Meet the next generation of virtual robots fast-tracking processes in revenue management.
Do you feel overwhelmed by the amount of information you’re constantly bombarded with? Join the club. And here’s the kicker: the more options we have to sift through, the harder it is to make a decision.
You can blame it on human nature, but at a company level, things are not so different. With data dumps from multiple sources to integrate and analyze, it can sometimes feel like we’re still back in the dark ages of ten years ago in terms of data unification.
Big data means big opportunities, but it can also mean big headaches.
The established systems we’ve been using to process all this information are straining under the load; they’ve become less effective, labor intensive and time-consuming, in an era when time is the most valuable commodity of all.
CoE: What is it and why should I know about it?
Recognizing that a distinctly uneven playing field had developed in data processing, Revenue.AI’s virtual Center of Excellence (CoE) was set up. Providing support as well as aligning teams within an organization, the virtual CoE uses cutting edge advancements in artificial intelligence and machine learning to disrupt established revenue management practices and standards.
Very simply put, it’s an add-on that can be feasibly implemented by any company, small or large. As it’s powered by AI, signing up for the CoE will turbocharge the decision-making process. With the benefit of speedy insights that can be actioned immediately, your personal performance as well as that of your company’s is going to step up to a whole new level.
CoE: Brought to you by the Power of AI – and robots?!
This all sounds great in theory, but how does it actually work?
Robots. Kind of.
These aren’t the usual, run-of-the-mill chatbots. They are virtual intelligent assistants, and they’re about to become your new bff at work.
No, we’re not talking about the film, Her. This isn’t science fiction.
These AI-driven hybrids absolutely thrive on data – the more, the better. They are constantly evolving and learning from the information they process and can personalize their interactions according to who they’re working with. Not only that, they can also provide human-like intelligent answers in multiple languages, simultaneously. No guarantees they will be voiced by Scarlett Johansson, however.
The bottom line is, data that is integrated, clean and immediately processed means more reliable and powerful insights. But let’s get down to some nitty-gritty details.
Like superheroes prepping for a Marvel film, this little robotic team from the CoE has a big can-do attitude.
They punch well above their weight in:
- Focusing on all levels of pricing for all product portfolios
- Optimizing pricing throughout customer and product mix
- Identifying and eliminating unproductive discounts and product segments
- Highlighting ROI optimization for each promo
- Monitoring potential risks to revenue and margin, such as market volatility and global inflation
Introducing the virtual squad:
Let’s finally meet the team of characters who are about to make life at work not only easier, but more interesting.
- Rai-Base is the data analyst everyone needs on their side. Tirelessly working 24/7 and offering access to information ten times faster, it distributes reports and insights across the user base. Assisting the whole team, Base ensures knowledge is distributed to those who need it.
- Rai-Dex, the data steward obsessed with cleaning data at lightning speed and transforming it into insights to create actionable results.
- Rai-Price is the pricing guru. Monitoring all market activities, it can provide speedy analytics, simulations and daily KPI reports together with recommendations and action plans formulated according to market insight.
- Rai-Charles is about effectiveness in all things promo, with instant assistance available to the whole sales field team. It monitors products, provides alerts and simulations as well as driving ROI.
- Rai-Mix proactively monitors how your product mix impacts revenue and profit at the category, channel or even country level. It relentlessly guides you to opportunities that will maximize your mix with real-time alerts and suggestions.
It’s a revolution in productivity
There’s no need to start a riot to change how data is processed; these diligent virtual heroes are leading a quiet revolution within company departments. And they’re giving established revenue management practices and standards a jolly good shake up.
Everyone is crying out for better, faster – make that hyper driven – decision-making tools. But without squeaky clean data, that’s not possible. This is where our robotic busy bees get… erm, busy.
Let these virtual assistants loose on your data and they will get tons of it not only consolidated and analyzed, but also use it to adapt strategies and make recommendations in real time. There are no more opportunities lost as every potential can be acted upon efficiently and effectively. And in these turbulent times with unprecedented volatility, there’s no need to panic when an unexpected event hits the market. AI can assess the situation in minutes, rather that the characteristic few days; recommendations on the way forward can follow in a day, rather than a week.
What’s more, the virtual team is at it 24/7. With in-depth knowledge of the product or category in question, the virtual Center of Excellence’s squad monitors data around the clock and assists all teams within seconds. They also adapt to requirements based on the past behavior of each user.
If they were human, you’d hate them for being so darn accommodating.
It’s obvious that more accurate forecasts and the ability to make fluid decisions equates to growth in revenue. Through the virtual squad, the CoE reduces costs and contributes to an increase in productivity overall.
Knowledge belongs to everyone
So, your virtual team is ticking along (without the need for even the odd expresso or nap), processing information at high speeds and delivering complex, dependable predictions. Valuable information is being shared throughout the company. With information being distributed equitably, better decisions can be made by everyone, across the organization, in every department, regardless of their role.
The Center of Excellence harnesses AI technology (aka the superpowers of its robot squad) to unlock revelations in portfolio pricing optimization, product segmentation, demand management, inventory optimization and category management. As a pivotal member at the junction between the sales, marketing and revenue management departments, our little virtual buddies are the source through which all information flows. Everyone in the company is finally on the same page.
The upshot is: with hours saved and the number crunching left to the CoE, that leaves more time for the fun, strategic stuff that makes people excited about getting up in the morning to go to work. And increased job satisfaction leads to better employee engagement and retention – told you these robots were superheroes.