Price determination agent
Request
Automatically determine the optimal price for customer orders of metal bars or plates based on specified variables in an e-commerce platform.
Approach
A powerful data collection engine aggregates prices for base metals and alloys from various sources (such as the London Metal Exchange and Assomet database). This data feeds a sophisticated algorithm that considers multiple variables - cutting time, chippings from cuts, waste parts, forklift usage, stock levels and price time series - to establish the correct selling prices.
Result
Since 2005, the solution has delivered:
- Enhanced efficiency in pricing decisions by reducing manual effort and ensuring consistency
- Increased profitability through accurate, optimized pricing
Categories
Type
AI & Data Science
Need
Benefit
Business function
Industry
Business Model
Business Size

