FYI

Pricing Excellence Starts in Academia and is Realized in Business

January 22nd, 2020 (Updated 03/24/2021)

Duncan Hendy

Pricing Excellence is Found at the Intersection of Business and Academia Pricing is the process of setting the value of a product. It sounds incredibly simple, doesn’t it? The reality is, however, that it is a complex task and, therefore, needs a competent and skilled professional to oversee it.  Good pricing strategies often require many years of experience in marketing, economics and finance. Any company could just apply reasonable prices to their products based on guesswork. But that is a fast way to lose profits, customers or both. Therefore, Pricefx is proud to be sponsoring an event at the University of Rochester, for the...

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FYI

Pricefx Brings Home Gold Enterprise Product of the Year – Best in Biz Awards

December 6th, 2019 (Updated 03/24/2021)

Pricefx

Pricefx Wins Gold in Best in Biz Award for Enterprise Product of the Year – Sales Software   Pricefx has been named a gold winner in Enterprise Product of the Year – Sales Software in the Best in Biz Awards, the only independent business awards program judged by prominent editors and reporters from top-tier publications in North America.  With more than 700 entries, the 9th annual program attracted a record number of entries from an impressive array of public and private companies of all sizes and spanning all geographic regions and industries in the U.S. and Canada. Each year, winners in Best in Biz Awards are determined...

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Insight

Top 5 Black Friday Myths: Busted

November 27th, 2019 (Updated 03/23/2021)

Jochen Schmidt

Black Friday Myths: Truth or Fiction?  As retailers gear up for the biggest shopping season of the year, they must strategize every detail, especially with pricing around Black Friday and Cyber Monday. There are a lot of myths that swirl around this time of year as consumers expect their favorite shops to give them the best deals. Time to learn and review some of the common misconceptions on Black Friday deals and prices and how to still deliver another great holiday shopping season despite the myths. 1.  Everything is cheaper on Black Friday. It is hard to distinguish between what is advertised and...

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Realize

The Pursuit of Digital Transformation: Here are 10 Tools to Help

November 19th, 2019 (Updated 03/23/2021)

Kate Kholodilina

Tools and Canvases That Will Help You to Transformation Your Organization. The book “Starting with Why” written by Simon Sinek is a good source for those who really want to build meaningful business and in general, successfully compete against other established players on the market. Let’s be honest: the business landscape is changing and if you want to be a part of the profitable world in 10-15 years from now it is time to consider the transformation. I have prepared an overview of tools and canvases that can support you in your journey. For detailed overview of some tools you can look through the previous articles published on our platform. All tools are placed in the logical...

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FYI

Smarter, Faster and More Customizable Unity Is About to Change the Way Users Interact with Pricefx 

November 20th, 2019 (Updated 03/24/2021)

News&Blog
Admin at Pricefx

Every day, employees of almost 100 different companies, situated in 37 countries around the world, log into Pricefx to find strategic solutions to their pricing problems. From November 3, 2019, users will be able to locate these solutions more quickly, efficiently, and intuitively thanks to the launch of Manhattan release, Pricefx’s first substantial update since Bramble release.  The Manhattan release ushers in a raft of changes that significantly improves the working lives of Pricefx end-users. Improvements have been made across the board to Pricefx Core, Classic UI, and, notably, Unity UI, Pricefx’s most recent, touch-ready user interface. Updates to Pricefx Core and Classic UI come into effect first,...

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Realize

How to Start Implementing Digital Transformation in Your B2B Business [EXAMPLES]

November 12th, 2019 (Updated 03/23/2021)

Kate Kholodilina

Carry Out a Digital Transformation Plan in Your B2B Business The term ‘digital transformation’ does not tell business managers much. It’s merely a necessary action that mid-size and big companies should undertake to stay competitive. However, there are ways you can better understand the term ‘digital transformation’ and apply this in real life ways to your business. To do this, we will explain what successful digital transformation looks like, which companies have already achieved this, and how can you self-diagnose whether you are doing it right.   Putting Customers at the Center of Change  These days, B2C businesses are pushing their revenues to new heights because they are putting their customers at the core of their...

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Manage

What You Need to Have a Great Digital Transformation Strategy

November 15th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

What Makes a Great Digital Transformation Strategy?  The process of digital transformation is one that involves the integration of digital technology within a business and how it transforms the business’s processes and performance. Digital transformation can also be seen as future-proofing the business by looking at how things are done on a daily basis and completely reassessing them in order to make real and impactful improvements. This has a profound influence across the business in that everything top to bottom is affected. As such, the process is time–consuming, costly to the business, and can face resistance from uncertain employees.  With that in mind, throughout this article, I will...

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Manage

What Are the Top Skills Needed for Digital Transformation?

November 14th, 2019 (Updated 03/23/2021)

Duncan Hendy

The Top Skills You Need to Lead Digital Transformation Digital transformation, put simply, is the integration of digital technology throughout all areas of a business.   The goals of digital transformation are to launch or further push the business into the digital age, to alter processes to drastically improve performance, and to rejuvenate the business. However, as vital as digital transformation may be for your business, it is a huge undertaking that requires a large investment of money and time as well as a strong team to guide the business through this process.   Whilst the benefits are numerous, digital transformation must be managed in...

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Realize

Are You Overlooking Your Processes? Here’s Why You Should Focus on BPM to Prepare for Digital Transformation

November 13th, 2019 (Updated 03/23/2021)

Duncan Hendy

Can BPM prepare your organization for digital transformation? Can it actually be used to scale a business? How are companies using BPM to improve product offerings and customer relationships?   In this article, I will address all this and more by covering the following:  What BPM is and is not  3 BPM frameworks  The BPM lifecycle and BPM methodology  BPM technology (BPMS and iBPMS)  BPM’s role in integrating systems, humans and things   BPM examples  BPM benefits  What Is BPM?  Business process management (BPM) is a discipline in operations management that focuses on improving business processes. It views businesses as a set of connected processes and aims to analyze and optimize them. It is an ongoing process that constantly looks at the situation “as is” and what a better version...

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Fast

Why You Need to Hire a Business (Pricing) Analyst Right Now 

November 12th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

Business (Pricing) Analysts: Why You Need to Hire One to Your Team What exactly is a business analyst, and does your business need one? There is often much confusion around this role, so here is a handy breakdown for you to give you some helpful clarity.   In this article, I will cover the following topics:  The definition and role of a business analyst   Business analyst qualifications  The six steps of business analysis  The role of business analysts in system integration  The benefits of system integration What Is a Business Analyst?  Business analysis as defined by the International Institute of Business Analysis (IIBA) in the A Guide to the Business Analysis Body of Knowledge (BABOK) is: ...

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Manage

Can Process Documentation Increase Business Profits and Productivity? 

November 11th, 2019 (Updated 03/23/2021)

Duncan Hendy

Are you using your Document Management System (DMS) to its full potential? How can you use your DMS to elevate your business and profits? What exactly is process documentation, and do you really need to be doing it? Your organization could be wasting time and money without a well-implemented DMS and document automation system. When did you last assess your business processes and document management systems… is it time for an update?  In this article, I will cover the following:  The key features and benefits of a well-implemented DMS  Document automation  The importance of process documentation Process documentation steps and best practices How to properly implement...

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Realize

How to Improve the Digital Customer Experience

November 8th, 2019 (Updated 03/23/2021)

Duncan Hendy

Improve Customer Experience Online Customer experience is defined by each interaction that a customer has with a business or a brand. Whether it be ordering a pizza through an app, or daily use of cloud-based software on a subscription model, these interactions are what shape a customer’s opinion of your business and influence every additional decision they will have regarding you. Once, customer experience was the result of face–to–face interactions with humans. Now, in our complex digital world, customers are interacting with brands in ways never–before–imagined and the importance of customer experience becomes increasingly prevalent.  Businesses must go above and beyond merely...

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Insight

Knowledge Management and You. A Look at 5 Emerging Trends

November 7th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

What Are the New Ideas in Knowledge Management?  Knowledge management, as defined by Tom Davenport in 1994, is the process of capturing, distributing and effectively using knowledge. The knowledge management process constantly develops as new technology arises, new generations enter the workforce and competition forces innovation.   Emerging trends in knowledge management shape the way all businesses function, and adapting to these changes could be the difference between success for your business or falling to the wayside for those who don’t. In this article, I will cover some of the hot new trends in knowledge management and the ways in which adopting or refining them could bring huge benefits to your business.  Using Collaboration Tools for Business Processes  With the rise of...

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Fast

How to Get Started with Process Mining

November 6th, 2019 (Updated 03/23/2021)

Duncan Hendy

Steps to Process Mining for Your Business Process mining functions as the solution for two major issues in business process management. Firstly, some businesses are too busy looking at the way they want their processes to perform instead of looking at their current state in order to build an efficient roadmap from A to B. Conversely, other businesses are spending too much time looking at their current systems and are barely making incremental improvements to them.  Secondly, businesses don’t have adequate information as to how their processes are performing and lack the technology to provide appropriate data.  Process mining software allows businesses...

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Manage

How to Pursue Digital Transformation in Your Organization

November 5th, 2019 (Updated 03/23/2021)

Kate Kholodilina

Steps to Pursuing Digital Change  Organizational change is hard. No one argues with that. Moreover, it can be even harder if you are trying to drive the transformation without any organizational support.   Oftentimes, companies begin a digital project with a clear timelines and deadlines. The change is driven by top management and is not very well prepared. As a result, budgets overrun, while not even 50% of the processes are implemented. What’s more, whoever recommended the digital project loses credibility, the company misses out on money, and nothing has really happened. Hardly a digital transformation, is it?   Thankfully, there is a way of doing it properly. It can be less dramatic and less painful if the change is driven and supported by the...

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Manage

For a Few Vouchers More 

November 1st, 2019 (Updated 03/23/2021)

Duncan Hendy

This story is the final part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The seventh story can be found here.  Follow along with the audio version of the story below: https://www.pricefx.com/wp-content/uploads/2019/11/PricingHorror8.mp3 “Cuckoo!” a previously unnoticed cuckoo clock yells at the top of its tiny paper lungs.  Michael almost jumps out of his skin. An ice cube performs a roustabout on the rim of his glass before falling back into the amber liquid with a satisfied plop.  “Pay it no mind”, Eric grins. “Just a little something I picked up on my travels. And I think it spoke a fitting judgement on the previous yarn I told you. It’s like...

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Realize

The Tale of the Bungling Burger Bandit 

October 31st, 2019 (Updated 03/23/2021)

Duncan Hendy

This story is the seventh part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The sixth story can be found here.  Follow along with the audio version of the story below: https://www.pricefx.com/wp-content/uploads/2019/10/PricingHorror7.mp3 “You know”, said Eric pouring himself another whisky, “having a good price optimizer in your tech stack means smart pricing for smart companies. God knows the next tale is positively screaming for such a tool rather than the blunt instrument they must be using to beat their price managers over the head with to get them so dumb!”  “Eric, it is getting kinda late. Do you think...

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Manage

The Tale of the Useless User Stories 

October 30th, 2019 (Updated 03/23/2021)

Duncan Hendy

This story is the sixth part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The fifth story can be found here.  https://www.pricefx.com/wp-content/uploads/2019/10/PricingHorror6-1.mp3 Silence can be so clumsy, especially in Eric’s office, where it seems to fall more frequently than an elderly relative with a fondness for sherry. One such moment has just plummeted onto Eric and Michael’s conversation. It permeates through the room for what seems like ages.  Suddenly, a drunken rendition of Poker Face by Lady Gaga comes from the next office, breaking the uneasy silence. Eric is gazing at Michael’s neck with a rugged determination, as if transfixed. His eyes return to meet Michael’s. He licks his lips and clears his throat.  “Listen to them, the...

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Realize

The Tale of the Amateur Cash Desk Horror 

October 29th, 2019 (Updated 03/23/2021)

Duncan Hendy

This story is the fifth part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The fourth story can be found here.  You can also follow along with an audio version of the story below: https://www.pricefx.com/wp-content/uploads/2019/10/PricingHorror5.mp3 “You are still here?” Eric’s voice penetrates the darkness. His words fall in a deathly clatter like the fingers of a dodgy Eurosceptic MEP typing up their accommodation expenses form for a property they are leasing to themselves.  “Yes,” Michael replies. “Tell me more!”  Eric leans forward, the light from his laptop illuminating a face so kind, you almost wanted to adopt him right there on the spot – were it not for certain macabre tendencies that other less...

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Realize

Locked and Loaded – Choosing the Right Software Vendor 

October 29th, 2019 (Updated 03/23/2021)

Kate Kholodilina

Choose The Right Software Vendor Based on Research A vendor is an enterprise that offers goods or services that (hopefully) make your life easier as an organization. In case you are planning business process changes in your organization, it is worth having a look at different service providers. You are the only people who know what is best for your organization. However, as with carpentry or other intricate crafts, building the service that you need may not be as easy as it seems.   Vendor Checklist – Choosing the Right Software Partner You may think you can Google a vendor that fits your needs. Not so fast,...

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Realize

The Tale of the Store That Leaked Money 

October 25th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

This story is the fourth part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The third story can be found here.  You can also follow along with an audio version of the story below: https://www.pricefx.com/wp-content/uploads/2019/10/PricingHorror4.mp3 Eric continues, “The following story is something that a colleague of mine experienced. It never fails to surprise me just how much money is left on the table because people don’t take pricing seriously.  This colleague of mine had just started on a project for a hardware manufacturing company, which would have been a piece of cake if only it didn’t require the full overhauling of their pricing system, if we can call...

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Manage

Death of Some Sales Team

October 24th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

This story is the third part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The second story can be found here.  You can also follow along with an audio version of the story below: https://www.pricefx.com/wp-content/uploads/2019/10/PricingHorror3.mp3 — “That seems like a real nightmare.” Michael sighs.   Eric pauses midair, his glass of whiskey halfway to his lips, to surveil Michael. It seems that in the brief time they’ve been speaking, Michael’s demeanor has changed. The eager student might have gotten more than he bargained for.  Eric contemplates for a second and he lights up even more as he decides on the next story to share with the young man sitting in front of him.  ...

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Manage

The Tale of the Vampire You Couldn’t Count On

October 23rd, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

This story is the second part of a series of articles “Horror Stories in Pricing – When Pricing Goes Wrong”. The first story can be found here.   You can also follow along with an audio version of the story below: https://www.pricefx.com/wp-content/uploads/2019/10/PricingHorror2.mp3 ___ “So, what happened next?”, Michael exclaimed.  “Well, I finally caved and bought a proper projector myself for the company. There was only one and it was often shared between departments and floors,” Eric responded.  “That can’t be right.”  “Oh, trust me, it was. The whole project was a nightmare. The regional department heads would get into arguments refusing to work with each other let alone with us. The initial user story sheet was completed by people who had no idea about pricing...

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Friendly

The Tale of the Underdog Million Bid

October 22nd, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

This story is the 1st in a a series of stories that follows one pricing hopeful as he learns what pricing is all about.  “Horror Stories in Pricing – When Pricing Goes Wrong”. You can follow along with an audio recording of the story here: https://www.pricefx.com/wp-content/uploads/2019/10/Story1Prague-online-audio-converter.com_.mp3 — Michael approaches Eric P’s door. It’s after work hours and the sun is slowly setting on the horizon. It’s late but that’s the only time Eric has for the proposed meeting. Michael has been looking forward to this meeting for a while now. He joined Pricemont, the premier pricing software and consulting company, three weeks ago. In an effort to settle in, he has been having meetings with...

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Manage

The Best Tool to Empower Your Agile Project Management

October 11th, 2019 (Updated 03/23/2021)

Kate Kholodilina

Empowering Your Digital Transformation with an Agile Project Management Tool It is not surprising that the tools smaller companies commonly employ to identify change areas, larger organizations can use, too. But when the more mature organizations judge those tools to be inappropriate, they are, in fact, resisting change.   Company leadership usually imagines change differently. If the company identifies a need for change, or at least agrees that they need to change, it is best is to create a separate team of people who are free from the burden of following standard procedures and who are motivated to pursue this transformation.  The Business Model Canvas  Many companies...

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Realize

How to Protect Your Organization from a Data Breach – 2020

October 8th, 2019 (Updated 03/23/2021)

Duncan Hendy

Defending Your Company Against Data Breaches A recent report by Risk Based Security (RBS) reveals that there have already been 3,800 data breaches in the first half of 2019, exposing over 4.1 billion records. Over the last four years, there has been at least a 50% increase in data breaches!  What is a Data Breach?  A data breach is a security incident where confidential information is exposed to unauthorized parties. It could be accidental or intentional and may also be referred to as a data leak, data spill, or information leakage.   The International Standards of IT security (ISO/IEC 27040) and the GDPR define a data breach...

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Manage

Why Your Organization Should Be Concerned About Data Integrity 

October 7th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

Why Data Integrity Is Crucial to Your Organization  Data is currently being generated and collected at unprecedented rates. According to IBM, 90% of world’s data was collected in the last two years. Every business activity now leaves a digital trace. Due to these rapid technological advances, data is now widely recognized as the new commodity in the global economy.   In this article, I will discuss the following:  Definitions: Data quality, data integrity and data security   Why is data integrity important?  Threats to data integrity   Data integrity management   How to ensure data integrity and data security  Limitations of traditional data quality management systems  Why your organization needs to integrate its systems and prioritize data integrity  Data Quality  Organizations rely on high quality data for business development and decision-making. They...

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Fast

Bridging the Digital Transformation Gap – Consolidating Pricing During an Acquisition

October 5th, 2019 (Updated 03/24/2021)

Duncan Hendy

How to Navigate Digital Transformation in Pricing During an Acquisition The acquisition or merging of two businesses is a common practice with a great number of benefits to be accessed.   Acquisition, where one business takes over and absorbs another, typically of smaller size and market share, to their immediate and long-term benefit. Merger, which is the process of two businesses joining together in order to maintain a stronger hold over their market and a greater access to a range of products and services.   This process involves a consolidation, typically, of two of everything and must be managed efficiently in order to reduce...

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Manage

Finding the Silver Lining – Benefits (and Costs) of Mergers and Acquisitions

October 4th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

What are the Pros and Cons of Mergers and Acquisitions? The acquisition or merging of two businesses is a common practice with a great number of benefits to be accessed.   Acquisition, where one business takes over and absorbs another, typically of smaller size and market share, to their immediate and long-term benefit. Merger, which is the process of two businesses joining together in order to maintain a stronger hold over their market and a greater access to a range of products and services.   This process involves a consolidation, typically, of two of everything and must be managed efficiently in order to reduce...

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Manage

What Are the Key Objectives of Acquisitions and Mergers?

October 3rd, 2019 (Updated 03/23/2021)

Duncan Hendy

What are the objectives of mergers and acquisitions in a pricing organization? Acquisitions and mergers, the processes where a business either acquires another business along with all of their assets or when two businesses combine their total assets to form a much larger business with the best of both worlds.   The objectives as well as the benefits of a merger or an acquisition are numerous: to mitigate the weaknesses of either business and to bolster their combined strengths, to remove a competitor or threat within their industry, or to undergo a period of exponential growth in a short space of time.   Whether a business...

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