TMAP’s Pricing Analytics uses Generative AI to help manufacturers with competitive pricing analysis, dynamic price optimization, and customizable pricing strategies.
Tavant, a leader in AI-powered analytics solutions, announced a significant enhancement to its TMAP product with the launch of Pricing Analytics module. This new feature, built on sophisticated machine learning and Generative AI models, empowers manufacturers to optimize aftermarket service pricing strategies. TMAP, known for its ability to transform aftermarket processes through insights, now extends its capabilities to include comprehensive pricing features.
This module introduces several key features to enhance TMAP’s pricing capabilities for manufacturers including:
- Smart Search for competitive pricing analysis, ensuring optimal pricing strategies.
- Varied pricing strategies, enabling optimized pricing for spare parts, extended warranties, and service contracts.
- Machine learning models for dynamic price optimization in response to market trends and supply-demand shifts.
- Targeted recommendations for promotions, aiding in the development of effective sales strategies.
- Seamless integration with ERP and eCommerce systems, enhancing operational efficiency and pricing decision processes.
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According to Petchiraj Piramuthu, Head of Analytics Products – Manufacturing at Tavant, “The addition of Pricing Analytics marks a pivotal moment in aftermarket service management. We’re empowering manufacturers with AI-driven tools to not just react to market changes, but to anticipate and strategically navigate them. These enhancements in TMAP are set to transform the aftermarket service experience. By implementing more precise and dynamic pricing strategies, manufacturers can significantly increase efficiency, profitability, and customer satisfaction.”
TMAP is an analytics platform leading the charge in transforming the aftersales experience by harnessing data to boost customer satisfaction and streamline operations. The platform employs advanced analytics and artificial intelligence to automate claims, reduce warranty spend, optimize service parts prices, and provide early warnings for failures. In today’s market, where customer retention and service excellence are pivotal, TMAP helps manufacturers exceed expectations and nurture loyalty through Generative AI.
Source: BusinessWire