Logik.io’s AI Assistant, Cosmo AI is a first of its kind intelligent assistant who helps with the most complex tasks CPQ and Commerce administrators and end-users experience.
How Can AI Be Used In Product Configuration?
In the ever-evolving world of B2B sales and complex commerce, product configuration software plays an integral role in shaping the buying and selling experience. Providing customers with the right blend of product customization, relevant product recommendations, and a seamless buying journey combine to become a hallmark of modern transaction management, powered by intelligent product configuration.
What exactly is product configuration? And does it make sense to use AI in product configuration?
Simply defined, product configuration is the process of setting, defining, or creating customizable options for a product that a seller or end-customer can select from to satisfy buyer requirements. As business and products grow more complex, so too do the product configuration requirements in order to properly configure, price, and quote products for buyers.
Enter artificial intelligence. AI is one of the most promising avenues for driving new levels of efficiency in complex product configuration, assisting in numerous critical steps of the process.
What are the roles and benefits of AI in product configuration?
AI is poised to impact product configuration in industries across the board, from manufacturing and services to software and technology.
A major benefit of using AI for product configuration lies in its ability to be constantly adaptive, learning from a variety of data sources to streamline processes, uncover trends and patterns, and decode customer behavior and preferences.
Analyzing vast volumes of data in instants, an AI-powered product configurator can pinpoint and surface useful insights at lightning speed, enabling sellers, buyers, and operations professionals to make intelligent choices when it comes to personalizing product offerings and optimizing the transaction experience.
AI is starting to revolutionize complex commerce and omnichannel sales with intelligent product configurators that have a significant edge over traditional configurators.
This means that in addition to enhancing the customer experience, AI-powered product configurators can also work behind the scenes to optimize admin and end-user experiences, integrating with systems like CPQ (configure, price, quote), ERP (enterprise resource planning), and Commerce. This increases the efficiency of the overall sales process by automating time-consuming tasks, reducing the likelihood of errors, and improving sales performance.
With AI's advanced capabilities, businesses can gain a competitive edge in the market by leveraging real-time analysis and predictive analytics to drive intelligent recommendations and dynamic pricing models on CPQ, Commerce, and ERP systems. These capabilities empower businesses to stay ahead of the curve by providing customers with personalized and optimized product configurations that meet their needs while also streamlining and automating the sales process.
How will AI evolve in the product configuration space?
As AI technology continues to evolve, we can expect that product configurators will become even more sophisticated and powerful, offering businesses greater opportunities to optimize their sales operations and better serve their customers.
To demonstrate with an example, Logik.io's Cosmo AI brings artificial intelligence to product configuration through Logik’s Commerce Logic Engine. Logik.io’s AI-driven solution enables intelligent guided product discovery and recommendations to reduce sales complexity and ultimately enhance the transaction experience. With the mission to make selling simpler and buying better, Logik.io uses AI to bridge critical technology gaps in CPQ, ERP, and Commerce.
What’s next for AI in product configuration?
When it comes to enhancing advanced product configuration, AI is not only the next logical step, but it represents a quantum leap forward. An AI-powered product configurator can offer a new level of precision, efficiency, and smart decision-making that far outpaces what traditional tools can provide.
With AI in the driver's seat of product configuration, businesses can unlock new efficiencies and enhance revenue functions while delivering a customer experience that’s designed for the future.
Learn more about how AI works in product configuration with our guided demo. Explore Cosmo FunctionAssist now!
