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With the ever-changing rate environment we find ourselves in, it is absolutely vital that organisations have reactive and dynamic pricing strategies in place. Most present-day pricing strategies are heavily data-driven, although many organisations still do not utilise their data to its full potential. With the exponential growth of e-commerce, the opportunity for dynamic pricing is no longer restricted to commodity-based products such as foreign currency and fuel, but almost any organisation has the power to implement a dynamic pricing strategy, if they utilise their data to its full potential.
However, many organisations lack the internal resource to develop such an internal dynamic pricing model. This whitepaper provides insight into how CMS Analytics does exactly that by leveraging the power of machine learning.
