What Independent Software Vendors (ISVs) Do & How They Can Help You
What Independent Software Vendors (ISVs) Do & How They Can Help You Your company’s pricing software vendor has built you a range of great functionalities that you need to address your specific business issues. But despite how awesome they are, you may have realized that your pricing vendor cannot keep up with the ever-changing technological landscape and how it relates to your business? It is a widespread challenge that has led to a surge in demand for technology-based partnerships with independent software vendors (ISVs), which extend their partners’ pricing platform capabilities by integrating functionalities/features of their own software. ISV partnerships...
Fixed Fee vs Time & Materials Scoping Workshop – Pros & Cons
Fixed Fee vs Time & Materials Scoping Workshop – Pros & Cons When you decide to bring your pricing software idea to life for your organization, questions are bound to appear everywhere. Usually, top of mind is; ‘What is the best approach to cover all the aspects of the pricing software planning and preparation for the project?” And the answer will almost certainly be having a scoping workshop to get your ducks in a row. But there’s more to it than that; what will be the best type of scoping workshop to answer your company’s unique pricing challenges and points?...
5 Ways to Manage Inflation for CEOs and CFOs
5 Ways to Manage Inflation for CEOs and CFOs Inflation concerns are skyrocketing, and the prospect of a recession sooner rather than later looms large on the horizon for many businesses and the CEOs and CFOs. Labor shortages abound, COVID-19 turned out to be more of a marathon than a sprint and right off the back of that, regional conflicts and global unrest are causing unprecedented price rises. How are CFOs and CEOs planning to address the situation and look to not only survive, but recognize and seize the opportunities for prosperity and growth? In that light, we examine 5...
Ethical Pricing in a Recession: How Pricing Software Helps
Ethical Pricing in a Recession: How Pricing Software Helps The question is on everyone’s lips right now; is it a recession, or isn’t it? One thing is for sure, regardless of whatever you would like to call it, due to rising costs, supply chain breakdown, labor force shortages and a future that seems unpredictable is now the new normal. Companies face risks in every direction they look. Rising production costs pose a risk to your margins. Suppliers are renegotiating terms threatening business cash flows. Increasing prices and out-of-stock items are pushing customer loyalty to its limits, posing top-line growth dangers....
What a Pricing Strategy Partner Does & How Can They Help You
What a Pricing Strategy Partner Does & How Can They Help You Pricing is arguably the important strategic factor to consider in running your business. Your profit and losses are dependent on your pricing strategy. More than growing sales or decreasing expenses, optimizing your pricing by as little as even as 1% can increase your company’s profitability by an enormous amount. ______________________________________________________ Learn More Here How a Small Percentage Can Make a Pricing Difference & Unlock Profit ______________________________________________________ But maybe you don’t have the expertise in your company, or the resources to develop a pricing strategy that will help you...
How to Profit in a Recession: 5 Ways Pricing Software Can Help
How to Profit in a Recession: 5 Ways Pricing Software Can Help We’ve all seen the headlines. Record inflation and fuel prices, an energy crisis driving distribution and delivery costs through the roof and the specter of a looming economic recession hanging over the heads of many businesses. Sure, let’s talk straight out about it – coming out of COVID-19 and the follow-up impacts of the war in Ukraine – the volatility of market forces right now makes doing business a tricky prospect and only the resilient may come out the other side unscathed. However, rather than get swamped by...
How Do Web Scrapers Enhance Pricing Software?
How Do Web Scrapers Enhance Pricing Software? In recent years, there has been rapid expansion in both the tools and services offering data for businesses with web scraping (also referred to as ‘data scraping’ in some circles) to use in formulating their pricing strategies. There has been a dramatic increase in both the number of requests for web scraping services and the diverse ways that data is used in used in the pricing industry. In that technology-rich environment, we thought it is high time we clarified the web scraping process, and that we addressed how web scraping can enhance your...
What Does a System Integrator Do & How Can They Help You?
What Does a System Integrator Do & How Can They Help You? Pricing software is a hot topic for many companies right now and becoming more so with each passing day as tricky and tough to navigate economic conditions bite globally. Companies just like yours are making decisions to switch to automated price optimization and management software in droves right now to help drive business efficiencies and prevent margin loss. Sure, you know your company can benefit too, but your internal IT Team do not have the resources to manage the pricing software implementation and integration tasks and/or they are...
Why SaaS Pricing Software Takes a “Long” Time to Implement
Why SaaS Pricing Software Takes a “Long” Time to Implement Once you’ve decided to use pricing software, it might come as a surprise to learn that pricing software takes weeks to months to implement. You might even think to yourself, “why should I change when the Excel spreadsheets and databases that I use now already work (even if my price increases do take weeks to calculate)?“ We hear your pain. After all, other software like CRMs or ERPs can take a shorter time to implement. Purchasing new pricing software is a time of big investment and commitment. Choose incorrectly, and...
Why Do Pricing Companies Charge Using Revenue Under Management (RUM)?
Why Do Pricing Companies Charge Using Revenue Under Management (RUM)? With the total cost of implementing pricing software starting at around $100 000 many companies are surprised to learn that vendors use a Revenue Under Management (RUM) approach to their subscription prices, meaning that the price of their software will keep going up based on the company’s revenue. At Pricefx, we’ve spent a decade helping hundreds of customers improve their pricing strategies with our price optimization software and we have heard how they feel about the fact that we, like most vendors, charge RUM. In this article, we’ll explore what RUM is,...
4 Reasons Pricing Software Companies Are Not Consultants
4 Reasons Pricing Software Companies Are Not Consultants It’s great news that you are considering pricing software to power your business to new profit heights and increase business efficiencies for your organization. Congratulations! You are on the right path. But there is an important thing you need to know; pricing software will not set your business strategy and nor will pricing software companies set it for you. It’s time we clarified the confusion of what a pricing software provider can do for your business and that is why we decided to clear the muddied waters with this article, ‘4 Reasons...
The 5 Best Ship and Debit Management Software in 2022
The 5 Best Ship and Debit Management Software in 2022 Imagine that you want to try to complete your ship and debit claims management process manually without any level of automation. Is the mental image of manipulating multiple in-coming and out-going claims management spreadsheets already giving you nightmares, when all you want is to have your claims paid and returned to protect your margins ASAP? That is why we have decided to examine the best ship and debate management software (or as it is referred to in some circles including Pricefx, as ‘channel management’ software – the terms are interchangeable)...
4 Ways an Increase in Price Will Benefit You
4 Ways an Increase in Price Will Benefit You Charging less for your products than your competitors do can precisely signal the wrong message to your potential clients. The risk of introducing cheaper prices than your competitors is that your prospects can doubt the value of what you have on offer. Understandably in these inflationary times, it is only natural to assume that lower prices may attract more business, happier clients and offer better value for your customers. But what if your moves to decrease your prices and not charging what your products are truly worth were doing your clients...
The 6 Best Rebate Management Software in 2022
The 6 Best Rebate Management Software in 2022 What business or customer does not love a rebate, promotion, or discount? For sure you do, and your customers do too. But do you always want or need to offer your clients a discount if taste for your products develops, or suddenly, find yourself as the only guys in the country who still have supply of your products? Sure, you want to drop the rebates, discounts and on-going promotions and begin to value-price, but how to choose the best technology for your company’s unique business requirements? That’s why we’ve put together this...
What Is the Best Pricing Software to Start With & Why?
What Is the Best Pricing Software to Start With & Why? Whether you are a B2B sales company, a manufacturing, distribution, or retail business, you need to track your products’ as well as your customer’s profitability and keep a close watch on the pricing. Today’s pricing software market offers a myriad of automated tools which offers these benefits, but you need to pick the right one for your line of work and business, as not all types of pricing software are created equal in terms of their functions and the pricing insights they can facilitate for. That is why we...
The Top 4 Pricefx Functions for Your Food & Beverage Company
The Top 4 Pricefx Functions for Your Food & Beverage Company In present circumstances, if your food and beverage company is forced to implement a cost increase of $1 on your 12-ounce bags of coffee or 2lbs bags of sugar, in reality, how much of that $1 can you expect to pass on in increased costs to customers? Or should it be even more than $1 to preserve your profit? In that relevant light, what tools are your food and beverage company using to manage unpredictable scenarios like this and the myriad of unique pricing challenges currently facing the industry?...
The Top 4 Pricing Functions Pricefx Offers Manufacturers
The Top 4 Pricing Functions Pricefx Offers Manufacturers Manufacturing industries are currently dealing with price increases in everything from steel to produce, wooden pallets and everything in between, and the increasing prices in raw materials have are eating into their margins. Manufacturing companies are also reeling from the impact of work shortages and increased labor expenses. Additionally, supply-chain woes are placing pressure on manufacturers to raise product prices as demand for many goods rebounds with the reopening of the post-CoVID economy. In dealing with it, guesswork, hunches, and spreadsheets were okay once upon a time, but times have changed. What...
The Top 5 Pricefx Features for Your Chemical Company
The Top 5 Pricefx Features for Your Chemical Company With the current rate of change taking place in the marketplace, chemical companies are losing revenue daily because their pricing processes do not have the ability to track fluctuating commodity prices or identify end-product value. Guesswork, hunches, and spreadsheets were okay once upon a time, but times have changed. What used to be your chemical company’s pricing department ‘go-tos’ simply don’t work anymore. Instead of allowing your sales teams to continue to rely on hunches and hearsay without assistance, the time finally feels right to take advantage of the deep and...
The Top 5 Pricing Features Pricefx Offers Distributors
The Top 5 Pricing Features Pricefx Offers Distributors As a distribution business, your company by its nature must confront some unique pricing challenges that organizations involved in other industries do not need to be concerned about. For years, distributors have pursued greater scale to expand margins by a few percentage points and return on sales in mergers. However, as the opportunities for upscaling dry up, raising margins through automated and dynamic pricing has remarkably been a thing that big distributors have shied away from and simply considered ‘too difficult.’ Instead, they have allowed sales teams to continue to rely on...
The Top 6 Retail Industry Pricing Strategy Trends
The Top 6 Retail Industry Pricing Strategy Trends Over the last few years, the rate of change of what we used to refer to as ‘normal’ in the retail industry has taken off in a way that few could have predicted. Just as we thought we were coming out of the enforced bricks-and-mortar store CoVID-19 slow-down and associated drift to online shopping, then, rampant inflation and increasing fuel and distribution costs due to the Ukrainian conflict took hold. From the shifting consumer buying patterns to the increased shipping costs and labor shortages and everything in between, it has become apparent...
Key Metrics for Robust Retail Industry Pricing
Key Metrics for Robust Retail Industry Pricing It is no secret that retail customers value price above most other factors. A recent McKinsey survey found that when it comes to many staples that consumers regularly add to their grocery store trolleys, price ranks well ahead of other considerations such as quality and brand. However, with the ongoing uncertainty of the supply chain, debilitating fuel costs rises increasing delivery costs, many retailers are on the back foot when it comes to managing their prices and the public’s perception of them. In that light, we are going to take a deep dive...
Pricefx Accelerates Growth in 2022 With Record-Breaking Milestones
Pricefx Accelerates Growth in 2022 With Record-Breaking Milestones More than 25 deals closed in the first half of 2022 and 66% growth versus the same period last year New Chief Financial Officer joins to advance Pricefx’s strategic goals and oversee corporate expansion plans July 26 2022 – 9.30am EST MUNICH & CHICAGO–(BUSINESS WIRE)–Pricefx, the global leader in cloud-native pricing software, today announced it continues to accelerate growth across sectors with a new best quarter in company history. With more than 25 deals closed, the company recorded 66% year-over-year annual recurring revenue (ARR) growth in the first half of 2022,...
How to Determine the Value of Pricing Software to Your Company
How to Determine the Value of Pricing Software to Your Company Pricing is an important aspect for every business that sells goods and services. While seemingly very simple, pricing is a process that should be taken seriously and can have a significant impact on businesses, large and small regardless of industry or location. Anyone who is anyone in the world of pricing or works in a pricing department has probably heard of The Power of 1%. If you have not, it refers to a famous 2003 McKinsey study that a 1% overall higher price can result in an operating profit...
The 6 Best Predictive Pricing Analytics Software in 2022
The 6 Best Predictive Pricing Analytics Software in 2022 Although big data and analytics have become common catchphrases in the modern business world, many companies still fail to implement practical pricing uses for the plethora of data they have available at their fingertips. The chances are you have all the sales and transactional, product and customer data you could ever hope for stored in your CRM, ERP, Qlik, Power BI, Tableau or Excel spreadsheets. It’s wonderful to have all that data available, but if you’re not using it to analyze what are most profitable pricing your products, then your optimal...
6 Best CPQ Software for Enterprise Businesses in 2022
6 Best CPQ Software for Enterprise Businesses in 2022 Studies have shown that 50% of sales reps in large enterprise sales organizations are wasting their time on error correction, and other manual tasks such as data entry and writing price quotes. They are heavily relying on spreadsheets and use other outdated tools to create generic or incorrect quotes. If you need to scroll through tens of thousands of lines of data to find the exact product that you’re looking to add to your quote, errors are easy to make and secondly, to continue to replicate. If that sounds like the...
What is PraaS (Pricing as a Service) & How It Benefits You?
What is PraaS (Pricing as a Service) & How It Benefits You? Are you looking to pricing software as a method to wring the best out of your pricing and use it as a pathway to maximize your profit BUT you do not have the capital for a complex and lengthy IT project right now? In this era of tight budgets, it is perfectly understandable capital is scarce. If that is the case, then activating enterprise grade pricing software with a lower entry cost could be exactly what your business is looking for. PraaS (Pricing-as-a-Service) could be the answer to...
Industry – The Least Important Criteria for Choosing Pricing Software
Industry – The Least Important Criteria for Choosing Pricing Software Choosing pricing software is no picnic. A lot of time and money is at stake, not to mention the future of your business. So, it makes sense for companies to do their due diligence. And most companies like yours search for proof points – evidence that the vendors they’ve short or even long-listed worked with clients in their industry. It’s no wonder that you might see yourself asking this question repeatedly of vendors, “do you have customers in my industry?”. But is this question the best criterion when choosing software...
Key Metrics for Profitable Chemical Industry Pricing
Key Metrics for Profitable Chemical Industry Pricing We all presumed that as the world emerged out of the shadow of the global pandemic that the chemical industry would calm down from the challenges of the previous 2 years, where issues like sales volumes, prices, costs, and resulting margins abounded. However, then along came the war in Ukraine, which doubled–down the pressures on chemical industry worldwide, as companies remain under siege by an ever-evolving series of challenges. Shortages of raw materials, supply chain bottlenecks, shipping and trucking delays, unprecedented cost increases and inflation, plant shutdowns and restrictions on movement have increased...
‘Can I Scrape Historical Data?’ & Other Pricing Software Myths Busted
‘Can I Scrape Historical Data?’ & Other Pricing Software Myths Busted The pricing software industry is plagued with many myths and false assumptions. And that’s as perfectly understandable as the technology has been moving at astonishing speed over the last decade. Pricing software has become more powerful and now offers more pricing insights than thought possible just a few short years ago. However, those myths and false assumptions act as roadblocks for people who want to adopt pricing software in their businesses. Sure, pricing software can lead to significant profit lifts, business efficiencies and time savings for most commercial organizations....
What’s Sales Compensation & How Can You Make it More Effective?
What’s Sales Compensation and How Can You Make it More Effective? For a lot of organizations, their salespeople are the main drivers of bringing in deals and making money. So, it’s no surprise that you’d want to make sure that they are well compensated. But how do you make the sales compensation plan effective and fair so that your sales team continues to be motivated to bring in deals that grow your business? At Pricefx, one of the topics we’ve been discussing recently with our customers is sales compensation and sales performance. We’ve been discussing how to make sales compensation...