3 Steps to Strategic Retail Pricing Transformation

For all the talk about the power of artificial intelligence (AI) to drive meaningful transformation for retailers that want to reinvent themselves for today's demanding renvironment, many companies fall short of harnessing the full benefits of AI and analytics for actionable insights. That's because many of these attempts fail to take into account the human element of effective change management. For retailers to successfully benefit from AI, there must be systematic, organizationwide commitment to driving meaningful change and creating a data-driven culture. In more than 10 years of deep engagement with retailers working to adopt AI-based price and promotion optimization, I've learned that AI and analytics alone do not power true transformation to a more agile and nimble strategy. Instead, real success comes when a company embraces wide-ranging organizational change.