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

Realize

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...

Read More

Insight

How COVID-19 is Affecting Life Sciences and Medical Devices Industries

March 30th, 2020 (Updated 03/24/2021)

Radha Patel
Solution Strategy Ninja at Pricefx

How COVID-19 is Affecting Life Sciences and Medical Devices Industries Even those of us living under rocks couldn’t have slept through the global health crisis that is taking over our lives.  A mere four months ago, it was nothing more than a handful of people in China having somehow contracted pneumonia after visiting a seafood market in Wuhan. But testing showed similarities to SARS-CoV and MERS-CoV.  A new CoV virus was on the scene –coronavirus-2019 (COVID-19).  Today, Coronavirus has become a global health emergency calling for united worldwide action. We’ve seen heavy restrictions on travel, constraints on trade, an almost complete shutdown of the hospitality industry, companies frantically scaling their work-from-home policies to the entire workforce, schools closing...

Read More

Realize

Excel vs Pricing Software: Accelerating Time to Pricing Excellence

April 16th, 2020 (Updated 03/24/2021)

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...

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

Insight

Pricing Matters Podcast Episodes

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

Gabriel Smith
Chief Evangelist at Pricefx

Pricing Matters Podcast Directory   You can find all of the episodes from Pricing Matters with links to show notes, transcripts, and YouTube videos for each episode.   S01E01: The Pricing Continuum: Where Do You Land? In this first episode of Pricefx’s new podcast series, Pricing Matters, regular host and Pricefx chief evangelist, Gabriel Smith, speaks with pricing influencer, Dr. Ian Tidswell, about the very burning issues of ethical pricing and mission-driven pricing.   Transcript and show notes YouTube Video S01E02: The Dark Side of Pricing: What It Is and How to Avoid It In this second episode of Pricefx’s...

Read More

Realize

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...

Read More

Insight

What to Expect from Life Sciences – Pricing Trends and Predictions 2020

February 5th, 2020 (Updated 03/23/2021)

Radha Patel
Solution Strategy Ninja at Pricefx

Pricing Predictions and Trends for 2020: Life Sciences  Life Sciences is the umbrella term for companies and research organizations dedicated to improving organism life (human, animal, plant), and includes pharmaceutical, biotechnology, and environmental sciences, among many others.  The Life Sciences industry is in constant flux as breakthroughs continuously disrupt the status quo, impacting the economy and job growth.  Predictions:  According to the Deloitte Global Healthcare Outlook for 2020, global healthcare spending is expected to continue to slow in the short term (as it did from 5.2% in 2018 to 3.2% in 2019, thanks to currency shifts and geopolitical pressures like trade tensions and Brexit). But in the longer term, it is expected to rise, with a compound annual growth rate (CAGR) of 5%,...

Read More

Insight

Pricing Matters Podcast: Mission-Driven, Sustainable & Ethical Pricing ep.1

February 25th, 2020 (Updated 03/24/2021)

Gabriel Smith
Chief Evangelist at Pricefx

Ethical Pricing Continuum: Mission-Driven Pricing In our first episode of Pricing Matters, we discuss the ethical pricing continuum broadly and mission-based pricing specifically. For your comfort, we’ve provided three ways you can use to experience the podcast. Listen to the podcast with the embedded player below, read along with the transcript, or watch the video on YouTube. If you want to take the discussion offline, then tweet at me (@SwEvangelist) or Dr. Ian Tidswell (@itidswell) with the hashtag #pricingmatterscast. Enjoy! Gabe Smith:  Hello everyone and welcome to Pricing Matters. This is the first in a series of discussions we plan to work on during...

Read More

Insight

What to Expect From Industrial Distribution: Pricing Predictions & Trends 2020

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

Garth Hoff
Principal Pricing Solution Engineer at Pricefx

Pricing Predictions and Trends for 2020: Industrial Distribution Industrial Distribution is the movement of goods through a supply chain (purchasing, processing, and selling) – from materials producers to end-product manufacturers.   As with most industries in recent years, it is undergoing unprecedented levels of change, with digital transformation disrupting the status quo at every link.  Pricing Predictions: 1. Increased Costs Will Push Prices Up  It is an extremely uncertain time for industrial companies.  Global economic growth has slowed, and the geopolitical and macroeconomic climates are volatile to say the least. In fact, as of November 2019, only 30% of the G-20 countries (which represent around 74% of the global gross domestic product),...

Read More

Insight

What to Expect from the Chemicals Industry – Pricing Trends & Predictions 2020

February 17th, 2020 (Updated 03/23/2021)

Robert Smith & Garth Hoff
Industry Advisor at Pricefx & Global Director of Solution Strategy at Pricefx at

2020 Predictions and Pricing: Chemical Manufacturing    Central to the modern world, the diverse chemical manufacturing industry (across oil, gas, plastics, and chemicals) has seen a tumultuous decade, with macroeconomic and business environmental factors gaining strength.   Looking forward, adaptability will be key.   Predictions for the Chemicals Industry 1. Ongoing Uncertainty and Volatility  On top of the expected uncertainty and volatility in the chemical industry in 2020, COVID-19 has added yet another dimension of uncertainty.  While late 2019 estimates already expected a drop in overall manufacturing levels for 2020, current events have caused a reset on demand expectations in the chemical industry in 2020. While recovery is expected in the second half of 2020, the amount of recovery is very dependent on the downstream markets served and the degree of a resurgence of COVID-19 as...

Read More

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...

Read More

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...

Read More

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...

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

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...

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

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...

Read More

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...

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

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...

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

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...

Read More

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,...

Read More

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...

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