Dynamic pricing is currently one of the most innovative subjects in retail. All retailers – whether from Europe, Asia or America – aim to sell their product as quickly as possible at an ideal price that provides maximum margins and produces profits. Many retailers still calculate their product prices manually. Progressive companies rely on intelligent data mining solutions based on the real-time purchase behaviour of customers to set the ideal price for a product
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This innovative subject is therefore the focus of this year’s DATA MINING CUP which has enjoyed the participation of numerous international universities for now 13 years. prudsys AG, as the organiser of this globally renowned data mining student competition and itself a specialist in intelligent data analysis and dynamic price optimisation, challenged the competitors to measure their data mining expertise using two separate tasks. Two tasks were assessed independently of each other.
The classic data mining task was for participants to develop a model using stipulated data that predicts the sales figures of a product as accurately as possible.
The second task was to independently implement an agent that takes on pricing for an online shop. The agents – and therefore the participants‘ individual shops – then competed against each other in a multiple agent system simulation. The aim was to maximise profit.
Which teams successfully tackled the two tasks and are therefore among the best up-and-coming data miners in the world will be made known at the 2012 prudsys User Days, which take place in Berlin on 26 and 27 June 2012.
For over 13 years the prudsys User Days have provided information on news, trends and technological developments in the data mining environment and on innovative business cases for retail both today and tomorrow.
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prudsys AG as one of the technology leader for intelligent data analytics concentrates among classic Data Mining on the development and integration of high-quality real-time analytics solutions.
The prudsys Realtime Decisioning Engine (prudsys RDE) is a leading service-oriented solution for real-time analytics, forecasts and intelligent recommendations. The modular structure enables to build a multi-channel global solution which matches the specific requirements. With IREUS the prudsys AG especially offers for small and medium online shops selected features of the prudsys RDE as a software as a services.
The prudsys products are used world-wide. In Germany alone, approximately 50% of the top twenty mail order businesses such as OTTO, Heine, Conrad Electronic, bonprix and Baur and countless other Top 100 mail-order specialists (Source: Versandhausberater – Mail-Order Adviser) such as 3 Pagen/3 Suisse, buch.de and Mexx rely on prudsys solutions.
prudsys AG is the holder of numerous German and international patents. Furthermore, prudsys AG is the organiser of the world’s biggest data mining competition, the DATA MINING CUP.
prudsys AG
Denise Seifert
Zwickauer Strasse 16
09112 Chemnitz
+49 371 27093-0
http://www.prudsys.com
presse@prudsys.com
Pressekontakt:
wortgold | Agentur für nachhaltige Kommunikation
Frau Sandra Koegel
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09116 Chemnitz
service@wortgold.com
0157 77711580
http://www.wortgold.com