From the development of mathematics to Machine Learning (and everything in between), the most popular mathematical concepts have always been hyped in cultural references. These days, most of the emphasis is on Machine Learning and Artificial Intelligence (AI). Neither are new concepts, but rather just the latest extensions and expressions of using math and science to solve problems. At Revenue Analytics, we’re one of the world’s leading experts in Machine Learning and Artificial Intelligence, since we have been delivering capabilities that fit these definitions to clients across dozens of industries, for more than a decade.
What is Artificial Intelligence? You may know that it’s related to Machine Learning, but may not know exactly where the distinction lies. Machine Learning is a broad collection of heuristic and theory-based methods for inference and decision making that includes optimization and statistics. Artificial Intelligence is a computer system that automates human decision making, while learning over time. AI can be a built-for-purpose neural network, or a network of Machine Learning algorithms.
At Revenue Analytics, we deliver fit-for-purpose systems that apply AI for decision support and automated decision making in Pricing and Revenue Management. All of our analytic components and methods are Machine Learning algorithms, and we are experts in applying Artificial Intelligence to solve business problems. Our Machine Learning components work together to automate your pricing decisions and help you make better overall business decisions.
Why use Artificial Intelligence? Our Artificial Intelligence solutions are better than any human expert. Our algorithms run all the time, for all cases, and without bias from emotion or other human fallacies. In other words, we can help ensure that your every pricing decision is made how your best pricing person would make it, freeing up time spent pricing manually in order to drive revenue growth. We’ve been building Machine Learning algorithms and AI-based solutions for better commercial decision-making for years. Our process ensures that the best thinking from your experts is incorporated into the AI system, and that the business decision makers understand how the science works and are aligned with the system output. The result is a sustainable solution that increases the precision of decisions and reduces risk.
Why don’t we use the terms “Machine Learning” and “Artificial Intelligence” much in describing our solutions? We believe that decision support and automated decision systems in Pricing and Revenue Management are only effective when the business people who own the decisions understand how they work. Buzzwords like Machine Learning and Artificial Intelligence don’t help people understand how these systems really work. We deliver proven, transparent solutions that people understand, not “black box” solutions described by fuzzy buzzwords.