Grant: CCI Applied Research and Development Grants
Lambton College of Applied Arts and Technology
$90,000.00
Enhancing User Experience: Development of an Innovative Data-Driven Pricing Model.
FY 2024-25
Summary
Pricing models in construction are evolving to meet real-time demand changes, job queue status, and other dynamic factors. Traditionally static strategies are being replaced with more agile approaches to respond promptly to industry shifts. Technology plays a key role in this evolution, improving accuracy and adaptability. However, challenges remain, particularly in pricing accuracy, impacting sales staff, managers, and engineers. Pliteq, based in Toronto, Ontario, specializes in high-performance acoustic solutions, reducing noise and vibration in various construction and industrial settings. Committed to environmental sustainability, the company reuses rubber waste from landfills in their near-zero waste facility.
Pliteq is seeking Lambton College’ Information Technology Communication Research Centre's expertise and resources to develop a data-driven dynamic pricing model that will lower or maximize the price of their products and services, enhancing precision and accuracy. This internally utilized viable product will operate as an Artificial Intelligence (AI) model, considering various factors and leveraging historical data to inform their business decisions more effectively and will be achieved through Data Collection and Integration, Data Analysis and Artificial Intelligence (AI) insights, Predictive Modeling and Optimization, Implementation and Testing, and Deployment and Training.
The success of the proposed project will empower Pliteq to implement a strategic pricing strategy, maintaining inventory consistency and fostering growth opportunities. Anticipated benefits include increased sales revenue by $5 million, a 25% rise in new sales hires, and a $2 million reduction in inventory costs, enhancing global competitiveness and attracting partnerships. Integrating local construction market data in Canada will ensure model accuracy, driving environmental impact, economic growth, and job creation. Moreover, it will enhance sales team efficiency, contributing to the Canadian economy's prosperity and inspiring other industries to adopt similar practices, fostering innovation and supply chain efficiency.
Program
CCI Applied Research and Development Grants
Location
Ontario, Canada
Recipient Type
Academia
Type
Grant
Source
NSERC's Awards Data
As published
Application id
CCARD-2023-00722
Name nom
Sheikhzadeh, Mehdi
Department département
Applied Research and Innovation - Lambton College (Lambton College of Applied Arts and Technology)
Organization id
26621
Institution établissement
Lambton College of Applied Arts and Technology
Province en
Ontario
Province fr
Ontario
Country en
CANADA
Country fr
CANADA
Fiscal year exercice financier
2024
Competition year année de concours
2023
Award amount
90000
Program id
CCARD
Program name en
CCI Applied Research and Development Grants
Program name fr
ICC Subventions de recherche et développement appliquée
Group en
RESEARCH PARTNERSHIPS
Group fr
PARTENARIATS DE RECHERCHE
Committee code
nan
Area of application code
9999
Area of application group en
Not available
Area of application group fr
Non disponible
Area of application en
Not available
Area of application fr
Non disponible
Research subject code
9999
Research subject group en
Not available
Research subject group fr
Non disponible
Research subject en
Not available
Research subject fr
Non disponible
Field of research list codes
RDF1020104
Field of research list names en
Machine learning
Field of research list names fr
Apprentissage machine
Socioeconomic objective list codes
RDS10610
Socioeconomic objective list names en
Information systems, technologies and services
Socioeconomic objective list names fr
Systèmes, technologies et services d'information
Application title
Enhancing User Experience: Development of an Innovative Data-Driven Pricing Model.
Keywords
Artificial Intelligence (AI); Data-driven Dynamic Pricing Model; Data Collection and Preprocessing; Effective Business Decision-Making; Information Technology; Market Basket Analysis; Model Development; Optimization; Simulation Testing; User-Friendly Interface
Application summary
Pricing models in construction are evolving to meet real-time demand changes, job queue status, and other dynamic factors. Traditionally static strategies are being replaced with more agile approaches to respond promptly to industry shifts. Technology plays a key role in this evolution, improving accuracy and adaptability. However, challenges remain, particularly in pricing accuracy, impacting sales staff, managers, and engineers. Pliteq, based in Toronto, Ontario, specializes in high-performance acoustic solutions, reducing noise and vibration in various construction and industrial settings. Committed to environmental sustainability, the company reuses rubber waste from landfills in their near-zero waste facility.
Pliteq is seeking Lambton College’ Information Technology Communication Research Centre's expertise and resources to develop a data-driven dynamic pricing model that will lower or maximize the price of their products and services, enhancing precision and accuracy. This internally utilized viable product will operate as an Artificial Intelligence (AI) model, considering various factors and leveraging historical data to inform their business decisions more effectively and will be achieved through Data Collection and Integration, Data Analysis and Artificial Intelligence (AI) insights, Predictive Modeling and Optimization, Implementation and Testing, and Deployment and Training.
The success of the proposed project will empower Pliteq to implement a strategic pricing strategy, maintaining inventory consistency and fostering growth opportunities. Anticipated benefits include increased sales revenue by $5 million, a 25% rise in new sales hires, and a $2 million reduction in inventory costs, enhancing global competitiveness and attracting partnerships. Integrating local construction market data in Canada will ensure model accuracy, driving environmental impact, economic growth, and job creation. Moreover, it will enhance sales team efficiency, contributing to the Canadian economy's prosperity and inspiring other industries to adopt similar practices, fostering innovation and supply chain efficiency.
