Why Technology needs a special focus when aiming for revenue or inventory cost optimization?
Before we explain the role of technology, let’s remember the problem statement. Case in perspective is Revenue Optimization – a challenge to manage perishable inventor sales within a defined lifetime of the inventory to improve revenue. We discussed the imperatives of Factor Analysis and Statistical Models in our previous viewpoint – Statistics Can Be Majestic If The Factors Have Characteristic. Multiple factors, rising counts of data and studying multiple data relationship requires intense analysis. Make it a real-time problem and you need a robust compute-intensive solution, ready to deliver at speed, at scale and with highest precision at scale. One miscalculation or wrong choice of factor that contributes to the problem of revenue optimization can sink the ship.
Are You Flying High Enough? A use case that offers insight on how dynamic pricing helps optimize revenue.
Achieving revenue optimization through a technology based solution is an act where machines prescribe different price points for a product, based on a real-time analysis of all the factors that contribute to the demand and supply analysis of such product. Hence, technology architecture plays a significant role in delivering these accurate price prescriptions. Let’s break this further into a study of different aspects of technology.
Emerging technologies have far superior capabilities compared to the ones we currently operate – data consumption, data processing, data cleansing, parallel computing and analysis. Their viability, flexibility, strength and scalability must be adjudged before putting any ideas to practice.
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