IN CONVERSATION WITH ..
Alan Timothy, CEO of Bubo.AI
Tell us about the services Bubo.AI provides?
Bubo.AI uses the power of artificial intelligence (AI) to get prices right. Far too many companies make pricing strategy mistakes. Salespeople and branch managers can give too many discounts, thinking that’s the only way to retain customers or win new ones, instead of making the most of every opportunity.
Our machine learning algorithm finds the maximum a customer is willing to pay for a product to ensure companies maintain demand, without leaving money on the table. Our pricing optimisation software also supports sales staff to avoid giving unnecessary discounts.
Wholesalers, retailers, and other B2B companies, in the UK, EU, US, Asia Pacific and Latin America rely on Bubo.AI’s award-winning SaaS-based technology and expertise to determine the optimal price point for every individual transaction.
Bubo.AI is committed to deliver profitable growth and typically achieves a 3% increase in net margin for its customers. companies that take this approach will have stronger margins, higher profits, and be in a healthier position when the economy fully recovers.
When and why did you found Bubo.AI?
I have founded, grown and sold several companies throughout my career. Most were centred around data, and how it can be used in ways to make clients more profitable.
Founding Bubo.AI started when I was working with Polish data analyst Marcin Lisowski, alongside academic partners, creating a pricing system for a global autoparts wholesaler in 2019. Because we couldn’t find a solution on the market, we built one, with support of a team of data scientists and academics at Northumbria University.
As a result, the AI-powered solution increased profits for the global autoparts wholesaler by almost £2 million in just six months.
Clearly this is a solution with global implications, especially when 85% of business leaders know pricing strategies could be improved, but only 5% take any kind of strategic approach to pricing. Bubo.AI was born from that realisation and the positive impact the AI technology made to tackle this problem.
What sort of companies can you help with this AI-powered customer value-based pricing?
From day one, we’ve worked with companies around the world, and locally of course. We’re working with and talking to clients across the UK, Europe (with a focus on the DACH and Nordic regions), the US, Asia Pacific and Latin America.
Our AI-powered solutions and services are most effective when it comes to wholesalers, distributors, retailers, and other B2B companies. In particular, we tend to work with companies in the automotive, construction, food and chemical and other sectors where wholesalers play a key role in the supply chain.
What’s your proudest moment so far?
Everything we’ve achieved so far makes me proud. However, winning awards so early-on is a positive sign we are on the right track.
In November 2020, Bubo.AI won the award for ‘Best Emerging Technology in AI’ in Computing’s AI & Machine Learning Awards 2020. The awards were launched last year to recognise the best companies and innovative new projects in the AI space.
I’m also delighted to say that we achieved ISO 9001 and ISO 27001 certification in record time. We have also been shortlisted for several other awards, such as the Tech Nation Rising Stars 3.0 award, and hope for more success and recognition in 2021 and beyond.
What challenges have you encountered?
No one expected Coronavirus, a global pandemic and the worst recession in centuries. You would think this would make it a terrible time to launch a company, secure investment, recruit staff and start growing. Though careful management, drive and determination, we’ve managed to do all three.
None of that would have been possible without the support of those within the Bubo.AI network, from investors to academics, advisors, commercial partners, suppliers, and everyone who’s played a role in the growth of the company throughout 2020, and into 2021.
What are your plans for 2021 and beyond?
Our plans are to keep growing in 2021, while supporting even more customers around the world. At present, sales and marketing activities, whether directly or with partners, are bringing more customers from the UK, Europe, US, Asia Pacific, and Latin America.