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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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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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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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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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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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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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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...

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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 ...

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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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Realize

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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Realize

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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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...

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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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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...

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What Is Digital Transformation and How to Scope A Project with Confidence

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

Duncan Hendy

“Start small, think big…”, Steve Jobs once said, and nothing could be truer of digital transformation. Transforming a company born before the digital age, from one trapped in a past of legacy IT systems and manual processes to one that uses superior technology as its unfair advantage, can seem like an insurmountable task, and if your project scope is flawed, then chances are it will be impossible.   But small changes, enacted immediately, can have a big impact on your business, persuading senior management that having a digital transformation project plan, especially as regards to pricing, is not only a good...

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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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How to Double Your Price Increase Success Rate- Video

May 17th, 2019 (Updated 03/24/2021)

Joanne Smith
President at Price to Profits Consulting

How to Increase Your Price Increase Success Rate Price increases are usually a sore topic for any organization. Sales hates 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.

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Could Pre-Internet (non-cloud) Pricing Software be Costing You Millions?

July 10th, 2019 (Updated 03/24/2021)

Duncan Hendy

Running pre-Internet pricing software is like watching money walk out the door. This is money you could be using to improve processes, hire more people, or buy new equipment. You have to ask yourself, “Why do I continue to ‘throw good money after bad’ by retaining my current software or by thinking of upgrading my present system when there is a better solution?” On-Premise Software Is Costing You By continuing to use on-premise pricing software, you are paying between $350,000 and $1 million for yearly maintenance contracts. Costs frequently run as high as $2 million when you add downtime and...

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3 Negotiation Strategies Pricing Experts Can Use to Let Someone Else Have Your Way

May 11th, 2019 (Updated 03/24/2021)

Lydia M. Di Liello
CEO & Founder at Capital Pricing Consultants

No matter what your role is or who you are, negotiation is polarizing – either you love it or you detest it; no one is lukewarm on this subject. Negotiation is the art of letting someone else have your way. Yes, you read that correctly. The whole point of negotiation is getting what you want while having the other person walk away thinking that they got what they wanted as well. No wonder most people fear attempting this “dance” of words. What makes it so challenging for the vast majority of us? Why do we often avoid “negotiation” and any...

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QuoteConfigurator – 6 Ways to Unlock the Full Value of CRM and CPQ Capabilities

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

Tolu Oke
Content Marketer at Pricefx

If you have been following, Pricefx for any reasonable amount of time, you might have noticed that we are constantly evolving – from our engineering updates to webinars we offer on our products. Our product roadmap is designed with our customers’ needs at the center. As a result, we think of helpful additions to our products so that our customers can benefit from state-of-the-art next generation pricing software. One thing that has always been obvious as our industry moved away from generation 1 pricing solutions is that easy and fast integration is key. After all, no one wants to pay...

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When Dynamic Pricing and Profit Meet

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

Duncan Hendy

When Dynamic Pricing and Profit Meet Key Takeaways: You need to respond rapidly to changes in prices to make sure you stay competitive and profitable Using algorithmic optimization to set up pricing guidelines means you can test any modifications to pricing strategies before going live with them When it comes to defining and managing your pricing strategy, having the ability not only to calculate all product pricing types based on accurate simulations but to publish them quickly will determine the success of your pricing policy. Pricefx’s PriceBuilder allows you to do just that and more… PriceBuilder: Seamless Integration Your Way...

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RebateManager: Don’t Get Stuck in Rebate Management Hell

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

Tolu Oke
Content Marketer at Pricefx

RebateManager: Don’t Get Stuck in Rebate Management Hell Key Takeaways: Handling hundreds of rebate management programs can be time intensive and if not done accurately, could cost your company Implementing a rebate management tool could take years and become extremely expensive because of changes in staff and strategy RebateManager is fast to implement and use so you don’t waste money or time Ask any rebate manager, and they’ll tell you that speed and accuracy are two of the most important factors that they need to do their job well. This becomes even more apparent when there are multiple kinds of...

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Insight

PriceOptimizer: The Art of Not Leaving Money on the Table

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

Tolu Oke
Content Marketer at Pricefx

Key Takeaways: Expansions in product, customer base, regions served and more make it difficult to serve the optimal prices PriceOptimizer can cluster by buying behavior so that pricing professionals can give the right price to the right segment PriceOptimizer uses machine learning to optimize prices across several segments Imagine you have a global sporting goods store that sells every sporting product that you could possibly dream of. Your store in England sells soccer gear including English team jerseys and other similar gear at the same price that you’d sell them in the US. However, the people in the England would...

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Use PriceAnalyzer to Get the Most Out of Your Pricing Data

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

Tolu Oke
Content Marketer at Pricefx

Use PriceAnalyzer to Get the Most out of Your Pricing Data If you’re in the pricing industry, you’ve probably heard it mentioned multiple times over how a 1% increase in price yields an 8.7% increase in profits. Such an increase is definitely something that any company would leap at the opportunity to gain. However, the journey to get there is not straight forward. To get astronomical increases in profits, you first must convince the sales team to adopt a method of increasing prices, not a volume to reach their and the company’s goals. If you happen to make that hard...

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Unlock the Potential of Better Deals with Informed Quoting

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

Duncan Hendy

Key Takeaways: Responding to quote requests with higher accuracy by drawing on pertinent and real-time account-based pricing information means shortening time to quote to a matter of minutes and closing more deals Maximize sales potential and increase your margins according to volume and list prices by giving your sales team easy access to properly configured pricing boundaries Being able to respond to quote requests on an individual basis with higher accuracy and confidence by drawing on pertinent and real-time account-based pricing information means shortening time to quote to a matter of minutes and closing more deals. Never leave your prospects...

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The Power to Create and Define Discounts of Any Complexity

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

Duncan Hendy

Key Takeaways: Having a deep understanding of profit margins and being able to leverage those insights quickly into your promotion criteria, however complex, without affecting your bottom line are the keys to profitable discounting With PromotionManager, you can publish your promotions and update your pricing fast to all of your external systems, including e-commerce and ERP Life can get complex, pricing even more so. When you are determining the structure of your promotional pricing, it is not just a case of making generous offers to win the sale. Having a deep understanding of profit margins and being able to leverage...

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