Pricing Professional Resolutions for the New Year (2022)

January 17th, 2022

Jose Paez
Solution Strategist at Pricefx

Pricing Professional Resolutions for New Year 2022   You may not have been able to meet many of the goals you set for yourself as a pricing industry business professional in 2021, a tumultuous year that brought many of the same challenges as 2020. However, many of the incredible changes that occurred in 2021 such as rampant inflation, supply chain delays and breakdowns and shortages of raw materials used in production were unforeseen and impossible to forecast. Regardless, there are still several ways to get back on track and prepare for a better 2022 in your pricing career.  Given the incredible...

Read More

Key IT Roles You Need On A Pricing Management Software Project

January 14th, 2022

Manish Singh
Solution Architect at Pricefx

Key IT Roles You Need On A Pricing Management Software Project You are well aware that pricing is one of your key levers to increased sales and margins.  That’s why you’re investing in pricing software. You have a good idea of the scope of the software project, the processes you want to improve, the problems you are trying to solve, and the goals you want to achieve. You may even have chosen a pricing management software vendor and are getting ready to implement it.  So now what?   How involved will your company be during the implementation phase of your new...

Read More

What Return on Investment (ROI) Can I Expect on Pricing Optimization Software?

January 13th, 2022

Gabriel Smith
Chief Evangelist at Pricefx

What Return on Investment (ROI) Can I Expect on Pricing Optimization Software?  If you’re considering investing in price optimization and management and/or CPQ software, you might be wondering what sort of return on investment (ROI) you can expect. Without a clear answer it’s hard to get budget, buy-in from executives and you might as well kiss the solution to your revenue and margin issues good-bye. We’ve had a lot of experience helping our customers to understand the payback they can get from pricing software so that they can track the success of their investment and go forward to get support...

Read More

Advantages of Pricefx Optimization & Management Software

January 10th, 2022 (Updated 01/13/2022)

Gabriel Smith
Chief Evangelist at Pricefx

Advantages of Pricefx Optimization and Management Software  Anyone who is anyone in the world of pricing has probably heard about the surge pricing dilemmas of ride-hailing platforms and some of the pricing miscues that ‘Gig Economy’ companies have made in recent years. Most dramatically, back in 2017, Uber charged a man in Toronto, Canada $14,400 US for a 20-minute ride. Of course, Uber eventually refunded the passenger for his ride, but not until they identified a severe problem with their high demand, rush hour price ‘surge multiplier.’ Operators like Lyft and others have also experienced similar issues, despite spending millions...

Read More

How to Choose Pricing Software That Is Right for You

January 7th, 2022

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

How to Choose Pricing Software That Is Right for You  Pricing your products effectively can be a challenging battle. First up, congratulations on identifying that pricing software will assist you in streamlining your pricing strategy, but how to choose pricing software that is right for you? We get it. There is so much choice in pricing solutions out there that all work in similar, but slightly diverse ways. Not all options may be exactly customized to your business model, nor suit what you are trying to achieve.  At Pricefx, we’ve spent a decade analyzing the requirements of each individual client...

Read More

How to Integrate Pricefx Pricing Software with Your System

January 5th, 2022 (Updated 01/12/2022)

Jochen Schmidt & Jose Paez
Solution Strategists at Pricefx

How to Integrate Pricefx Pricing Software with Your System  Without integrating pricing software with your ERP (Enterprise Resource Planning), CRM (Customer Relationship Management) or other in-house system, you risk not only losing effectiveness and organization. You’ll also be taking random chances that you are at peril of leaving potential profit at the checkout and leaking profit margin by using unenhanced and outdated pricing methods.   Modern AI-based pricing software enables the unification of front and back-office functions and data points through automation of Salesforce, SAP, and other CRMs. The integration efficiencies unlock your data to achieve price optimization and allow you to...

Read More

The Food & Beverage Industry’s Top Trends & Pricing Strategies for 2022

December 31st, 2021

Tim Shorter
Global Vice-President Sales, Food and Beverage at Pricefx

The Food & Beverage Industry’s Top Trends & Pricing Strategies for 2022 Food and beverage manufacturers have watched the last 12-18 months while the prices in raw materials have skyrocketed and placed pressure on already constrained margins. What’s more, it is not exclusively food and beverage ingredient prices that are swollen. Work shortages and increased labor expenses are a big part of the margin compression puzzle, not to mention fuel and distribution costs. Even the prices and availability of the wooden pallets that you use to pack and distribute your products are being squeezed.   However, it is not all desperation in the latest food & beverage industry trends and...

Read More

The 3 Data Sets You Need for Pricing Software Implementation

January 3rd, 2022 (Updated 01/07/2022)

Jerry Danks
Customer Solutions Manager at Pricefx

The 3 Data Sets You Need for Pricing Software Implementation Have you got all your data ducks in a row in order to implement pricing software? The better prepared your data leads to a faster return on investment (ROI) and avoiding any costly delays along the way. Consider for a moment the following fictional, but very realistic scenario that could potentially happen to you.  The Sales and Transactional Data Manager of a fictional company looking to implement pricing software, (let’s call him ‘Jim’) is the only guy who had access to the company’s transactional records for the past financial year and the information is held...

Read More

The Most Important Chemical Industry Issues & Pricing Strategies for 2022

December 29th, 2021 (Updated 01/05/2022)

Robert Smith
Industry Advisor at Pricefx

The Most Important Chemical Industry Issues & Pricing Strategies for 2022  The New Year is upon us and the strategic planning processes in major chemical companies have now delivered their 2022 strategic business plans.  All of them are backed by forecasts and major assumptions on the biggest chemical industry issues like sales volumes, prices, costs, and resulting margins.  Now a key question is whether a pricing strategy and plan has been developed and communicated to deliver on the outcomes promised to shareholders and stakeholders.  This all comes in the face of seeing in the last 12-to-18 months, the chemical industry worldwide having been under siege...

Read More

Retail Industry Pricing in 2022: Strategies, Trends, & Tips

December 27th, 2021 (Updated 01/06/2022)

John Gilbo
Account Executive at Pricefx

Retail Industry Pricing in 2022: Strategies, Trends, & Tips With shifting buying patterns affecting the way consumers purchase retail products, fewer things can have a bigger impact on your businesses’ bottom line for the year ahead than your retail pricing strategies for 2022.   For example, in the last 18-to-24 months, more-and-more sales have been made online due to shifting market forces created by CoVid-19, logistics and supply chain issues. You may have potentially seen your percentage of sales for products for free shipping rise from 10% of your total sales volume to as much as 50%. Shoppers are not visiting your stores, but they are buying online and taking advantage of your attractive free shipping offer. But now, the extra costs involved are eating...

Read More

The Best Manufacturing Industry Trends & Pricing Strategies for 2022

December 23rd, 2021

Jose Paez
Solution Strategist at Pricefx

The Best Manufacturing Industry Trends & Pricing Strategies for 2022 Right now, manufacturing industries are reporting price increases in everything from steel to produce, wooden pallets and everything in between. Manufacturers have watched on while increasing prices in raw materials have eaten into their margins. Manufacturing industry trends 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 rebound with the reopening of the economy. Many of these price-related manufacturing pain points result from tariffs while others are an outcome of the Covid-19 shut-downs. However,...

Read More

2022’s Top Distribution Industry Trends in Pricing Strategies

December 22nd, 2021 (Updated 01/07/2022)

Iain Lewis
Senoir Solutions Strategist at Pricefx

2022’s Top Distribution Industry Trends in Pricing Strategies  As a member of the Distribution Industry, you are intrinsically compelled to adopt the riskiest pricing strategies, let alone keep up with the latest industry trends. You are the middle link in the currently disturbed traditional supply chain between manufacturers and retailers. As a distributor right now, you need to account for customer demand, out of control inflation in addition to wildly fluctuating production costs. Other overheads like transportation and labor costs also steadily rose in 2020-21, while worldwide staff shortages in manufacturing were all challenging factors.  Furthermore, there are pricing strategies to consider in distribution that some other industries don’t need to.   For example, most automotive spare parts distributors out there will all have a similar painful story to this one. Recently, we heard from a potential client on their 2005 Audi TT replacement mufflers being...

Read More

Airlines Pricing Strategy: Why A One-Size-Fits-All Strategy Will Fail You in 2022

December 20th, 2021

Steve Sparough
Sales Consultant at Pricefx

Airlines: Why A One-Size-Fits-All Commission Pricing Strategy Will Fail You in 2022 According to The International Air Transport Association (IATA), 2020 was worst year on record for the airline industry due to the COVID-19 crisis. There were 60% fewer passengers last year (1.8 billion) than in 2019 (4.5 billion) and total industry passenger revenues fell by 69% with total net losses of $126.4 billion.   Then the widespread vaccination campaigns of summer 2021 gave airlines hope that leisure air traffic might recover to 2019 levels by year end. And things, especially regional bookings worldwide, looked optimistic.  Airlines scrambled to update their processes to absorb the big changes in travel requirements and consumer behavior—factoring in...

Read More

Who is Pricefx and What Do We Do?

December 17th, 2021

Ken Edwards
Marketing Specialist at Pricefx

Who is Pricefx and What Do We Do?  You have probably been seen a video or article in the small and niche world of pricing companies and wondered to yourself, “Who is Pricefx and what do they do?” Could our suite of pricing solutions be the key to your margin erosion, revenue stagnation, or time-saving problems to name a few?   Well, you’ve come to the right place to get an answer to your questions.   Simply put, we’re the leading end-to-end pricing software, native cloud-based, and powered by the latest in Artificial Intelligence (AI) and Machine Learning (ML).   And it’s not just us tooting our own horn; you can find out more from our customers’ success stories...

Read More

Airline Pricing Strategies: The Best Way to Sell to Corporations in 2022

December 16th, 2021

Steve Sparough
Sales Consultant at Pricefx

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...

Read More

4 Benefits of Price Optimization and Management Software

December 13th, 2021

Vicki Roberts
Account Executive Americas at Pricefx

4 Ways Price Optimization and Management Software Benefits You 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...

Read More

How to Integrate 3rd Party Systems with Pricing Software

December 8th, 2021 (Updated 12/09/2021)

Jochen Schmidt

How to Integrate 3rd Party Systems with Pricing Software Chances are if you are the Pricing Manager or VP of Sales of a large enterprise company, you are probably suffering from ‘tool fatigue’ from having too many options available to you to track your pricing, customers, logistics, price lists etc.  That’s probably why you have been googling around for the last 45 minutes looking for products that can easily be integrated into what you currently use (for example, will it feed information in my current SAP software?) and create a suitable “Swiss Army Knife – one tool does it all” replacement with a 3rd party...

Read More

3 Ways to Integrate Your ERP Systems with Pricing Software

December 6th, 2021

Jose Paez
Solution Strategist at Pricefx

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...

Read More

How Does SAP Integrate With Pricing Software? Plus How To Get Started

December 1st, 2021

Jochen Schmidt

How Does SAP Integrate With Pricing Software? Plus How To Get Started  So, you’ve got your SAP Enterprise Resource Planning (ERP) software running like a dream. Your pricing strategy is taking on a brand-new dimension and efficiency is boosted to the point where you can expand your organization and diversify your client and product base. Then suddenly – Bam! – your business requirements have changed.   You’ve now discovered that you need to automize and track your newly introduced rebates and promotions set-up. What’s more, is that you need to have your finance and CRM (Customer Relationship Management) systems integrated into what will eventually become a one-stop pricing software stop.   First up, congratulations on your business success, but take note and read...

Read More

4 Steps to Securing Executive Buy-In on Pricing Software

December 10th, 2021 (Updated 12/22/2021)

Vicki Roberts
Account Executive Americas at Pricefx

4 Steps to Securing Executive Buy-In on Pricing Software  Large-scale corporate initiatives have a tendency to fail without executive buy-in. We have all experienced the frustrations of attempting to adopt new software in accounting, sales, marketing, or other organizations. Without the support of key players in your organization, be it those who write the checks or those who can muster wide support, you may struggle to get the initiative started, implemented on time and within budget. Or (and we shudder to think) the software gets implemented but the people you bought it for won’t use it.  The reality is getting...

Read More

How Much Does Pricing Software Cost?

November 18th, 2021 (Updated 12/22/2021)

Tim Shorter & Andreas Lange
SVP of Sales (AMER & EMEA) at Pricefx

How Much Does Pricing Software Cost? Discussions around the budget for new software can be stressful. Before you go with your hands outstretched, you’ll want to know exactly what to look out for, how to set expectations for how the software will be priced and perhaps most importantly, what questions to ask so that you’re not holding an invoice with a surprising number at the end.  We’ve helped hundreds of companies implement pricing software and worked with customers to find the right solutions based on their needs.  So, how much does pricing software cost? At Pricefx, the total cost of...

Read More

8 Strategies to Manage Price Fluctuations & Supply Chain Problems

November 15th, 2021 (Updated 11/18/2021)

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

How to Manage Price Fluctuations and Supply Chain Problems  Before the pandemic, manufacturers and distributors like you faced price fluctuations but nothing like what you’re up against in this post-pandemic world.   You’re struggling with shortages, bottlenecks, transportation, weather, and labor woes, all of which have caused wild price swings across the board in any number of industries. What’s more, the end is not in sight.  Inflation at the wholesale level has hit an 8.3% year-on-year increase according to a recent U.S. Bureau of Labor report, the largest single annual increase in the Department’s history. Fuel prices and indices for raw materials used in production are going through the roof and the chances are that your organization is not alone in grappling to keep the persistent price fluctuation under control. The result is unreliable projections in revenue or margins and in worse cases, losses in revenue.   What are you to do?  At Pricefx, as a provider of modern pricing software, we’ve spent a decade...

Read More

The Phases of a Pricing Software Project Explained

November 2nd, 2021 (Updated 12/08/2021)

Chris Keenan
VP Customer Enablement at Pricefx

The Phases of a Pricing Software Project Explained  As you and your team start to gear up for a software project, you probably wish someone would just sit down and explain the phases of a pricing software project so that you know exactly how to prepare. Without this preparation, your project will take longer than needed which might result in you spending more on money and man hours than you intended or worse, your project could fail altogether. At Pricefx, we’ve helped countless organizations like yours to move from the discovery stage (sounds a bit like a Star Trek show) of a pricing project all the way to...

Read More

Key Roles & Responsibilities You Need On A Software Project

October 19th, 2021 (Updated 12/22/2021)

Chris Keenan
VP Customer Enablement at Pricefx

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....

Read More

Avoiding Inflationary Margin Compression with Dynamic Pricing

October 12th, 2021

Gabriel Smith
Chief Evangelist at Pricefx

Avoiding Inflationary Margin Compression with Dynamic Pricing The Current Economic Situation  Supply chain disruption and shortages combined with quantitative easing and improved employment have triggered massive inflationary pressure. Many companies and their pricing teams are struggling to keep up with the rate of change and suffering from margin compression and revenue disruption as a result.  As of September 2021, the annual US inflation rate is at 5.3%, the highest since 1990. Analysts say it could cool down, but it will likely continue at record levels into 2022 and beyond.    Why it’s Hard  It’s difficult for large companies to manage this because many have millions of price points in the market, and 66% of...

Read More

How Long Does It Take to Implement Pricing Software?

October 14th, 2021 (Updated 11/04/2021)

Chris Keenan
VP Customer Enablement at Pricefx

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 length 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...

Read More

4 Reasons Why Our Software Projects Fail

October 12th, 2021

Chris Keenan
VP Customer Enablement at Pricefx

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. 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 implement software that’s so well received, it gets rolled out...

Read More

F-Words

CPQ: SAP, Pricefx, or a Hybrid Approach?

September 24th, 2021 (Updated 12/21/2021)

Bill Thane & Garth Hoff

This article was first published by Canidium on September 15, 2021. We thought it might be interesting to look at how Pricefx and SAP approaches to Configured, Price, Quote (CPQ) compare and how they can best be aligned for success. The approach for considering where solutions align, differ, and complement one another is based on recent interactions with companies across multiple industries, market research, and Canidium’s first-hand insights as an implementation partner of both SAP and Pricefx solutions. Read this blog to learn more about which approach is right for you. SAP CPQ Approach SAP CPQ is a good CPQ tool...

Read More

8 Pricing Essentials to Help Mitigate Cost and Risk

August 4th, 2021 (Updated 08/05/2021)

Carolina Alvarez
Business Development Representative at Pricefx

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...

Read More

What Is CPQ Software?

August 27th, 2021 (Updated 09/22/2021)

Milan Haba
Senior Manager | Product Marketing at Pricefx

What Is CPQ Software? Did you know that sales reps spend 66% of their day on administrative tasks and that 50% of their time is wasted on unproductive prospecting and error correction. This should be worrying because it’s the sellers who are first to produce a complete, accurate quote that wins the deal at least 60% of the time. Perhaps because suppliers that make buying easy are 62% likelier to win high-quality sales. Configure, price and quote (CPQ) solutions will no doubt have already have crossed your path, but let’s take a deeper look at what they are, where they...

Read More