AI Insights
Artificial Intelligence is taking the world by storm. Let Vendavo’s AI Insights hub be your lighthouse. These resources illuminate the way forward with expert insights, thought leadership, and use cases on the transformative power of AI in business. From illustrating the art of what’s possible, to breaking down ethics and regulatory compliance concerns, we’ll help you navigate the treacherous waters of AI with clarity and confidence.
Vendavo’s Approach to AI
We believe in a future where responsible innovation is at the intersection of AI and human collaboration. At Vendavo, we are committed to the security and privacy of data, as well as the safe and ethical uses of AI in all that we do. Our philosophy centers on a hybrid approach, where humans and machines work together to achieve the best possible outcomes. By empowering our customers to use AI as a copilot to sell and price their products, and better serve their customers, we enable them to make data-driven decisions that support their own, human expertise. We believe that this approach, with responsible innovation as its guiding principle, will lead to a brighter, more successful future for all.
How Our Experts See It
I feel strongly that AI is a tool that can help complement human thinking. AI is really useful and efficient at synthesizing sources of data, knowledge and opinion. Business strategy and pricing, much like the world, is not black and white and we need to be cautious about accepting the output of AI without human thought. If the problem is rules-based automation (grammar, summarizing, coding!), AI has tremendous value in bringing facts/data forward for use, but I’m skeptical that AI should replace thought altogether. The best outcome is that man and machine a combine for efficient and thoughtful execution toward what you are looking to achieve. Ultimately that will create competitive advantage over those who outsource to AI altogether.
The technology is here to stay! AI and chatbots are already heavily used for different tasks, especially tasks which are repetitive. I think we will see more investment into AI driven assistants, as companies try to create better operating models, lower cost, and free up human resources to deal with more custom problems, which can also be eventually automated via AI. I remember in University I did a course called, ‘The Social Implications of a Computerized Society’. While this was in the early 2000s, what I found fascinating was while Technology can move rapidly, the bigger question was always if society will move as fast! I think the latter will be the biggest factor on how fast AI and chatbots grow in the future.
Our Commitment to Responsible Innovation
At Vendavo, we have established an AI steering group comprised of data scientists, product managers, software engineers, lawyers, marketers, sellers, and business consultants. The mission of this group is to continuously explore and promote innovative uses of the latest AI technologies, including but not limited to ChatGPT and other generative AI. We firmly believe in responsible innovation and are committed to leveraging AI in a way that prioritizes safety, security, privacy, and ethical use. Our CTO, David Edwards, has emphasized the importance of taking a leading position in this emerging field, which is why we have invested heavily in our AI steering group. We are excited to explore how these emerging technologies can fundamentally change our products and business, all while ensuring that we remain at the forefront of responsible AI innovation.
AI Expertise and Thought Leadership
What is AI?
Artificial intelligence (AI) refers to the ability of machines to perform tasks that typically require human-like intelligence, including visual perception, speech recognition, decision-making, and natural language processing. AI systems use algorithms and mathematical models to analyze data, learn from patterns, and make predictions or decisions.
Rule-based systems, machine learning, and deep learning are different types of AI. Rule-based systems follow predefined rules to make decisions, while machine learning algorithms learn from data to improve their performance over time. Deep learning, a subset of machine learning, uses neural networks that mimic the structure and function of the human brain. Click here for more information on how AI works, its benefits, and its challenges.
What is an AI-powered price solution?
An AI price solution using machine learning automatically learns from accessing and analyzing data sources – like historical transactional data – and quickly optimizes pricing recommendations without needing to be reprogrammed.
What is Vendavo’s approach to AI?
What we have found to be the most effective approach is to leverage data science techniques and models that are understandable by business stakeholders, and that are combined with human intelligence. Some refer to this approach as a “centaur”, “cyborg” or “copilot” approach. This combination of machine intelligence and human intelligence has proven to be the most effective way to leverage advanced data science in many cases, especially in B2B enterprises.
What do Vendavo AI solutions deliver?
Vendavo solutions incorporate fully embedded AI for leading-edge performance. For instance: Vendavo’s Deal Price Optimizer lets you calculate optimized pricing guidance thanks to a patented Power & Risk™ algorithm that uses your historical transactional data. The result? You quickly present customers with optimized prices that maximize margin and minimize the risk of losing them during negotiations. Our Deal Price Guidance solution delivers deal-specific pricing guidance directly to your CRM and quotation workflow, while continuously optimizing deal win rates, enterprise profitability targets, and the overall customer experience. Learn more about Vendavo products here.
Is Vendavo a machine learning platform or Cloud AI Developer Service?
No, Vendavo is not a machine learning platform or CAIDS where users build their own models and applications. Vendavo builds and operates purpose-built SaaS solutions for manufacturing and distribution industries, that enable advanced analytical insights, price management & optimization, digital commerce & sales processes, and rebate & channel incentive management. While our SaaS products have data science embedded within them, users are still able to supervise, fine-tune, and control these models by changing the algorithmic parameters (available in the GUI).
How does Vendavo work with customers to drive AI innovation
We frequently work with our customers to collaborate on enhancements, new capabilities, and even new products through our Vendavo Solutions User Group (VSUG) and our Vendavo Lighthouse Customer Program. Most of our enhancements and innovations over the years have been driven by our customers.