LONDON--(BUSINESS WIRE)--Quantzig, a global analytics solutions provider, has announced the completion of their most recent whitepaper on the chief advantages of next-generation price optimization.
Today, next-generation price optimization solutions are transforming business operations and management. Many organizations need help to fight complex pricing challenges; and the new-era solutions deliver much more functionally, with ease-of-use as a core idea. Price optimization allows firms to strategically “find the right price” by measuring local shopper demand, business rules, granulated competitive positioning, operational constraints, and category roles. Quantzig lists some of the chief advantages of next-generation price optimization in this whitepaper.
“New-era price optimization solutions cover all stages of a product’s lifecycle — base price, TPR, promotions, and markdowns — in an integrated fashion to avoid pricing conflicts and accurately forecast demand and maximize return,” says a price optimization expert from Quantzig.
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Chief advantages of next-generation price optimization
- Advanced Science: Next-generation price optimization systems are beyond just new upgraded versions of the old frameworks. They gather the power of advanced analytics, modeling, algorithms, forecasting, econometrics, and heuristics into a combined solution. Such solutions permit firms to effortlessly accomplish the benefits of price optimization within the limits of their current business processes and constraints. Such solutions also merge current pricing practices with the benefits of advanced optimization technologies.
- Ease-of-Use: New-era solutions let firms to work with the precise data they need to achieve a task. By studying a single web page once per week, new-era price optimization experts can evaluate and support price changes for any item or group of items. The goal is to give firms the answer, mechanize manual tasks, and not swamp them with unnecessary data.
- Reveals the “Why” Behind Recommendations: Next-generation price optimization allows a business’s pricing analyst to know that a price was suggested; for example, for strategic reasons, such as matching a competitor, aligning margins to improved commodity costs, or because the product’s existing price is not maintained by the price elasticity determined from the sales data.
- To read more, download FREE sample
Download the complete whitepaper on the chief advantages of next-generation price optimization here:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions they have provided to Fortune 500 clients across all industries, please contact us.