cheat sheet
OpenAI / ChatGPT technology in Pricing
Leverage the power of language models. Your own virtual assistants to conquering AI Pricing.
FUTURE of pricing and ai
Can OpenAI take over Pricing?
Large Language Models (LLMs) such as ChatGPT are becoming increasingly adept at solving various tasks and problems. However, when it comes to complex matters involving a multitude of different factors to consider, Algorithms remain paramount. Our proposed loop involves LLMs clarifying the algorithm's process, knowledge, and results, enabling humans to refine these results further.
So can I just ask the virtual assistant for an optimal price?
LLMs are adept at tasks involving language, information retrieval, and creativity but less effective in complex, computational tasks like optimal pricing. Although they can't replace Symson's 52-data point Pricing Algorithm, LLMs can help us understand it better, allowing easier interaction and adjustments to suit the dynamic pricing environment.
FUTURE of pricing and ai
Backtrack Decision Making
You can get a clear overview of every factor that went into the virtual assistant's decision making, be it computational analysis, pricing theory behind an approach or factors specific to your scenario - this way, you can always be certain that the decision is always grounded in facts, not guesswork.
Data Compliance and Security
To ensure our compliance and security meets the high standards, our product team develops with the highest quality standards that are known today.SYMSON is devoted to keeping our customers' data secure.
GDPR Compliance
Our platform is completely compliant with GDPR regulations when it comes to handling and storage of your customer data and other sensitive information.
Learn MorePrivacy Legislation
Our secure network and infrastructure, includes security measurements at all layers to rule out the risk of losing customer data or other delicate information.
Learn MoreSecurity is a top priority when using LLM-powered tools for pricing optimisation. Our AI systems use strong encryption and strict access controls to protect your business data. We perform regular security checks and follow industry standards to ensure your data stays private and secure. Trust our secure AI solutions to improve your pricing strategies while keeping your information safe.
LLM and pricing support
Discover our LLM models and flows
LLM Open AI - Free questions
The LLM employs Retrieval-Augmented Generation, combining data from your database and Symson to respond to inquiries and requests. There's no need to retrain the model; just maintain an updated database with easily processed formats like CSV files or spreadsheets.
LLM Open AI - Free questions
A LLM can do all kinds of things. In Symson’s RAG infrastructure we can automate ‘ideas or recommendations’ given by the LLM Engine.
Magic!? Future?
Think about the idea that a LLM could optimise your pricing logic configuration, variables or used pricing strategies!
Yes, this is till experimental, but our AI Lab is moving forwards on a daily basis.. and off course.. do not forget. The LLM models are getting smarter vvery day.
LLM Use Cases
Find correlations between customer hapiness, margin, customer loyalty
READ THIS LLM USE CASE
Expert on your infrastructure - easy customer support or onboarding aid.
READ THIS LLM USE CASE
Find the optimal Discounting strategies via Data-driven approach.
READ THIS LLM USE CASE
Product & Services Sales Advisor at your fingertips
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Explainable strategies for Optimising for margin or revenue
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Data Analytics made easier via LLM inference.
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An AI Assistant that can advise on the best Rebates programme for your use case.
READ THIS LLM USE CASE
Keep tabs on the Pricing of competitors with LLM powered competitor scraping.
READ THIS LLM USE CASE
Draw the best insights from your data with strong analytical LLM reasoning.
READ THIS LLM USE CASE
use llm to your advantage
How can I then use LLMs to increase value in Pricing?
LLMs as Pricing Platform Guides
There are many ways in which LLMs are incredibly useful in Pricing. On one hand, the LLM can act as a guide throughout the Symson Algorithm - able to explain minutia of how to use its various functions, what sort of strategies it can employ, and even advising on which strategies are recommended given certain scenarios, and help you find the optimal configuration for your specific case.
LLMs as Data Organisers
In addition, the LLM can also act as a data organiser. Starting Q3 2024, Symson is in the process of creating an environment where you can use the LLM with your own data, available in Symson. This data can be enriched dynamically by your own IT department in your personal Microsoft environment - all you need is to add your data to your Microsoft SQL database and the LLM will be able to retrieve and answer any of your questions.
use llm to your advantage
Using Virtual Assistants for Generating Knowledge & Training Staff
Not only can the LLM be used to retrieve data in easy to understand formats instantaneously, they can also serve to generate discussion points to prepare for unforeseen circumstances.
Understanding Pricing as a topic to improve margin, revenue and conversion to win deals. Team members can ask about the impact of different pricing strategies on sales and profitability. The LLM can also generate role-play scenarios where team members practice responding to price changes in the market.
Explore different approaches in pricing
The LLM can develop training sessions on managing changes when implementing pricing strategies; It can generate discussion points on potential challenges and resistance from both customers and the sales team, and how to address them effectively.
Training module
Use the LLM to simulate a workshop where participants are given hypothetical products and market scenarios. Symson can provide price recommendations that would maximise revenue, considering factors such as cost, competition, and customer value perception. Participants can then play with different settings and see how they affect the recommendations, and even ask the LLM to explain the relational changes.
LLM CHEAT SHEET
Symson’s LLM Solution has a wider potential
By providing more data to your LLM, it will become more powerfull! Symson LLM infrastructure is based upon Microsoft Fabric infrastrure and allows your IT department to add data that can be used by the LLM for more specialized answers.
How can I adjust pricing strategies to improve margins without losing competitive edge?
What factors should I consider when pricing products for high elasticity customer segments?
What strategies would work best for optimising margin / revenue for X product/s?
What are the best products in our portfolio to run a new promotion on.
What are our KVI products?
GAIN MORE
Advise on optimising the results of LLM
Define goals and objectives
Objectives could include:
Identifying underperforming products or categories;
Optimising pricing strategies for different customer segments;
Forecasting demand based on price changes;
Analyzing price elasticity to make data-driven pricing decisions;
Exploring different market scenarios for deploying effective pricing strategies;
Identifying underperforming products or categories;
Optimising pricing strategies for different customer segments;
Forecasting demand based on price changes;
Analyzing price elasticity to make data-driven pricing decisions;
Exploring different market scenarios for deploying effective pricing strategies;
Application of insights
Test strategies -
Implement the insights or strategies suggested by the LLM on a small scale first in order to analyze the impact on sales, margin and customer behaviour.
Iterate -
Based on the results, refine your approach. You may need to go back and ask more questions and adjust your strategies accordingly.
Automate Insights Gathering - Consider setting up a process where you regularly update your database with data insights to feed the LLM so you get updated recommendations.
Implement the insights or strategies suggested by the LLM on a small scale first in order to analyze the impact on sales, margin and customer behaviour.
Iterate -
Based on the results, refine your approach. You may need to go back and ask more questions and adjust your strategies accordingly.
Automate Insights Gathering - Consider setting up a process where you regularly update your database with data insights to feed the LLM so you get updated recommendations.
Monitor and adjust
Continuous Monitoring -
Use the LLM to easily keep an eye on performance indicators (KPIs) such as sales volume, margin improvement, customer satisfaction, market share, etc.
Stay Informed -
Update your model with new data and trends. The market is dynamic so staying informed will help you maintain a competitive edge.
Use the LLM to easily keep an eye on performance indicators (KPIs) such as sales volume, margin improvement, customer satisfaction, market share, etc.
Stay Informed -
Update your model with new data and trends. The market is dynamic so staying informed will help you maintain a competitive edge.
HAVE A QUESTION?
Frequently Asked
Questions
Got a question? We're here to answer! If you don't see your question here, drop us a line on our Contact Page.
What are Large Language Models (LLMs) and how do they aid in pricing optimization?
Large language models (LLMs) are advanced AI systems that can understand and generate human-like text. They aid in pricing optimisation by analysing vast amounts of data, identifying patterns, and making data-driven suggestions. This helps businesses set competitive prices and respond quickly to market changes.
Can LLMs directly set optimal prices
for products or services?
LLMs can provide valuable insights and recommendations, but they don't directly set prices. Instead, they support decision-makers by analysing data and suggesting optimal price points. Human oversight ensures that the final pricing aligns with business strategies and goals.
How does an LLM integrate with existing pricing algorithms and data?
An LLM integrates with existing pricing algorithms by accessing and analysing the data these algorithms use. It can process historical sales data, market trends, and customer behaviour to enhance the accuracy of pricing models. Integration typically involves API connections and data synchronisation.
What types of data are needed for an LLM to assist in pricing optimization?
To assist in pricing optimisation, an LLM needs various data types, including historical sales data, market trends, customer behaviour, competitor pricing, and inventory levels. This diverse data set allows the LLM to generate comprehensive and accurate pricing insights.
How can LLMs help in understanding and improving existing pricing strategies?
LLMs can help by analysing current pricing strategies and identifying areas for improvement. They can detect patterns and trends that might be missed by traditional methods, providing recommendations to refine pricing strategies for better profitability and market positioning.
What are the best practices for maintaining accuracy and relevance in LLM-assisted pricing decisions?
Best practices include regularly updating the LLM with current data, validating its outputs with market conditions, and combining its insights with human expertise. Continuous monitoring and adjustment ensure that the LLM’s recommendations remain accurate and relevant.
