can be highly precise about the price setting across a variety and/or combination of influential data points.  

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A Key Differentiator: The Clear Box vs Black Box Pricing Optimization Approach 

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Using a ‘clear box’ system, such as that made possible by multi-variable (agent) AI, pricing teams can look at an algorithm and understand how it behaves and which factors clearly influence the outputs in its price optimization decision-making.  

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