Quick Wins and Human-AI collaboration: the best approach for AI-powered Pricing
George Boretos
AI Founder & CEO @ FutureUP | Building the Future of Price Optimization | Top 50 Thought Leader in AI | Raised $9m in VC funding in AI
Welcome to the 15th edition of the FutureAI newsletter, where we journey through cutting-edge future trends and delve into compelling AI stories, all designed to supercharge your business!??
Ever wondered what is the right approach to kick start your AI-driven Pricing journey? Should you embrace a more granular or a broader approach? Should you fully automate pricing by leveraging AI, or should you include humans in the loop?
In this edition, we'll explore the importance of Quick Wins vs Big bets and the new paradigm shift of Human-AI symbiosis as key factors for success in AI-driven Pricing initiatives!
??Also, don't miss our highlights for 2024, a year of growth, collaboration, and impact in AI & Pricing for FutureUP and its community!
Happy New Year, and let’s make 2025 even more impactful together!??
The Hidden Power??of Quick Wins enabled by AI
Reddy Mallidi , in AI Unleashed, reveals a game-changing insight about AI initiatives:
???50-60% of business impact comes from quick wins
???Only 20-30% comes from big bets
But what does this mean for AI-driven Price Optimization?
You shouldn't start your AI-powered Pricing journey with complex and lengthy initiatives that cost a lot. Instead, identify Quick Wins that deliver smaller but visible results in less time.
For instance:
???Start with a few products, not all at once
???Target specific markets or geographies
???Choose simpler, more straightforward initiatives
???Identify areas with cleaner, better-quality data
Why is this approach better?
Quick Wins help you capture low-hanging fruit, establish credibility, and gain top management commitment and buy-in for future AI initiatives.
But how can we identify quick wins?
AI can be used to automatically identify different types of Quick Wins that lead to fast results and price improvement without the hassle.
For instance, ΑΙ can identify areas of:
?? Unprofitable Sales
?? Hidden Areas of Inelasticity
?? Excess Demand vs Supply
Read on to find out more about AI-powered Quick Wins and the vast opportunities for price increases leading to revenue, profit, or volume increase and superior performance!
Will AI replace Pricing professionals???
If finding quick wins and other price improvement opportunities can be automated with AI, is there a risk that this will replace pricing professionals? Big NO, and here is why!??
Let’s think of Formula 1 racing!?? Would you trust just anyone to race such cutting-edge cars???? Absolutely not. No matter the tech, it’s the driver’s skill that wins races.
Same with AI in pricing! AI is great at number crunching, but pricing professionals bring a lot more to the race:
?? Experience and instinct: Critical for AI model setup
?? Data selection: Knowing what data to feed the model
??? Decision-making: Using AI’s output as guidance, not gospel
?? Monitoring and adjusting: Constantly fine-tuning for better results
?? Internal buy-in: Ensuring smooth adoption across teams
AI is a powerful tool like Formula 1 cars! But to get the most out of it, we need a perfect collaboration between AI technology and humans!
Human-AI Symbiosis: The Key??to Success!
To succeed with AI in pricing or elsewhere, businesses must embrace Human-AI collaboration. This paradigm shift is transforming industries today. If you:
1?? Ignore AI, you'll risk falling behind.
2?? Leave AI unchecked, it could spiral out of control.
The solution? A partnership! AI excels at crunching massive data sets and delivering actionable insights. But, on the other hand, AI:
?? Lacks common sense and ethics.
?? Doesn’t have instincts or creativity.
?? Can’t be held accountable.
Humans bring strategy, expert judgment, and oversight - key ingredients for designing, using, and monitoring AI for sustainable success.
??Here's the winning formula:
Human intuition + AI precision = Maximum results with minimum risk
URGENT CALL: Don't Let Pricing Fall Behind in the AI era??
AI?is transforming every business function as key stakeholders take the initiative to lead change within their organizations!
Yet only 56% of pricing professionals are leveraging it vs 81% in other roles, like sales?and marketing. Even less - 44% - think AI is important or critical.??
What does this mean for pricing?
Pricing is a powerful driver of profit?& growth.?? But without embracing AI, pricing risks falling behind more AI-driven functions.
Read on to find out more about why this matters and why we should all act now!
Reflecting on 2024, a year of growth, collaboration, and impact!??
As 2024 wrapped up, it's exciting to share some of the highlights of the year, including:
Read on to find out more about this truly transformative year!
A heartfelt thank you to everyone who’s been part of this journey! Your support, collaboration, and trust have been invaluable. ??
Happy New Year, and let’s make 2025 even more impactful together!
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Pricing Strategy Expert | RGM & FP&A | Data Insights | AI Enthusiast | Passionate Leader | Power BI Specialist | Profitability Analysis | Business Intelligence | Revenue Optimization
1 个月George Boretos, great insights on AI-powered price optimization! Quick wins drive 50-60% of business impact by starting small, targeting specific markets, and leveraging clean data. They lower risk, deliver fast results, and build strong buy-in, paving the way for scalable AI strategies. Focusing on unprofitable sales, hidden inelasticity, and excess demand can unlock incredible profitability and growth. Thank you for sharing it. ?? ??
CEO Ibbaka Performance - Leader LinkedIn Design Thinking Group - Generative Pricing
1 个月Like other companies, people in pricing and pricing software companies will need to decide if they are going to provide their services through Agents. Co-Pilots, Generators or through Service as Software. See https://www.ibbaka.com/ibbaka-market-blog/ai-monetization-in-2025