The software company Imaginnovate launched a new artificial intelligence tool September 6, aimed at automating the pricing of transportation and the logistics industry, dubbed the Dynamic Pricing Engine.

Imaginnovate claims the feature can determine a price range for logistics services based on numerous variables including types of transportation, equipment, demand and competition. The price range can later be used as a point of reference during contract negotiations.

"The logistics industry faces numerous pressures such as volatile fuel prices, fluctuating demand and increased competition. These factors make it challenging for companies to accurately determine optimal pricing strategies, and that's where a dynamic pricing engine becomes useful,” said Imaginnovate CEO Krishna Vattipalli. “The Dynamic Pricing Engine allows companies to define a pricing rule set with configurations, such as external rate sources, peak days, exceptions, accessorials and many more, that align with their business objectives. It enables them to set competitive and profitable prices that maximize revenue without sacrificing customer satisfaction."