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We're in Brussels for the grand launch of the Public Procurement Data Space, finally! Let's see how it looks today, but we expect over time (soon!), it will: ✅ collect all available data across the EU for a close-to-complete picture of procurement. If it's gonna work, it will have to give a better than ever health check of how European procurement performs, especially for competitiveness, sustainability, social inclusion, and delivery for citizens, ✅ publish its data as open, structured, complete dataset in real time to penetrate reuse. After all, no single actor is capable and smart enough to achieve full potential of data use; you gotta outsource intelligence from others! ✅ become a platform for govs, CSOs, academics, and companies to collaboratively push European procurement to a better place. The way the PPDS is set-up, non-collaboration between the EC-govs will kill it instantly; an absolute priority to keep govs on board! ✅ elevate our procurement data infrastructure for AI and other new technologies use on the EU level. The procurement data across the EU is nowhere near meaningfully harmonised. Having a single data gravity point should only help us learn about how to do it in the future. We think the next logical step is to include public procurement in the list of High-Value Dataset under the Open Data Directive with PPDS as a key usecase. No easy goals- we get it- but we trust Marc Christopher Schmidt, Daniel Arosa Otero and others will kick it off on the right foot, we stay ready to help. Rock the launch and thanks for having us!
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🌟 In the fast-paced world of Consumer Packaged Goods, staying ahead of the curve is essential for any brand. 🚀 Synthetic data-driven technology can give your brand the competitive edge it needs to succeed in a rapidly growing industry. 5️⃣ Discover five key reasons why investing in synthetic data can transform your business and drive innovation in our latest blog post. ⬇ Read the full blog here!
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💡 Just Published 💡 Discussion Paper No 412 Human-Machine Interactions in Pricing: Evidence from Two Large-Scale Field Experiments Tobias Huelden, Vitalijs Jascisens, Lars Roemheld & Tobias Werner 👉 https://lnkd.in/eQeh3kdN Abstract While many companies use #algorithms to optimize their #pricing, additional human oversight and price interventions are widespread. Human intervention can correct algorithmic flaws and introduce private information into the #pricing process, but it may also be based on less sophisticated pricing strategies or suffer from behavioral biases. Using fine-grained data from one of Europe’s largest e-commerce companies, this paper examines the impact of human intervention on the company’s commercial performance in two field experiments with around 700,000 products. The authors show that sizeable heterogeneity exists and present evidence of interventions that harmed commercial performance and interventions that improved firm outcomes. They show that the quality of human interventions can be predicted with algorithmic tools, which allows us to exploit expert knowledge while blocking inefficient interventions.
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Paper released on how humans and algorithms interact regarding pricing decisions 🎉🎉 Congrats to my awesome colleagues Lars Roemheld, Tobias H.; Vitalijs Jascisens and Tobias Werner 💪 This is insightful for both pricing practitioners and academics thinking about the intersection of human and algorithmic decision-making. 💡 Short summary below (courtesy of Tobias Werner ) Human-machine interaction pricing is prevalent in many firms, including Zalando, where about 7% of observed prices in the time period studied were chosen by humans instead of pricing algorithms. By default, all products are priced by algorithms, but humans can override these decisions. There's a trade-off when humans can override pricing algorithms: humans often rely on less sophisticated strategies like uniform pricing across markets. However, humans are domain experts and may insert this knowledge into the pricing process. In two large scale field experiments; they find that: 1. Human interventions often lead to a decrease in profit for the firm, highlighting that lack of sophistication might be worse than domain knowledge. 2. Focusing on the upper part of the profit margin difference ranking, human interventions actually increase profits. This suggests that human interventions can be both detrimental and beneficial. It's crucial that there are appropriate guardrails to prevent overriding algorithms where it's not beneficial. Using the predicted profit margin difference can help identify valuable human interventions. We're looking forward to hearing your feedback on this early-stage research.
💡 Just Published 💡 Discussion Paper No 412 Human-Machine Interactions in Pricing: Evidence from Two Large-Scale Field Experiments Tobias Huelden, Vitalijs Jascisens, Lars Roemheld & Tobias Werner 👉 https://lnkd.in/eQeh3kdN Abstract While many companies use #algorithms to optimize their #pricing, additional human oversight and price interventions are widespread. Human intervention can correct algorithmic flaws and introduce private information into the #pricing process, but it may also be based on less sophisticated pricing strategies or suffer from behavioral biases. Using fine-grained data from one of Europe’s largest e-commerce companies, this paper examines the impact of human intervention on the company’s commercial performance in two field experiments with around 700,000 products. The authors show that sizeable heterogeneity exists and present evidence of interventions that harmed commercial performance and interventions that improved firm outcomes. They show that the quality of human interventions can be predicted with algorithmic tools, which allows us to exploit expert knowledge while blocking inefficient interventions.
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Analytics and AI are revolutionizing procurement, but many CPOs feel unprepared for this data-driven shift. Discover how better data can transform your business sourcing strategies, supplier management and potentially unlock up to 200% more value creation initiatives across your sourcing life cycle. ➡️ https://mck.co/3W6qzH2
rev. procurement.mp4
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Your business data is important, but so is your organization's bottom line. How does the cost of data storage impact that data's business value? Watch this video for a three-pronged strategy that shows you how to save costs while meeting data performance needs sustainably.
How Can Storage Be More Sustainable?
knuckolls.lll-ll.com
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Founder & CEO Trent Port Services and TrentGO | Providing choice Port Services and Solutions Powered by Operational Excellence | Offering a global e-Marketplace for ports | Qualified Pilot & Retired Superbike Racer
Can harnessing data transform port operations to new heights? In short - “yes, I think it can!” …but let’s elaborate: Staying ahead in today’s port industry requires innovative solutions across the spectrum. At Trent, we are at the forefront with our TrentGO - Simplifying Global Procurement e-Marketplace, designed to harness data for smarter procurement and port operations. Our system offers the most ‘data rich’ parts cataloguing experience available today, with unparalleled levels of visibility and transparency, as well as tailored reporting and performance dashboards. All providing insights for a faster and more accurate process allowing ‘informed decision-making from a position of knowledge’! Taking it one step further, and allowing integration with your port's business systems, can further increase speed, visibility and efficiency - and reveal more opportunities around your approach to a more holistic negotiation powerbase. The future of procurement involves not only embracing the digital transformation of current status quos, but also having a partner alongside you, who has both lived and breathed the inside of port terminal and spare parts world. Mastering above will then open the door to a whole new world of possibilities using more advanced technologies and generative Ai that can take your port to the next level of procurement, including that of your strategic port equipment and more. Experience the future of port procurement with TrentGO - Simplifying Global Procurement now. Let us assist you in navigating those challenges and complexities, by truly ‘simplifying global procurement’! Get in touch with me or the TrentGo team today or take a look at the link below to find out more: https://lnkd.in/d7tuKeD8
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Unlocking the Secrets of 'The Last Mile' in Supply Chain - Discover the challenges and innovative tech solutions in our latest blog post! Are you ready to revolutionize your business? Visit https://hubs.ly/Q02pVBKP0 to learn more. #SupplyChain #LastMile #TechSolutions#9: One Last Push! https://hubs.ly/Q02pVKZm0
TetriXX PTE.LTD.
tetrixx.io
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Your business data is important, but so is your organization's bottom line. How does the cost of data storage impact that data's business value? Watch this video for a three-pronged strategy that shows you how to save costs while meeting data performance needs sustainably. #IBMFlashSystem
How Can Storage Be More Sustainable?
markbraggcac2897.lll-ll.com
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A great article from Richard highlighting the focus we should have in creating technology that truly solves problems and benefits us both in a business and consumer environment. My only addition to this would be the need for new and transparent costing models particularly in the consumer value of data. https://lnkd.in/eGm-ivyr
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