Pricefx announces new GenAI Capabilities across Pricing Platform – Martechcube

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Pricefx, the global leader in cloud-native pricing software, announced it will be incorporating new Generative AI (GenAI) capabilities in its award-winning pricing platform in 2024. The new set of GenAI capabilities will bring conversational experiences to pricing professionals, creating the ultimate simplification of user interactions on the Pricefx platform.

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GenAI will power conversational user experiences by allowing users to control the application and receive intended results of various forms with a chat-like experience. For example, a user can describe their request in everyday words and the software will provide the answer and guide them to application screens populated with inputs automatically interpreted by AI. The respective results are summarized to guide users towards actions carrying the highest business impact faster.

These new GenAI features extend the AI technology capabilities already available on the Pricefx platform. Pricefx leverages a wide AI technological landscape for price optimization tasks, ranging from traditional machine learning to agent-based AI and Generative AI. Customers can benefit from Pricefx’s uniquely transparent AI-powered price optimization results as well as from an open and composable AI framework to build flexible and futureproof applications utilizing a customer’s own data science investments. With the introduction of new conversational GenAI capabilities, Pricefx further extends its natively integrated AI, bringing more business advantages to its customers.

“These GenAI features confirm Pricefx’s steady commitment to bringing AI-enabled solutions to market,” said Billy Graham, Chief Product Officer for Pricefx. “Our speed and agility in identifying and adopting relevant technology that brings value to pricing continues to lead the industry. From being the first to deliver a cloud-native SaaS pricing platform to bringing AI-powered price optimization solutions to market, and now natively integrating conversational GenAI into our software, Pricefx is helping customers easily achieve optimal business outcomes that outpace the competition.”

Initially, conversational GenAI will be incorporated to simplify interactions with the Pricefx Knowledge Base and Actionable Insights. This will simplify tasks for Pricefx users when executing day-to-day pricing, let them spend more time on pricing strategies, and get to value faster.

Pricefx Knowledge Base is the definitive, single source for information about the Pricefx solution for various roles – from business users to configuration engineers. GenAI makes this content even more accessible and will allow open-ended questions from users, offer navigation guidance, and simplify or summarize content.

Actionable Insights allows for continuous observation of selected data and suggests relevant follow-up actions to enable data-driven and automated identification of opportunities and gaps. With the new GenAI capabilities, natural language can be used to automatically observe data trends, such as setting up a new insight for customer churn in a specific business unit. Users can also ask for recommendations on the most important actions to resolve a specific business need. Chat-based interactions with Actionable Insights greatly improve the speed of decision-making by facilitating the creation and actionability of curated insights and recommendations.

The company is continuously exploring, developing, and incorporating additional GenAI features in future product releases. More information on Pricefx’s AI capabilities can be found at pricefx.ai.

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