Automatic real-time price generation is considered to be one of the top retail issues at the current time. Whereas product prices were calculated and optimised manually even a short time ago, retailers are increasingly using dynamic product pricing with the aid of real-time analyses. With these innovative solutions it is not only possible to optimise individual prices but also to control the profit-oriented sale of product bundles or the rapid sell off of perishable goods.
The world’s largest data mining competition has been launched today and it deals in particular with the issue of pricing. The international teams will face the challenge of two tasks relating to dynamic pricing. The classic data mining task is for participants to develop a model using stipulated data that predicts the sales figures of a product as accurately as possible.
The second task is to implement an agent that implements pricing for an online shop. The agents – and therefore the participants’ individual shops – will compete against each other in a multiple agent system simulation. The aim here is to maximise one’s own profit.
The students have available a total of six weeks to solve one or both of the tasks. The two tasks will be assessed independently of each other.
To date 49 teams from 36 educational establishments and 15 countries have already registered their participation. Participants can register up at http://www.data-mining-cup.de/en/dmc-competition/registration to the deadline for submitting the results, i.e. May 15, 2012.
The best teams will get attractive financial and other prizes.
prudsys will publish who are some of the best up-and-coming data miners during its 2012 User Days. This two-day event, which this year takes place in Berlin for the first time from 26 to 27 June 2012, has been providing information about news, trends and technological developments relating to data mining as well as innovative business cases for retail today and tomorrow for 13 years.
Here is the timeline for the DATA MINING CUP 2012 at a glance:
DMC competition starts with the publication of the tasks: April 3, 2012
Submission deadline for the results: May 15, 2012
prudsys User Days including prize-giving: June 26-27, 2012, NH Hotel Berlin
For more information on the DATA MINING CUP 2012 refer to:
prudsys AG is a technology leader in the field of intelligent data analytics, focussing in particular on the development and integration of high-quality realtime analytics methods. The prudsys RDE (prudsys Realtime Decisioning Engine) is a leading solution for realtime analytics, forecasts and intelligent recommendations. Its modular design allows for the combination of individual solutions to build a customer-specific and multi-channel capable overall solution. For small to medium sized online shops, prudsys AG offers selected functions also as “Software as a Service” under IREUS.net. The solutions of the Chemnitz-based company are in use all around the world. In Germany alone, about half of the top 20 mail order businesses including OTTO, Heine, Conrad Electronics, bonprix and Baur as well as many of the mail order companies in the top 100 like 3 Pagen/3 Suisse, buch.de and Mexx (Source: “Versandhausberater” trust prudsys. prudsys AG is the holder of numerous German and international patents. On top of that, prudsys AG is also the organiser of the world’s largest data mining competition.
For more detailed information go to: www.prudsys.com
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