Allocating resources in pricing – which capabilities are worth fostering in the face of AI?

Abstract

The field of pricing holds high potential for professionalization since it comprises a multitude of decisions based on sparse information sets, data-driven tasks and an ever more dynamic and fast-moving market environment. Therefore, advances in artificial intelligence (AI) will influence and maybe even disrupt pricing managers’ roles within the pricing process. Using a Delphi study design, we aimed to take a look at future tasks and profiles of pricing managers. The results allowed us to extend existing models of pricing capabilities and classify which skills and know-how pricing managers should nurture and which ones may be left to artificial intelligence. Furthermore, we were able to derive implications for curricula as well as talent selection.