Hiero isn’t just a scheduling app, it’s a scientific milestone built on decades of research on a type of artificial intelligence known as combinatorial optimization. Underpinning this type of AI are combinatorial auctions, which enable Hiero's advanced scheduling capabilities. If that sounds like Greek to you, don’t be afraid. In this article, we break down what a combinatorial auction is, how they work, and how they can help you manage your time more efficiently.
Abstract
A combinatorial auction is an auction on multiple items all at the same time: a package of products. Bidders submit bids for certain packages, but with many different packages and prices, the auction process quickly becomes impossible manage without the help of advanced algorithms. Just because your bid wins doesn’t guarantee that you win everything within your package, however. These algorithms find the highest bid for each individual item which generates the most revenue for the service provider!
Hiero uses combinatorial auctions to optimize schedules! The “product” that you’re selling? Time. With Hiero, you’ll set your availability and your clients will pick time slots that work for them throughout the week for a session. They’ll decide how much they’re willing to pay (as long as it is at or above your set price) and our algorithms will fill your schedule up with as many slots as it can, bringing in as many clients as possible during your work hours!
Example
Let’s take a look at a simple example of a combinatorial auction in action using a personal trainer’s schedule from 2pm to 5pm. This personal trainer is willing to work for $50 per 1 hour session and has four clients: George, Rachel, Megan, and Matt. They each put in their availability and bid for a session:
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George
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Rachel
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Megan
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Matt
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2 PM, 3 PM, 4 PM
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3 PM, 5 PM
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4 PM, 5 PM
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3 PM
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$50
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$55
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$60
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$70
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Without optimization, the personal trainer’s schedule could look like the following:
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George, 2 PM
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Rachel, 3 PM
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Megan, 4 PM
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Empty, 5 PM
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$50
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$55
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$60
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$0
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Our algorithms are given a certain ruleset:
- Fit as many clients into the schedule
- Make the most money out of the session
- Only one spot per client
- Only one client per spot
The result comes out as:
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George, 2 PM
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Matt, 3 PM
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Megan, 4 PM
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Rachel, 5 PM
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$50
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$70
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$60
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$55
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This allows the trainer to serve an additional client given in the same amount of time, and earn more income as well!
This is only a four hour block, but it gets impossibly complex to schedule your entire week! Fortunately, Hiero does all of this for you, and more at the mere press of a button! Download Hiero today and completely revamp your personal training business with the power of AI!
