Alright. Hello again. Thank you all for tuning into the professional pricing Society podcast, my name is Terrence and you know what? We're diving into the topic of artificial intelligence today as it relates to pricing. However, before we begin our discussion, I have got to remind you guys that we're going to be in Dallas, Texas, this upcoming May.
Okay. So the 34th annual spring pricing workshops and Conference will be taking place first week of May to learn more about that conference and to register your seat in the house. Be sure to visit our website at a price. Icing Society.com. Our Guest today is Kiran ganga, a CEO and founder of AI based company Rapid pricer. He's going to be speaking with us about how to best utilize AI in the B2B pricing realm.
Karen has consulted on behalf of large Consulting, companies such as PWC, IBM and Kirk salmon at some of the largest retailers in the world. His entrepreneurial experiences include successful ventures in the Silicon Valley area, Mexico City, Bangalore Amsterdam and new Lee, which is where he speaking with us today. Karen, how we doing today? Excellent. Thank you for having me turns. Awesome. Thanks so much for being here. Karen also is going to be at our conference, its upcoming May.
Is that correct? Karen. Yes. Looking forward to, I haven't been back in the US for a few years. It will be fantastic to come and see everybody there. Good girl. We're very excited to have you. Of course, you already know that, but let's go down to our discussion about a, I mean, the pricing realm. So what impact It has artificial intelligence had in B2B pricing. Well, AI has been a big influence in many Industries and it it is going to do so in the future.
Also if you see reports from some of these big Consulting companies, the impact AI is going to have just in pricing is huge humongous, it is already making an impact.
It is not obvious to the naked eye to see what kind of an impact it is. Right now, because all of the AI right now is in the back end processes and that will slowly change as it becomes more of a front end process, so people can actually see and you'd like a tool themselves instead of that happening in the back end, but the impact is already big and it's going to be much bigger in the future also.
Okay, understood now, not, everybody is a programmer in the realm of artificial intelligence or has the Otice as someone as your self does, how can we start to incorporate AI in B2B pricing? I'd like to give you. This example, I use this example in the past also, it's like, you don't need to know what's happening in the engine of a car
to drive the car, right? So you don't need to know coding for artificial intelligence to leverage, artificial intelligence even further you don't even have to Driving these days, you could sit in a number and somebody else is good at it will do it for you but you do need to know where you are going. You need to set your destination. You need to choose your mode of reaching there, and then the AI will be there to take you there.
So, it's okay for you not to be a programmer, but it's not okay for you to not know about what is the capability of AI and how you can use it. Where can you go there, we can you reach with the eye. It is. More important than knowing how I actually do use AI. Because the fun thing about AI is that the automation is automating the process of coding also as well. So that is becoming less and less relevant to know all of
this anymore. So right now Terrence so I'm and they say this Workshop in Dallas. I'll tell you more but I can I can give you some examples of how AI is impacting B2B right now, also as well. So you see, for example, if there is a huge source of data, right? It's like all of the transactions of how every Was purchased in the United States, right? Do we use the data.
There is a lot of VI being used to store the data to process it to clean it, to make it ready for the models to be used, so that it becomes a clean dashboard for you to make a quick decision. That is already a, i you are using today, right? So that is, that is an example of how things are being done in the back at now, coming to the processes. If you were to look at patterns in your data, right? You could use the law. Load of tools which leverage AI to tell me the patterns in your
data. Analyze customer purchase Behavior. Right. How likely is somebody going to buy all of these are algorithms? Which are already. It's like you know you don't have to cook the dish. The dish is already served for you have to take it out of your plate and consume it because to the process of making the dish has already leveraged the eye in many many aspects. I had this very interesting.
Come up in another Workshop earlier, where how can we use AI to really solve a challenge in B2B pricing? Right. The B2B there is a lot of intuition in World lot of experience, in world, right? So, so, it's not just press the button and some sale will happen. Human being actually has to process all of this information to make a better decision and to close the deal in most cases. So you could use the eye II to analyze, how people are having a conversation, it could be a
meeting. It could be an email or it could be like an actual physical space where people are meeting to analyze the intent of the other person. Is he trying to be nice when you say, she's going to be getting back to you, or is he really interested in it? You know, and the way I can make distinctions between cultures between age, groups experience, and make a good recommendation for you. So you become wiser. In closing the deal. That's it. That's a real example of how you.
And I today can leverage the eye with a very simple software built by somebody else who's going to who's going to help you make this better decision in your pricing for B2B, you know? I love how you broke it down using the analogies, you know. It's like a, it's like a car, you know, I have to know what's going on necessarily under the hood to drive in the same thing with the with the dinner, the food, you know, You have to necessarily know how to cook everything to just to eat it as
well. So the main goal is Court, according to what you're saying, is just having an idea of where you want to go with. You, you know where your destination is, then, of course, you got into algorithms customer Behavior, you know, regarding how a I can be used and in pricing is very important. Yes what are the what are the possibilities? Also is very important to know,
right? Because if you don't ask for it you don't get it. If you know that there is a tool which is Like an API or like a you know, what do they call it? Looks like some connection and add-on you can add to your outlook say for example, which can analyze the contents of an email to tell you. What is the win probability or somebody might be looking for a discount or whatever else it is. That is a possibility you need to know. Okay, you know that that is possible.
I need to explore this. If you don't do it then it probably will never come up that easily right so That's that's what this Workshop will duel talk about all the different possibilities and allows to talk about the very basics of AI Terrence you and I started this conversation saying, you know, nothing about a I but yeah it is so simple when you break it down, right? It's just like a human brain.
So so with examples I will I will walk through what's going on Behind These weights of the calculation so that it makes a decision between either a dog or a cat a human being is likely to y-you're not all of these are very simple weighted calculations at the core of AI which I love explaining as you can tell you should come join too. Let's go ahead and hop into that discussion, but cool awesome. Now we are kind of have a better grasp of where AI currently is
in today's world. But where do we see egg going in the future regarding B2B pricing? Where do you see it going? I should say. Yes, I think it's it's a it's going to become a lot more automated when we started out, it was just with, okay, better computing, power uses AI, then the data processing uses, our AI then the insights are using a. I right then the recommendations are using AI. The price points are using AI, then it goes closer to a point where it becomes automated
right. If somebody Expresses an interest what needs to is like your chatbot. The whole process becomes a little bit more automated. What needs to be said next and maybe in the initial stages, it will require you to approve the I might say, Hey, listen Terrence based on this conversation. You had, this is the email, you should send. And these are the folders you should attach or like documents. You should attach. And these are the people you should copy. Do you approve?
Say yes, right. It gets to become a lot more automated. That one step at a time. It's going to reach there. But but it is you need to know to make it happen a little bit faster for you. What's possible and then you know, how can you leverage the best out of the I basically? Well, I don't think there will be a world where the robots will come and replace all of us Salam but maybe in the very distant future but in the immediate future, it's going to be like how do we close this deal?
More automatically efficiently, basically do something. It's made to make our decision making a lot more seamless. It sounds like nothing about companies. What kind of organizational structure do you think is needed to build an AI solution? So really, unless you are a huge organization, right? Almost always I believe no company should have an AI data scientist.
I mean, you can have some to give you insights, but if you're like a medium sized organization or let's say less than 100 employees, then definitely use the services of another company to do it for you who already specialize in this area. All right? And then you Use this apps and use these tools, which everybody can use inside your organization to get there and then they're not very expensive sometimes if you know how to use them. Yes. So AI strategy. Education is necessary for
everybody. But artificial intelligence coding might not be necessary for everybody. So use Freelancers till right now, Freelancers have really taken over a lot of the head. Take an awful or the headache for organizations, right? I don't need to worry about how do I keep somebody busy? I have my own startup and I work with at least 50% of my resources are Freelancers now,
right? So they're very specialized and sometimes I have I set up a pyramid, kind of a structure where I have one scientist who earns close to half a million dollars a year, I can't afford him full-time. He only works for two hours but he tells the rest of the team. What can I need to do and the team have a lot more people who are helping them to get to the end goal, imagine bringing the triangle inside my organization full-time. I can't afford that and I can't get that level of quality,
right? So I strongly suggest explore at least until you get used to the deliverables. Explore working with this structure of having a really knowledgeable person, being the solution. For you and having the rest of the team maybe as Freelancers or like, you know, vendor companies to help configure these quick wins in AI for you and and 11 are the good place to start is, I can compile a list of links for this Workshop, maybe, but there are lots of cool apps. You can just download and start
using just now, right? How do you create a proposal for your for your using AI? You know, you all, we've all heard about Chachi. Beauty now. But a lot more apps built to help the businesses are already out there but it's always a catch-up game right. There's a new app coming out every week sure yeah definitely not rocket science to to get it going for our students. Okay well that's good to know I mean it's good to know that this
is not rocket science. It's good to know that there are you know begin our tools with that companies can utilize just starting out especially you know when thinking about Freelancers and going down that road as well. But artificial intelligence in the B2B pricing world something that sounds like it's really starting to expand and grow as time progresses. All right. Karen guy really do appreciate of time with us today. Friendly reminder to all the listeners.
Mr. Kiran is going to be spear in the workshop. Discussion titled, how to best utilize artificial intelligence in pricing with us in Dallas. Texas March 2nd through the fifth during that conference week so be sure to go ahead and visit our website to learn more about About the conference and also to register as well. Caring, for those who may be
interested. Do you have any places where people can get a hold of any of your materials or resources or just to learn more about you or rapid price? It's absolutely. So in fact, I would like to mention a few things. One, please add me on LinkedIn if I can be of any help, if I can help you prepare for this Workshop or help, you understand what will be covered. My name is que IR. A-- n, Gan Ge You could also visit my website, so I do have a business which uses artificial
intelligence in pricing. However, we do retail pricing Website is a rapid price or.com. And in mid-year this year, I have a book coming out on ya, how to do pricing again, it will be for b2c and the expert guide to retail pricing. It is called so so these are the places you can learn more. I I suggest you connect with me on LinkedIn and I'll make it more customized for you but looking forward to connecting with you either online or at the workshop directly.
And thank you very much for having this called Aaron's. As you can see, I've really enjoyed this conversation. Loves to do more of this, at the workshop. Absolutely. He's caring gave us a little bit of a teaser from today's discussion, but he will be going a bit deeper in his discussion at the workshop. So thanks so much again care and we'll see you in May for everyone else. Have a good one. Bye bye.