The sales algorithm
Artificial Intelligence applied to management: an algorithm revolutionizes the sales world. A team of data scientists brings together demand and supply thanks to a reality born between Italy and Great Britain.
Italy, October 14th, 2017
Reteconomy Sky 512
Journalist (Pietro Capella): "Fabrizio Fantini is the CEO of Evo Pricing and here in London tells us how his startup was born in 2013 from a university thesis."
Fabrizio: "In 2013, I picked up the arguments of my doctoral thesis which essentially proved the use of intelligent algorithms could help a company to make better predictions and then make better decisions to get more profits.
Since then we have developed two offices, in London and Turin, we have established international academic collaborations, while initially we were a spin-off from the University of Turin. Today we work with universities in France, Spain, England and the United States so we can say that we have become truly global. Our team has grown to 22 people and our customers today are from all over the world, so we are still young, but we have matured.
Data is one of the least understood realities of the present world because there are a lot of myths and there are many exaggerations about this. Data is a gold mine, as it is said, but it is not so much the data itself as the ability to transform that data and make it useful for decisions.
What we do I always compare, not to a crystal ball, but to a satellite navigator for managers: complicated inside but easy to use. The difference between a traditional manager and a modern manager is a bit like the music that has passed from analog to digital. Data has changed the way music is used and made it much more efficient, but music has not changed."
Journalist: "There is a strong link with the academic world, an alliance between universities and the world of work that is a strategic bridge for a constantly evolving industry."
Fabrizio: "For us the university has three roles: the first is giving us access to young talents, people who want to work, that are brilliant, better trained than abroad; the second is as a research center and therefore gives us what is called "fat leadership" in English, that is, an excellence of thought that is greater than academic excellence, it means to be leader in thinking; and the third is an independent point of view for our clients to have access to training opportunities that don’t come from the company which is trying to sell something to them and the university provides us a service in all these three areas. This allows us to be a little less a startup and a bit more valid even under a credibility profile."
Journalist (Eugenio Facci): "Brexit and uncertainty - we have seen the impact this exit from Europe has had on this sector."
Fabrizio: "We live two aspects of London: we live both as citizens, personally and at company level, and we live it because it is a market for the companies we serve. As a citizen, after the Brexit decision we have clearly seen a drop in rental prices above all, both commercial and private, due to the uncertainty phase where many jobs are moving abroad.
As a reference market for our customers, in London we can see a major inflation recovery this year, so we have a rise in consumer prices that isn’t parallel or has not yet been reached by the increase in income. So, in fact, the purchasing power of families is coming down and future situations will probably not be as rosy as those of recent years. This summer, in particular, we've measured almost a doubling of price sensitivity of customers in some typically not very sensitive categories, so we’ve been able to start seeing fatigue signs."
Journalist: "An industry, that of Big Data, increasingly expanding, and not just in Britain. Italy could take advantage of saturation of other markets such as the British and American ones."
Fabrizio: "Mainly we hire Data Scientists, which is a very sexy, glamorous job at this time, with great research involved. Certainly, in Italy there are great opportunities, it is a sector with great employment and we have observed with interest that it is an area where women perform better than men, so we have a reverse gender equality issue. But, certainly in the next 10 years, it will be an industry that is worth investing in for young people because there are opportunities for both work and professional growth in interesting things related to studies."