How to Automate Pricing with a Pricing Software Partner

So, your company is looking to overhaul its existing pricing infrastructure with the power of automation to make more precise, data-driven pricing decisions. Great! Pricing software partners are here to work with you to ensure the transition to automated pricing is painless, effective, and above all, brings maximum returns to your company. Now, how exactly do partners help companies automate their pricing? 

In this article, we invite Calvin Chow, Quote to Cash Director for Slalom, to share his insights on how pricing partners assist companies in the transition to automated pricing, leveraging their breadth of industry expertise to ensure your company takes full advantage of the optimized analytics and pricing strategies afforded by best-in-class pricing software tools. 

But first, let’s revisit why automation is the cornerstone of any effective modern pricing infrastructure.  

How Companies Benefit from Price Automation  

When your company relies on manual or siloed tools, such as Excel spreadsheets or legacy solutions, to manage their pricing, leveraging modern pricing strategies and setting the right prices can prove to be a near-impossible task. By using the power of automation with the help of pricing software tools, teams can benefit from pricing guidance automatically generated in real time to make smarter decisions about their pricing.  

The benefits of automated pricing include (but are by no means limited to) the following: 

Enhanced Data Analysis   

Companies can expect to optimize their analytical capabilities with pricing automation in two crucial ways: by accelerating their reactivity to market conditions and competitors and by improving the accuracy of their pricing decisions.  

Conventional tools like Excel are simply not built to support quick reactivity to the vast amounts of competitive data records coming in daily, and the slower your data connectivity, the less competitive your pricing decisions become. Pricing automation enables your pricing teams to analyze more data in real time, resulting in pricing that evolves as quickly as the market.   

In addition, leveraging pricing automation software allows businesses to generate precise pricing guidance based on comprehensive data analysis along the pricing waterfall. This enables more informed and data-driven pricing strategies, ultimately leading to improved profitability. 

Manual pricing often involves disjointed systems that run the risk of costly inefficiencies and inconsistencies in your pricing. Pricing software offers integration capabilities, including a number of connectors and plugins to third-party systems, to ensure a painless transfer of data and automated pricing updates across various platforms such as ERP or CRM.  

Improved Pricing Strategies  

Ultimately, pricing automation enables businesses to shift from an operational focus to more strategic decision-making. Automating routine pricing tasks that would otherwise take up a significant part of your pricing team’s workday or even require entire teams to handle manually frees up valuable time and resources for the pricing decisions that drive profitability and business growth.  

For instance, businesses can use price optimization software to perform market simulations, evaluate price elasticity, and analyze pricing performance to arrive at the right price points across all customer and product groupings, protecting margins and maintaining a competitive market positioning.  

How Pricing Software Partners Support the Transition to Automated Pricing  

Navigating the challenges that come with a transition to automated pricing requires the support of pricing software partners who can offer expert advice, strategic guidance, and continuous assistance to ensure your optimized pricing environment works well for your business end users and stakeholders in the long term.  

Here are just a few of the ways you can expect your pricing software partner to make that happen:   

Change Management 

Transitioning from a manual or legacy pricing tool to a pricing software infrastructure poses several change management challenges that your company won’t need to navigate alone.  

Pricing software partners, particularly those specializing in pricing project implementation and integration, facilitate the seamless handover of your pricing to an automated environment by providing expert advice and support throughout the entire project lifecycle. Pricefx’s Advantage Partner Program, an ecosystem of pricing professionals handpicked to ensure top-of-the-line pricing software support, has a large global presence that allows for comprehensive support on complex implementation efforts spanning multiple countries and time zones.  

Strategic Pricing Guidance 

Pricing software partners leverage extensive pricing expertise and industry knowledge to help companies implement effective pricing strategies that get at the heart of their unique pricing pain points. For example, they can offer insights on matching competitive prices, optimizing pricing models, or identifying pricing opportunities based on market trends and customer segmentation.  

Ongoing Support 

Pricing partner support extends well beyond the initial business go-live phase. Even after implementation, pricing partners continue to provide ongoing guidance and expertise to ensure the smooth operation and optimization of your pricing software tool, including help with data analysis, software updates, troubleshooting, and adapting your tool and pricing strategy to stay in line with market dynamics.  

Discover More Benefits of Working With a Pricing Software Partner  

In this article, we’ve covered the key ways pricing software partners assist companies in their transition to automated pricing, unlocking the full power of modern analytics and pricing strategies. Now, what other benefits can your company expect by collaborating with a pricing partner?  

Consider checking out our article below, Benefits of Working with a Pricing Software Partner to get a comprehensive overview: