Pricefx Gold Winners – Gold Stevie® Award in Manufacturing
September 10th, 2020 (Updated 03/24/2021) | 6 min. read
We’re Manufacturing Leaders – Gold Stevie® Award In 2020 International Business Awards®
Pricefx has just been awarded the Gold Stevie® Award In 2020 International Business Awards® in the category of manufacturing solution. The award was determined by the average scores of judges comprising of executives from around the world. Out of the over 3800 submissions, we’re proud of the fact that experienced leaders view Pricefx’s solutions as a driver to help manufacturers leverage pricing opportunities within their organization, even in these extraordinary times.
“Despite the unprecedented impact the COVID-19 pandemic has had on organizations and working people worldwide, the number and quality of nominations we received in this year’s International Business Awards attests to the continued outstanding performance of many organizations. The commitment we’ve seen through these nominations to maintaining the success, health, and safety of employees, customers, and communities is truly impressive,” said Stevie Awards president Maggie Gallagher.
Here are some of the tools that we believe are the key to a pricing manufacturer professional’s success:
Improving Business Agility in the Manufacturing Industry with AI and ML
Agility is perhaps the preeminent word in any industry’s lexicon today but possibly none more so than the manufacturing industry. By being agile, companies can be active participants in their success through being better able to respond to unstable markets. However, if you don’t have a systematic and automated way to manage price lists and contracts, not only will you be slow to change, you might leave money on the table for each day you’re cannot adapt.
PriceBuilder gives you the ability to define a pricing strategy specifically tailored to your business. You can run price calculations using variants based on any combination of multiple factors like:
- Purchase data
- and attribution
It also enables the creation of price policy definitions, price guidelines, and real-time pricing simulations (of gross, special, and net prices) to test how discounts and offers might impact your margins.
Dynamic pricing will give you real-time insights into the economics of your business at an extremely granular level, transforming your business agility and packing a powerful punch to the bottom-line.
PriceOptimizer and PriceOptimizerAI take your pricing strategy up several notches with machine learning and data science techniques. With artificial intelligence helping you to optimize your pricing strategies, segments, volumes, and margins, and execute real data-driven price management, you will be able to be a proactive participant in day-to-day business strategies.
PriceAnalyzer brings accurate insights into your pricing, margins, customers, and products to help you identify pricing opportunities and margin leakage. When you have real insights into how you’re performing across those factors, you’re better able to make decisions with a clear vision of where you want to aim.
The customizable interface allows you to design your own role-based analysis dashboards where your team can access real-time data and instant insights, as well as create benchmarks based on factors like customer segments and products.
Eliminate Margin Leakage in the Manufacturing Industry
Like any leak, you first have to know where the leak is coming from before you can close it. In manufacturers, that hole usually comes from too many or such high discounts and incentives are given that the pocket price falls way below list price.
If you chose to tackle this by giving your sales team the tools to negotiate with confidence, then PriceOptimizer and QuoteConfigurator are just two of the tools that can help.
PriceOptimizer, which analyzes your business at the most granular level, grouping customers with similar buying behavior into segments, and optimizing pricing strategies for each accordingly. With PO, you can run simulations to identify the best target margins and parameters. Armed with this knowledge, your sales team will be able to negotiate on more solid ground.
The second module, QuoteConfigurator, Pricefx’s CPQ (configure, price, and quote) software, works together with PriceOptimizer to provide sales with instant and error-free responses to price inquiries. Sales can provide quotes faster than ever before and see information regarding similar customer purchases and products, giving them greater confidence to up- and cross-sell.
If on the other hand, you need to put a plug up margin leaks by managing incentive performance, then RebateManager and PromotionManager might be the tools you need. With these tools you won’t be at the mercy of uniform discounting across your customer base. Instead, you will be able to tap in their individual willingness-to-pay and incentivize individually.
RebateManager deals exclusively with the management and calculation of special off-invoice conditions, rebates and credits. From a custom dashboard inside the module, you can build out any off-invoice agreement, storing it in a rebate library for simulation, testing and tweaking, and optimizing. You can then create custom review and approval processes and once approved, incentives can be sent from RebateManager to your accounting system with ease.
PromotionManager lets you define special bespoke pricing, bundle and discount rules, applying incentives, with varying start and end dates, to individual customers or customer segments. You can manage and monitor all of your promotions easily from one centralized hub, giving you total visibility over any number of campaigns. You can analyze the efficacy of your incentives inside the module, taking what you have learned to inform your next major promotion.
Reduce Overhead Costs and Manage Risk in the Manufacturing Industry
At Pricefx, when we think about the process of managing risk and overheads, we divide your needs into three basic requirements:
- Manage complex strategies as a team with ease
- Bring quoting and negotiating in better alignment
- Decrease the manpower needed to manage rebates
PriceBuilder, QuoteConfigurator, and RebateManager help you to meet and surpass those requirements.
With PriceBuilder, you can define a pricing strategy specifically tailored to your business and your customers by using a wide array of available factors. No more decentralized pricing processes because it centralizes your pricing based on global, regional, customer, segment, or any other business hierarchy levels, all within one application. What’s more, you can dynamically segment your customer bases according to market, cost-plus, value-based or mixed pricing strategies.
Within QuoteConfigurator, you can set the price and margin limits of your products based on list price, volume price and many other distinct categories. It provides seamless integrations with SAP C4C, Salesforce, Microsoft Dynamics and any other CRM solution you are working with. QuoteConfigurator’s dynamic segmentation works based on conformity checks, dependencies, and other factors relevant to your company, allowing you to segment prices dynamically. All of this allows your sales team to access similar customer purchases and products to up-sell and cross-sell to increase the sizes of all their sales.
Again, centrality is at the core of your process with RebateManager. Use RM to manage approvals in one centralized location and transfer them from your pricing software to your accounting systems seamlessly.
Think that we have the right tools to help you improve business agility, reduce overhead, manage risk, and eliminate margin leakage? Speak with the bot on the right and ask it about our Lightning offer, which can help you get up and running in six weeks flat.