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How to Structure Compensation Plans to Drive Sales Performance 

September 11th, 2020 (Updated 03/24/2021)

Duncan Hendy

Managing Compensation Plans That Drive Sales Performance  The companies with the highest employee morale and productivity pay a mix of salary and incentives. Financial incentives beyond base pay include commission, overtime, bonuses, profit sharing, stock options, benefits (insurance, vacation, leave, etc.), but what about the other “softer” forms of compensation that drive sales productivity?   There are plenty of ways to restructure your compensation plans to motivate sales teams, maximize productivity, and retain employees and customers. Many can be achieved without spending a penny. These often-ignored methods, explored in detail below, provide real-life solutions for extracting the best performances from each...

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How to Measure Success in a Pricing Digital Transformation Project

September 9th, 2020 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

How You Can Measure Success in a Pricing Digital Transformation    Even in the wake of COVID-19, digital transformation continues to surge in popularity across all sectors. It’s forecasted to increase by 10% in 2020 to $1.3 trillion. Still, despite this sustained growth, some 84% of companies’ digital transformation efforts end in failure. It’s an alarming statistic, but one that seems less surprising when you learn that half of CEOs have no metrics whatsoever for digital transformation success!  It’s vital to remain alert to successes and failures along your digital transformation journey, staving off problems as they arise. Having clear, carefully tracked KPIs in place lets...

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Pricing Matters: Digital Transformation and Pricing Excellence – Your Essential ROI-boosting Tools (Part 2)

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

Gabriel Smith
Chief Evangelist at Pricefx

How to Use Digital Transformation in Pricing to Boost ROI In this second part of our two-parter series, we focus on the impact on companies of not future-proofing their businesses with digital transformation and smart pricing, and the very real risk of them not being around in 10 years! I am once again joined by two Partners from Bain Consulting who are digital transformation leaders and pricing experts: Chuck Davenport and (Paco) Juan Francisco Jimenez. Listen to the podcast with the embedded player below, read along with the transcript, or on YouTube. You can also listen on Spotify, Stitcher, or wherever...

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NEGOCIATIONS ANNUELLES 2021 DERNIERE LIGNE DROITE !

August 18th, 2020 (Updated 03/24/2021)

Bloomkeys

NÉGOCIATIONS ANNUELLES 2021 DERNIÈRE LIGNE DROITE ! – Séminaire en ligne La négociation annuelle des prix est un sujet récurrent pour les entreprises. Par définition, pourrait-on dire. Une étude récente a mis en chiffre une vérité dont beaucoup ont conscience : la réussite n’est pas au rendez-vous. Seulement 17% des entreprises atteignent pleinement leurs objectifs. Le contexte économique actuel ne peut qu’accentuer la difficulté de l’exercice. De la formulation d’une stratégie pertinente à la préparation et facilitation de l’exécution, il existe pourtant une voie pour gagner en efficacité et obtenir de meilleurs résultats. A cette période l’année, la plupart des directions commerciales et marketing ont commencé à travailler sur...

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PricefxPlasma

January 28th, 2021 (Updated 05/26/2021)

Pricefx

Introducing the Pricing Industry’s First Big Data Insights Machine: PricefxPlasma™ Powered by Bain & Company  PricefxPlasma™ is our latest solution powered by global management consulting firm Bain & Company that provides industry-level benchmarking to B2B enterprise companies that need to develop strategic insights on their pricing processes and performance compared to similar companies.   The only solution of its kind in the pricing world, PricefxPlasma gives customers a unique business advantage to improve their pricing strategy and execution. Users can leverage a pre-defined set of more than 20 market-relevant performance KPIs to reveal insights into industry pricing and to measure their pricing performance.  Doing away with anecdotical evidence, generic and poorly defined benchmarks, and pure guesswork when it comes to assessing pricing in a marketplace context, PricefxPlasma is the only...

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Say “Hello” to Velo’s Co-Innovator, Brian Sharp

December 16th, 2020 (Updated 06/24/2021)

Matt Dawood
Partner Marketing Manager at Pricefx

Peeking Behind the Curtain to Say Hello to Velo’s Co-innovator: Brian Sharp Velo is the industry’s first strategic negotiation solution specifically designed to help sellers maximize value on large-deal negotiations. Combining world-class software with a unique service offering, it derives its name from Pricefx’s ValueEstimator (VE) and LargeDealOptimizer (LO) modules, which have been paired with Profit Velocity’s methodology to create a unique offering to companies managing large and highly complex negotiations. An Asymmetrical Competitive Landscape and an Unmet Market Need For many B2B companies, more than 50% of their revenue comes from their top 5-10% of customers, making those customers...

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Pricing Matters: Digital Transformation and Pricing Excellence – Your Essential ROI-boosting Tools

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

Gabriel Smith
Chief Evangelist at Pricefx

Digital Transformation is the Way to Pricing Excellence 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, I’m joined by two Partners from Bain Consulting who are digital transformation leaders and pricing experts: Chuck Davenport and (Paco) Juan Francisco Jimenez. Listen to the podcast with the embedded player below, read along with the transcript, or watch the video on YouTube. You can also listen on...

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Ventana Names Pricefx a Finalist in 13th Digital Innovation Awards

July 9th, 2020 (Updated 03/24/2021)

Pricefx

Innovation in the Sales Department with Pricefx Pricefx has just been named a finalist in Ventana’s 13th Annual Digital Innovation Awards in the category of Office of Sales. In order to be a finalist in this category, candidates must, “exemplif[y] innovation in the application or technologies that support the sales organization”. We believe that our dedication to innovation and providing the very best in cutting edge solutions to the market are just some of the reasons we have received this honor.  Here are just three of the most recent innovations that we have invested in to make pricing faster and simpler.  ...

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Chemicals Pricing: A Vision for 360 Degree Profitability in a Time of Constant Change

April 15th, 2020 (Updated 03/24/2021)

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

Profitable Change for Chemical Industry Pricers “To improve is to change; to be perfect is to change often.” It wasn’t your manager who said that… it was one of the greatest crisis managers of our time, Winston Churchill. He had no shortage of professional and public failure, but learned from his mistakes, adapted, and most importantly persevered. Perfection in pricing depends on the ability to implement intelligent changes, with minimum friction, over a long period of time. Globalization, trade barriers, feedstock prices, volatility, commoditization, cost of innovation…. you’ve heard it all before. The science of pricing strategy in chemicals and...

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Excel vs Pricing Software: Accelerating Time to Pricing Excellence

April 16th, 2020 (Updated 09/02/2021)

Examine the Value Difference Between Excel and Pricing Software All pricing professionals want to be able to initiate a pricing strategy that will result in higher profits, a smooth sales and quoting process, better pricing analytics, automated list price management and all with flexibility, ease, and speed. So, why do so many organizations use excel instead of pricing software? For many pricers, the reason is legacy tools installed decades ago. But this leaves pricers in a state of reactivity without the much-needed bandwidth to be proactive and lead their organization to pricing excellence. Join Idrissa Diop as he shows the...

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The Difference Between Rebate Processes and Ship & Debit Processes

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

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

The Difference Between Rebate Processes and Ship & Debit Processes    The smartest businesses practice value-based discounting. This means structuring incentives in such a way as to sculpt customer behavior towards meeting specific business goals and objectives. Different discounts are applied to different customers, channels or segments, in a highly bespoke and carefully considered way, taking into account past performance and current market conditions.  Rebates, whereby a customer is re-paid some of their spend in return for hitting certain pre-determined targets, are very effective at eliciting behavioral change. Ship & debits, whereby distributors debit suppliers for goods shipped below list prices, are special pricing agreements that...

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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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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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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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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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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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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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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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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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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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Six Types of Successful Acquisitions

October 2nd, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

A common question in the business world is ‘what is the difference between a merger and an acquisition?’   A business acquisition is a complex process that involves a business acquiring another to increase its overall size, take over their client base and, in many cases, their staff. Business acquisitions allow for a business to bolster their strengths and reduce their weaknesses by growing the business in a much shorter timeline than organically possible.   A business merger is similar to an acquisition but typically results in a combination of the two businesses rather than an absorption. But what is a successful merger and acquisition and how will they affect your business?...

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The Impact Pricing Software Has on Your Company

September 26th, 2019 (Updated 03/23/2021)

Duncan Hendy

All businesses desire maximum profits. This means employing a dynamic ERP (enterprise resource planning) to collect, manage, store, and interpret data in real–time and linking it with all major departments. It also means pricing services and goods at the proper level, which entails determining and implementing prices with the help of an accurate pricing engine. Past practices show companies using Excel spreadsheets to figure optimum prices and to notify the sales end of them. Although workable to some degree, spreadsheets are open to errors, corruption, and manipulation. Pricing software offers a powerful, safe, reliable alternative.  The Basics of Pricing Solutions Pricing software incorporates most of...

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What Does Your Department Stand to Gain From Pricing Software?

September 26th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

Knowledge is power. Having the departments of your company know and use the current prices of your product or service allows them to do their jobs better and more efficiently. This results in an overall good feeling that induces confidence and pride toward the current and future prospects for your enterprise.  Allowing Pricing Software to Help You to Help Your Company  Pricing software is a comprehensive pricing tool that affects the major departments in your business. In a broad sense, raw materials; labor; overhead such as facilities rental, upkeep, and utilities; production costs; advertising; insurance; and the many expenses that owners and...

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Does Your Ship & Debit Process Need Innovation?

March 10th, 2020 (Updated 03/23/2021)

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

How to Upgrade You Ship & Debit Claims Processes   There’s little doubt that off-invoice incentive like trade promotions and ship and debit programs play a pivotal role in the successful sale of bulk consumer and industrial goods. Price agreements outlined between a manufacturer and its distributor/seller can offset changes in the market such as more competition or a change in demand.   When executed properly, this process is win/win for the distributor and company alike. Distributors earn significant portions of their margins from these offers while shifting unsold stock and making room for the company’s new products. While distributor...

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How ERP and Pricing Software Can Help Enterprises Like Yours

August 20th, 2019 (Updated 03/23/2021)

Duncan Hendy

All businesses desire maximum profits. This means employing a dynamic ERP (enterprise resource planning) to collect, manage, store, and interpret data in real–time and linking it with all major departments. It also means pricing services and goods at the proper level, which entails determining and implementing prices with the help of an accurate pricing engine. Past practices show companies using Excel spreadsheets to figure optimum prices and to notify the sales end of them. Although workable to some degree, spreadsheets are open to errors, corruption, and manipulation. Pricing software offers a powerful, safe, reliable alternative.  The Basics of ERP and...

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It’s Time to Improve Your Off-Invoice Reconciliation Process with ChannelManager

August 16th, 2019 (Updated 03/23/2021)

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

Optimize Your Ship and Debit Claims Process   There’s little doubt that ship & debit programs play a pivotal role in the successful sale of bulk consumer and industrial goods. This is especially due to the fact that the price adjustment agreements outlined between a manufacturer and its distributor/seller can help to offset changes in the market such as more competition or a change in demand.   When executed properly, this process is win/win for the distributor and company alike. Distributors earn significant portions of their margins from these offers while shifting unsold stock and making room for the company’s...

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The Four Models You Need For Change Management

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

Duncan Hendy

Change is a challenge within any business. It brings up a plethora of navigational issues whether they be from your team, from new systems lacking critical elements or strongly embedded processes that are hard to shift away from.   As a manager, it can be easier to avoid innovation and instead continue to use systems that are tried and tested, despite how out of date they may be.  But you needn’t be so quick to despair or to feel forced to choose the ‘safe’ option, there are methods which you can utilize in order to create a smooth transition process and...

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Resistance Is Useless: 7 Steps to Getting Digital Transformation Buy-In

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

Tolu Oke
Content Marketer at Pricefx

Digital transformation is the ultimate change management challenge for any company. Every corner of a business is connected, from each individual task and activity to companywide processes and models. And it is this inter-dependency that makes digital transformation so essential. And so challenging. It’s a major upheaval. It disrupts current processes, forces teams to change the way they work, and costs a pretty penny too. It’s no wonder the company puts up such a fight. “I have to learn new software?” “But we’ve always done it this way.” “That’ll take ages!” “A robot can’t tell me how pricing works!” “The...

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