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Supply Chain Challenges and What They Mean for the Food and Beverage Industry Rising food prices and shortages are affecting everyone in the chain, from farmers and ingredient manufacturers to consumers, but who eats the cost? In this article, we analyze the extreme ebb and flow of food price fluctuations of 2022, and provide strategies to brace for many more changes to come for the remainder of the year. “The term we keep coming back to is the ‘ripple effect,’ with changes occurring now having a downstream impact on goods through the supply chain today and later this year,” said John...

Pricefx Takes Gold in Four Different Award Categories Demonstrating Outstanding Product Innovation Pricefx, the global leader in cloud-native pricing software, today announced it has won four Gold-level awards for its outstanding product technology and performance. These awards recognize Pricefx’s innovative technology in a variety of sectors and use cases that help customers maximize margins, increase profits, and close deals. Pricefx was honored with the Gold Stevie® Award for Best Financial Management Solution and another Gold Stevie for Best Manufacturing Solution in the 2022 American Business Awards®. This is the first year the company has received a Gold designation for its...

The Impact of the Russian War on Items Necessary for Everyday Living War and conflict can have strange and unexpected consequences on the global economy and in your family pocketbook at home. Europe in particular has significant risks from Russia stopping gas suppliers, insisting on payment in Russian Rubles, and otherwise impacting the local and global economy in a number of negative ways. Pricing professionals need to think outside the box to maintain good customer relationships, respond to increasing cost pressures, and maintain margins during this time of extreme volatility. Let’s look at three examples of unexpected disruption as the...

Pricefx – A Stevie® Gold Winner for Manufacturing and Financial Management Solutions (2022) Pricefx has just been awarded two Gold Stevie® Awards for Manufacturing and Financial Management Solutions. The award was determined by the average scores of judges comprising executives from around the world. Out of the 3700 submissions, we’re proud of the fact that experienced leaders view Pricefx’s solutions as drivers to help organizations meet their strategic goals. This will be the second award from the Stevies acknowledging our contributions to manufacturing, our 3 gold win, and the 6th award for the 3rd year in a row! How Does Pricing Software Help Organizations Like Yours? One of the major challenges that companies...

Pricefx Receives Multiple Awards Highlighting Technology Innovation, Growth Velocity and its Industry-leading Partner Program   Pricefx, the global leader in cloud-native pricing software, today announced it has won several awards for its technology and growth potential. These awards recognize Pricefx’s groundbreaking AI technology, outstanding growth, and industry-leading partner program offerings that help customers maximize margins, increase profits and close better deals. Pricefx was named a winner of the 2022 Artificial Intelligence Excellence Awards, which recognizes companies that apply AI to solve real problems. The company launched the first AI-powered market simulation for price optimization. Market simulation is designed to enable...

Pricefx Wins Bronze STEVIE® Award in 2022 Stevie Awards for Sales & Customer Service Pricefx has just been awarded the Bronze Stevie® Award for Sales & Customer Service. The award was determined by the average scores of judges comprising executives from around the world. Out of the 1000s of submissions, we’re proud of the fact that experienced leaders view Pricefx’s solutions as drivers to help organizations and their sales teams better serve their customers.  Last year, Pricefx won 1 Stevie award too, making this the fourth award in three years! How Does Pricing Software Help Organizations Like Yours? One of the major challenges that companies face is reducing risk like inflation and margin compression issues have...

Introducing the Pricefx Knowledge Base We are excited to announce the new Pricefx knowledge base is now publicly available. This initial release is our first step in the journey to provide a broad and in-depth understanding of the Pricefx solution that will eventually become a valuable source of truth for our employees, customers, partners, and prospects. I would like to take you through our team’s journey towards knowledge management. One of our first steps was to recognize that we support three unique audiences; business users of our application, technical users that build the solution, and administrators that maintain and configure...

AHM 2022: A Cut Above the Rest and Moving Forward to Our Roots If you were to head over to our social media pages right now, you would see a lot of shaved heads. No, we’re not taking any vows of silence or solemnity. It’s quite the opposite. Those heads are smiling in celebration because we just closed our biggest quarter to date! With 26 closed deals in Q4 2021, 34 new enterprise companies, and 45% year-over-year annual recurring revenue (ARR) growth, we have a lot to celebrate. Not only that but we expanded our team and added a few...

Airline Pricing Strategies: The Best Way to Sell to Corporations in 2022  The airline industry is under constant pressure. The level of competition is at an all-time high. The dependence on costly fossil fuels is forcing some airlines to impose fuel surcharges. Many are working at overcapacity thanks to the steady but strong emergence of low-cost carriers. And many airlines are resorting to steep discounts for corporations in order to retain market share.   And, as if things weren’t bad enough, along came COVID. Industry revenues in 2020 were just 40% of the previous year ($328 billion), taking things back to...

4 Benefits of Price Optimization and Management Software Implementing a radically new business idea, such as adopting pricing software for your firm, can be a painful process. If you can’t get everyone to understand why pricing software is important and dedicate time to the project, then you’re already starting on the back foot. Sure, the executive arm of your business will undoubtedly see how it will assist the company in making more and lasting profit but getting wide-support is key. The harrowing challenge is to overcome the intrinsically human resistance to change and have everyone heading in the same direction.  At Pricefx, helping companies implement pricing software is a huge part of what we do. We’ve helped many companies to...

3 Ways to Integrate Your ERP Systems with Pricing Software  Are you performing repetitive pricing tasks each Monday morning with your Excel pricing spreadsheets before you even get to make your first coffee of the working week because your price list needs a manual update after the weekend? Yep, we’ve heard that story more times than we care to admit. One solution to prioritizing your Monday morning caffeine intake is to have that manual price list update job set as an automated task. Not only will it make your work easier, but a bi-product will be getting home earlier and in a better...

What Roles and Responsibilities Does My Team Take in a Pricing Software Project?  The last thing you want to be doing is spending months building a pricing solution only to find that the people you need to be its users are resistant to change and are unwilling to use it. Something that your management team would certainly be displeased to discover.  At Pricefx, we’ve spent the last decade advising project leaders on the key internal resources they need to successfully complete a pricing implementation project. The roles and groups of people highlighted below are a necessity in any implementation project....

How Long Does It Take to Implement New Pricing Software?  If you were to go to any pricing software vendor and ask, “how long does it take to implement pricing software?”, you would get as many answers as there are vendors. That’s because the llength of an implementation project depends on a variety of factors, including what you want to achieve, the complexity of your business process, the number of people involved, your dedication to meeting milestones, and supplying feedback.  But generally speaking, we’ve seen it take as little as 6 weeks to as long at 7 months to implement...

4 Reasons Why Our Software Implementation Projects Fail You’re probably here because you’re ready to implement new pricing software but have heard many horror stories about software projects that went horribly wrong. According to Revenue Management Labs, 92% of software projects fail. You know, the implementation projects where there was a lack of dedicated internal resources, so the project went over budget and took double or triple the time to be implemented. And after all of that, the final result was a tool that no one used or worse didn’t do what was intended.   We’ve helped several companies to...

8 Pricing Essentials to Help Mitigate Cost and Risk   A common struggle many businesses are familiar with is mitigating costs and controlling risks to reach margin targets. Cost-plus pricing methods (where price execution is determined from static rules rather than real-time changes) are unable to respond to fluctuating market dynamics. Therefore, prices become outdated and potentially harmful to your business – often overnight.   Another problem is inconsistent pricing deviations, meaning prices do not reflect a customer’s willingness to pay.   Basically, in the absence of pricing and quoting processes standardization, contract pricing and customer agreements are inconsistent, and because of habitual over...

Choosing Pricing Software: What Questions Should You Be Asking? Choosing a pricing solution is an important decision and a major commitment – one that has the potential to make or break your pricing efficiency and success.  If you’re at the software vendor evaluation phase of your pricing digital transformation journey, you’ll have got past all the buzzwords and sales hype, and will be getting down to the nitty gritty of what each company can offer you and whether it will help you get where you want to go.  You’ll have whittled down your potential vendor list to include only those...

What Is Value-based Pricing?    When it comes to sales and profit scalability, pricing is the real fulcrum. Developing a strategy for pricing helps brands maximize profits and market demand, among other factors. Simply put, a pricing strategy is an approach you can use to determine the best price for a product.   Pricing is hugely influenced by various market indices, such as production, competitors’ pricing, and target customers. More often than not, sales executives need to account for the pricing strategy due to factors such as business objectives, revenue goals and product positioning. Researching your current market can help provide...