Grid Dynamics Unveils New ML-Based Price Optimization Starter Kit for Google Cloud Vertex AI
April 20, 2022 -- Grid Dynamics Holdings, Inc. (Grid Dynamics), a leader in enterprise-level digital transformation services and solutions, introduced today its new Price Optimization Starter Kit for Vertex AI, which combines the power of Google Cloud and customizable open-source components.
Grid Dynamics’ new starter kit leverages machine learning and AutoML technology provided by Vertex AI to help retailers and other businesses optimize pricing decisions to improve margins, sell-through rates, and inventory turnover. Built by Grid Dynamics’ team of revenue management experts and skilled data scientists, the Price Optimization Starter Kit integrates a company’s sales data, product attributes, competitor pricing, and other external factors to deliver a customized price and promotion management solution that helps drive revenue growth.
“The Price Optimization Starter Kit by Grid Dynamics is an ideal example of how Vertex AI accelerates machine learning projects,” said June Yang, Vice President of Cloud AI product and industry solutions for Google Cloud. “Combining Vertex AI’s cutting-edge models and powerful infrastructure with the domain expertise of a partner enables companies to build large scale solutions to solve the most difficult business problems in record time.”
“The efficiency of price management processes and optimality of pricing and inventory decisions are key concerns in retail, and many companies are looking to create advanced custom solutions that fit their business models and enable continuous innovation,” said Ilya Katsov, Vice President of Technology for Grid Dynamics. “Our new starter kit developed in collaboration with Google Cloud helps companies to harness both ML technology and domain best practices. We’re excited to make this starter kit available for users of the Vertex AI ecosystem.”
Gaining the Upper Hand through Machine Learning, Technology Innovation, and Human Expertise
The starter kit developed by Grid Dynamics and Google Cloud combines the advanced AutoML components offered by the Vertex AI platform with best practices developed by Grid Dynamics, based on multiple real-world price optimization projects delivered to leading retail, manufacturing, and consumer packaged goods companies. The reference implementation provides the following capabilities:
Demand decomposition: Advanced modeling techniques help to accurately quantify the impact of various factors on revenues and profit, enabling price managers to better understand the relationship between price and demand, cannibalization and halo effects across products, and the impact of public events and other factors.
What-if analysis and optimization: Profit and revenue models are used to evaluate different pricing scenarios and determine optimal price levels and promotion schedules. The optimization process can account for complex effects such as cannibalization, identify hidden opportunities, and pursue various objectives such as sell-through or margin maximization.
Process automation: ML-based decision support and decision automation components help reduce the number of manual operations and scale the entire process.
The Grid Dynamics Price Optimization Starter Kit can be deployed and integrated with a company’s real data sources in a matter of hours, and evaluated and customized based on the unique requirements of the company without proprietary components or licensing costs.
“The Price Optimization Starter Kit that Grid Dynamics is unveiling today is an example of the innovation excellence upon which the company has built its reputation,” said Craig Viley, Director of Product for Vertex AI. “This starter kit helps companies leverage the Vertex AI platform more efficiently and achieve compelling business results in a much quicker timeframe.”
More information about Grid Dynamics’ Price Optimization Starter Kit is available here.
About Grid Dynamics
Grid Dynamics (Nasdaq: GDYN) is a digital-native technology services provider that accelerates growth and bolsters competitive advantage for Fortune 1000 companies. Grid Dynamics provides digital transformation consulting and implementation services in omnichannel customer experience, big data analytics, search, artificial intelligence, cloud migration, and application modernization. Grid Dynamics achieves high speed-to-market, quality, and efficiency by using technology accelerators, an agile delivery culture, and its pool of global engineering talent. Founded in 2006, Grid Dynamics is headquartered in Silicon Valley with offices across the US, UK, Netherlands, Mexico, and Central and Eastern Europe.
To learn more about Grid Dynamics, please visit www.griddynamics.com.
Source: Grid Dynamics
