US: Dynamic pricing and revenue management solution provider, PriceLabs, has unveiled ‘AI Insights’, its first application of Generative AI designed to transform detailed revenue management data into easy-to-understand text.
The “groundbreaking” feature is designed to convert complex data charts into concise sentences for clearer insight and efficiently summarise market trends to facilitate quicker decision-making processes.
PriceLabs co-founder Richie Khandelwal said: “Integrating Generative AI into our platform represents a significant milestone in our mission to democratise revenue management.
“With this industry-first, we’re not just simplifying data; we’re revolutionising how property managers interact with our tools, making complex information instantly actionable. We effectively bridge the gap between sophisticated data analytics and clear business strategies,” he added.
Specifically, the feature emphasises critical data points and market trends, such as periods of peak demand or unusual pricing patterns, to empower users to make swift and informed decisions with confidence.
Now available to all existing PriceLabs customers at no additional cost, AI Insights reflects the company’s’ commitment to delivering valuable, accessible technological innovations. Moreover, all property managers and hosts are being invited to explore the feature through a free 30-day trial, which includes full access to AI Insights.
Looking ahead, and driven by user feedback and advancements in AI, PriceLabs plans to expand the application of the technology throughout its platform, in order to enhance its suite of tools to better serve its users.
Established nearly a decade ago, PriceLabs prices more than 350,000 listings every day around the world. In September, the company unveiled its “significant” breakthrough release, including a hyper local pulse [HLP] algorithm, which delivers hyper-local relevance, improved event and holiday pricing, rapid market adaptability, and more.
Watch / listen back to our webinar in partnership with PriceLabs in February on ‘Mastering hyper-local pricing for hyper-effective results’ at this link.
