Authors: Slobodan Farago and Omar Ahmad

While intuitive in theory, price elasticity measurements are often too simplistic in scope for practical use in day-to-day pricing decisions. To make better use of this metric in daily pricing decisions, price elasticity should be assessed considering multiple complex factors, which can only be achieved by applying algorithms in an artificial intelligence/machine learning system environment where the algorithm is programmed to evolve in a dynamic way, as the authors explain. Slobodan Farago, PhD, MScM, CPP leads commercial excellence activities at the MDS Division of BD in EMEA and can be reached under …Read More