Manage

Pricing with Excel… and Other Ways to Lose Money 

March 17th, 2021 (Updated 03/24/2021)

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

How to Plug the Leak and Stop Losing Money With Excel In 2003, Canadian power generator, TransAlta, lost $24 million due to copy-and-paste mistakes. Two years later, Kodak added $9 million to its third-quarter loss due to a typo. And in 2012, JP Morgan lost $6 billion due, in part, to a copy-and-paste error in Excel.   Statistics have shown that 88% of spreadsheets contain significant errors. So out of 10 spreadsheets, only one is showing you accurate data. Do you really want to manage pricing off that?  Unfortunately, all too frequently, a decimal place can be the difference between an...

Read More

Manage

RS Components Go Live!

March 19th, 2019 (Updated 03/24/2021)

Pricefx

Price f(x) had our GoLive with RS Components. This GoLive was punctuated by cake, balloons, and excitement to see how Price f(x) can help RS Components to meet their pricing goals. About Pricefx: Through the expertise of our software engineers, the dedicated work of our customer success team and the visionary drive of our co-founders, we are committed to providing our customers and partners with the leading SaaS-based price management, price optimization and Configure-Price-Quote (CPQ) solution worldwide.

Read More

Manage

Bain & Company Interview on Pricing for Success part 1 (Pricing Matters Video)

July 10th, 2020 (Updated 03/24/2021)

Gabriel Smith
Chief Evangelist at Pricefx

In this two-parter episode, we focus on digital transformation and the impacts on businesses. We, of course, focus in on the quote to order process and pricing, which is arguably the area where digital transformation can have the highest return on investment. This time, host, Gabe Smith, is joined by two Partners from Bain Consulting who are digital transformation leaders and pricing experts: Chuck Davenport and (Paco) Juan Francisco Jimenez.

Read More

Manage

Applying a Change Management Perspective to Digital Transformation 

September 8th, 2020 (Updated 03/24/2021)

Duncan Hendy

Change Management Principles to Aid Your Digital Transformation Successful digital transformation requires making fundamental changes to cope with a new, globalized, technology-driven market environment. But employees are instinctively resistant to change. Rosabeth Moss Kanter identifies ten reasons for such reluctance. These include a loss of control, uncertainty, breaking habits and routines, loss of face, concerns about competence, and the false belief that change equals more work!   The answer to a smooth rollout of digital transformation technology and processes is adopting a change management perspective. Here’s how you can make change management work within your organization.  Working with the Salesforce for Change Management  Sales teams are particularly resistant...

Read More

Manage

How the Chemical Industry Can Learn from 2020 and Prepare for 2021 

February 25th, 2021 (Updated 05/12/2021)

Duncan Hendy

Chemical Industry – Learn From 2020 and Prepare for 2021 Last year presented a lot of challenges for the chemical industry. Robert Smith, an industry expert at Pricefx, even wrote an article on ideas for what the chemical industry could do to prepare when it was clear that suddenly, “business as usual“ would not be enough to sustain an organization.  Well, it’s almost been a year or so since “lockdown”, “quarantine” and “face mask” became part of our daily vocabulary, so, it’s time we took a look back at 2020 and forward to 2021 and beyond.  We spoke to Martin...

Read More

Manage

How to Reduce Overhead & Risk in the Manufacturing Industry

September 2nd, 2020 (Updated 03/24/2021)

Duncan Hendy

Reducing Overhead and Risk for the Manufacturing Industry Considerations are vast in the reduction of overhead and risk for the manufacturing industry. Especially when you’re looking at adapting your business to dynamic market shifts. We are here to help simplify the process. What Is Overhead and Risk in the Manufacturing Industry? In simple terms, overhead is the sum of ongoing business expenses not associated with the production process. Manufacturing overhead such as plant costs, salaries Selling and administrative costs Corporate salaries Risk refers to the risks incurred by manual processes, which can be broken down into three key areas. These...

Read More

Manage

How to Unlock Pricing Potential Trapped in Minds and Excel Sheets

August 31st, 2020 (Updated 03/24/2021)

Tolu Oke
Content Marketer at Pricefx

Release the Pricing Potential Trapped in the Minds and Excel Sheets Of Your Organization Global spending on digital transformation is predicted to grow to $1.3 trillion in 2020. But, a Pricefx survey of pricing professionals found that 54% still relied on Excel as their primary pricing tool, as opposed to cloud-based software that offers far superior performance for reasons discussed in this piece.   This startling figure shines a light on the lack of investment that companies are making in their pricing infrastructures, and hints at the masses of powerful pricing discoveries that lie trapped in Excel documents and the minds of...

Read More

Manage

Service Contract Pricing: How to Tap into That Lucrative Stream of Recurring Revenue

August 13th, 2020 (Updated 03/24/2021)

Avrogan
Strategy and Consulting at

Service Contract Pricing: How to Tap into That Lucrative Stream of Recurring Revenue – Webinar We believe the era of product ownership is on its way out. Nowadays, more and more companies are trying to gain higher maturity in servitization. This is not only because they want to have more predictive and continuous revenue streams, but also because their clients are asking for such a way of conducting business. Every day, more companies are asking their vendors to provide outcomes they need without having the burden of owning types of machinery or assets that require extensive maintenance and attention. Companies...

Read More

Manage

How to Eliminate Margin Leakage in the Manufacturing Industry

July 22nd, 2020 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

Eliminating Margin Leakage in the Manufacturing Industry   Margin leakage can have a devastating effect on your profits, leaving your “pocket price” – the amount of money you receive after all discounts and incentives have been accounted for – way below the value stated on your price list. Margin leaks range in threat level from drips to torrents, but as anyone who’s ever experienced a weeping pipe will attest, a drip can be every bit as damaging as a flood! In this article, we identify the critical sources of margin leakage in the manufacturing industry. And explore how the manufacturing...

Read More

Manage

Pricing Matters and PPS Webinar: How to Navigate Pricing Ethically

May 28th, 2020 (Updated 03/24/2021)

Gabriel Smith
Chief Evangelist at Pricefx

In the third and final installment on the topic of ethical pricing, Ian and I take it to you, the audience. In a live webinar with Professional Pricing Society, we give an overview of the topics covered in previous episodes of the podcast and answer questions from pricers and other business professionals from around the world.   So, if there are any questions that you wanted to ask or comments that you wanted to make, perhaps you can find them echoed in the questions and comments of those who attended.   You can watch the webinar here or listen to the podcast here or wherever else podcast are streamed. Enjoy!  ...

Read More

Manage

Pricing Matters: Navigating the Ethical Minefield of Pricing and Technology

May 26th, 2020 (Updated 03/24/2021)

Gabriel Smith
Chief Evangelist at Pricefx

Pricing Matters Podcast S01E03: How to Navigate the Ethical Minefield This episode of Pricing Matters was recorded during a Professional Pricing Society webinar. Gabe and Ian walk listeners through the ethical continuum and take questions on how to apply ethical pricing practices to real-world problems. You can listen to the full podcast here or on any other podcast streaming podcast of your choice, read along, or watch the full webinar from PPS here.  If you want to take the discussion offline, then tweet at me (@SwEvangelist) or Dr. Ian Tidswell (@itidswell) with the hashtag #pricingmatterscast.  Enjoy!  Meagan Ford  My name is  Meagan ...

Read More

Manage

Addressing the Impact of the Coronavirus on the Chemical and Process Industries 

July 2nd, 2020 (Updated 03/24/2021)

Robert Smith
Industry Advisor at Pricefx

What is the Impact of COVID-19 on Chemicals and Process Industries? We’ve now conducted business for several months under the shadow of COVID-19, and it’s likely dramatically impacted our businesses and goals for 2020.  Some sectors have seen significant decreases in demand for products, which may be starting to rebound as economies reopen and employment increases.  Some sectors more closely tied to medical, hygiene, and food packaging have seen unprecedented demand and challenges in maintaining supply to customers.    A high degree of uncertainty remains on business conditions for the months ahead, as economies restabilize and the potential for a second wave of COVID-19...

Read More

Manage

How the Best B2B Businesses Achieve Pricing Excellence

March 19th, 2021 (Updated 03/24/2021)

How to Achieve Pricing Excellence in a B2B Environment   David Burns and Chuck Davenport, partners at Bain & Company, share their experience about helping B2B organizations get the most out of their pricing. According to David, no matter where any company is in the pricing maturity model, there are always a few 100 hundred points of value available. In this talk, David and Chuck, explore the main features of pricing excellence based on data collected from 2000 B2B companies.  B2B Companies Achieve Pricing Excellence  Find Out:  Which 16 pricing levers any organization needs to be aware and in control...

Read More

Manage

How to Double Your Price Increase Success Rate

March 19th, 2021 (Updated 03/24/2021)

Joanne Smith
President at Price to Profits Consulting

How to Increase Prices Successfully Price increases are usually a sore topic for any organization. Sales hate them because it means having uncomfortable conversations with current customers and can be a harder sell for new prospects. On the other hand, customers hate them because well, they’re an increase. However, whether it’s market forces, inflation, or a company realizing that their product is undervalued, organizations like yours need to be prepared to introduce price increases in a way that is fair and gets everyone within your organization on board.   Whatever your legitimate reason for a price increase, in this talk,...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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.  ...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

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...

Read More

Manage

Bridging the Gap from Implementation to Compliance Within the Sales Team

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

Duncan Hendy

How Do You Improve CRM Use Compliance with Your Sales Team?  If sales are flat, your company may want to implement a solution to upgrade your team’s approach to gaining new customers or upselling current ones. Sometimes, there’s a gap that need not exist between available tools and a mindset.  The Gap  The main reason salespeople do not use CRM (customer relationship manager) software combined with pricing software is because they approach their jobs from a people angle, not an analytical or data angle. Salespeople are people-oriented, not data- or analysis-oriented. If a person prefers working with data, machines, or other more neutral things s/he is not going to enjoy sales. On the other...

Read More

Manage

Configure, Price, Quote: Value for Profitable Business

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

Tolu Oke
Content Marketer at Pricefx

Configure, Price, and Quote – The Throughway to Maximized Value Companies use configure-price-quote (CPQ) software to establish prices accurately and competitively for their products or services. The software uses information from the wide, ever-changing field of data particular to the company’s area of business. It takes into consideration your business rules and objectives, and, importantly, it uses the intuitive wisdom you and your associates have gained from owning and operating the enterprise now and in the past.  CPQ is not only software, it is also a method of combining the many variables that constitute a current price for a service or product. It’s logical to view the method as first configuring the information (configure), then formulating a price (price), and finally establishing it (quote).   Configure ...

Read More

Manage

The Business Intelligence That’s Essential for E-commerce

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

Tolu Oke
Content Marketer at Pricefx

What Is Business Intelligence?  The concept of business intelligence is nothing new. In fact, Howard Dresner (at the time, a Gartner research analyst, now Chief Research Officer at Dresner Advisory Services) coined the term way back in 1989. The technological landscape has changed massively since then, but business intelligence, which is a catch-all term for a wide variety of tools, applications and methodologies, still refers to the ways that we can deliver information to end-users without needing them to be experts in operational research.   By harnessing the power of business intelligence, you can turn big data into big opportunities for...

Read More

Manage

What Are the Phases of a Project’s Life Cycle?

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

Tolu Oke
Content Marketer at Pricefx

In the digital age, it is crucial that you are open to change, especially if it leads to your company having the competitive edge when it comes to pricing management.   But changing processes throughout a project life cycle can feel daunting, especially if you’ve worked the same way for twenty-odd years and feel comfortable with the flow you’ve become accustomed to.   The bottom line is, you shouldn’t need to make any changes at all unless there’s a tangible benefit to doing so. While some processes within your company can stand the test of time, others, such as your pricing...

Read More