Several factors play an essential role in determining the price of a product. Every step in the selling and manufacturing process is necessary. The end result of the product will determine its final price. For price optimization, the process starts with the purchase of raw material to distribution costs.
Special tools are available for analysis and aggregation of data, such as the cost from market competition, internal sources, and pricing to extract the best variants for price. Moreover, market competition and the fluctuations, changes in preferences, and needs of customers worldwide make data science a critical tool.
Benefits for the company
Price optimization expertise is essential to find the right quotation. Remember, price optimization is vital for customers and manufacturers. Modern solutions are available according to product efficiency and profit maximization.
Type of expertise/ AI domain
Linear Programming, Prediction, Price Elasticity
Internal data required
Raw material prices, operation cost, demand
External data possible
Market competition, Raw material availability