Ritain.io recognized for the use of Data Science technology in its zenPrice solution

With the increasing availability of data, the implementation of Data Science technologies has become a key factor of innovation and competitive advantage for companies in all sectors. By leveraging Data Science techniques such as Machine Learning, companies are able to streamline their operations, improve their consumers' experiences, and develop new products and services that meet growing market demands.

Recognizing the relevance of data and with the aim of promoting the digital transition of SMEs, raising awareness and empowering them with knowledge, information and tools, DSPA (Data Science Portuguese Association) launched the contest "DSPA PME Digital Awards 2022”. Co-funded by COMPETE 2020, this project's main objective was to publicly recognize entities that, due to their innovative attitude and activity, constitute examples of value creation based on the use of data. In addition, through this initiative, DSPA intended to encourage Portuguese SMEs to present creative solutions and approaches for the application of Data Science, as well as to give visibility to projects, products and services that are characterized by merit and excellence in their segment, contributing to its digital transformation.

In the 2022 edition, the competition had awards for two categories: a) Prototype Award – designed to award new products or services developed and launched by Portuguese SMEs, using Data Science, which are in the market's maturation phase. b) Implementation Award – aimed at rewarding Portuguese SMEs that have integrated Data Science solutions into their processes, services or products, with a view to accelerating the digital transition or solving internal challenges for the entity.

Among the various defined evaluation criteria, the following stands out: degree of innovation and differentiation of the solution using Data Science, potential impact of the solution or product on the organization and the market, analysis of the feasibility of its implementation. Among the various companies that applied for the award, Ritain.io (Binary Heroes LDA), a technology company with offices in Porto, was recognized in the Prototype Award category for the development of its SaaS solution called zenPrice, developed specifically for the telecommunications market, sector in which the company has a vast history of success stories.

The zenPrice solution provides the telecommunications market with a decision-making tool that allows it to respond more quickly to changes in the market through powerful metrics and data. Based on product prices practiced by the market, among other factors or internal and external variables, and using Data Science and Artificial Intelligence technologies, the solution is capable of presenting suggestions and recommendations for updating prices and product portfolio and telecommunication services. Thus, the solution allows telecommunication companies to improve and simplify their processes for defining and implementing pricing and portfolio strategies, making them more competitive in terms of price and variety of products and services they offer.

It should also be noted that the AI/ML models used on zenPrice were designed and implemented by Ritain.io in partnership with the Institute of Electronic Engineering and Informatics of Aveiro (IEETA) of the University of Aveiro, whose contribution was decisive for the success of this initiative. This partnership is part of a series of collaborative activities between Ritain.io and different Portuguese educational institutions, with the aim of promoting greater integration between academia and business environment.