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Early adopters used first-generation systems to analyze ever-growing volumes of sales data and bring science to the art of retail pricing. But now, next generation price optimization solutions are revolutionizing retail operations management. Derived from advanced mathematics, statistics, and econometrics, these easy to use, new-era solutions are bringing the promises of the first-generation price optimization systems to fruition. This paper highlights the key differences between first-generation and next generation solutions, and explores how and why the new-era solutions represent a revolution in retail price optimization.