Let's Talk Pricing Podcast
GenAI Pricing: Hype or High-Stakes Game Changer?
Oct 9, 2024
Stephanie Yee, a Partner at Bain & Company with a focus on pricing and profitability, dives into the real-world applications of Generative AI in pricing strategies. She discusses how to leverage unstructured data for better pricing decisions and highlights the role of AI in enhancing content automation and chatbot engagement. Stephanie emphasizes the importance of effective organizational change and prioritization in innovation efforts to truly harness the potential of Generative AI for improved efficiency and communication.
32:03
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Quick takeaways
- Generative AI revolutionizes pricing strategies by leveraging unstructured data for real-time market response and optimization.
- This technology enhances sales efficiency through automated content creation and tailored negotiation training, supporting pricing integrity during discussions.
Deep dives
Understanding Generative AI in Pricing
Generative AI (Gen AI) introduces transformative capabilities in pricing strategies, moving beyond traditional AI which primarily relies on historical data. Unlike traditional AI, which excels at managing structured data for narrow tasks, Gen AI leverages large language models to analyze and synthesize unstructured data sources such as call transcripts and market news. This distinctive capability allows businesses to better react to market changes and optimize pricing in real-time. For instance, companies can adjust pricing recommendations based on recent developments like competitor actions or supply chain disruptions, enhancing overall pricing strategies.
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