prudsys, which provides dynamic price optimization for retailers, received the second-place prize from the Netzwerk Südwestsachsen Digital e.V.’s SWS Digital Innovation Awards 2020. With the help of the AI-powered solution, retailers can control the sale of seasonal goods in a targeted manner.
Netzwerk Südwestsachsen Digital e.V. (SWS Digital) supports companies in successfully shaping digital innovation. Once a year, SWS Digital honors innovative products from the South West Saxony region that illustrate a clear benefit and market success.
prudsys AG achieved second place for its ability to predict the realistic sell-off date for seasonal or fresh goods and recommend an optimal price accordingly. Changing thousands of prices in a timely manner is a daunting task, particularly when incorporating current demand, competition, costs, product relationships, price sensitivity and other influencing factors. In partnership with GK Software, prudsys’ artificial intelligence solution for retail (AIR) platform leverages dynamic pricing to determine the market-driven price for each product at all times. This offers great advantages, especially when selling fresh and seasonal items: retailers actively control the sale of the items towards a certain target date, ensuring zero leftover inventory and preventing unsold goods such as food from ending up in the trash. At the same time, the AI solution calculates the prices to help retailers achieve their target margins.
“Innovation is a critical engine for corporate success, so we are thrilled to receive an SWS Innovation Award,” said Jens Scholz, board member prudsys AG and member of the GK Software Group. “We have been working on smart retail solutions for over 20 years and are firmly connected to our local region. We benefit greatly from Chemnitz as an educational location, and many of our employees studied locally at the University of Technology. The award is a recognition of their hard work and ultimate success.”
Places one to three of the SWS Innovation Award 2020 were awarded to companies from Chemnitz. The jury selected the winners from fifteen nominated applicants from the South West Saxony region. First place went to the startup in.hub, which uses a data-based solution to reduce disruptive particle inclusions in paintwork. Third place was awarded to 3dvisionlab, which creates innovative industrial 3D cameras for the digitization of manufacturing and logistics processes.