Pricing Tool Self Sufficiency (Busting Vendor Dependency)

In today’s fast-paced business environment, pricing software has become an essential tool for organizations looking to stay competitive and maximize their profitability. For many companies, the initial reliance on pricing software vendors for support, integration needs, data science requirements, and updates is often necessary. However, as businesses evolve, the need to achieve pricing tool self-sufficiency becomes increasingly crucial. Relying less on vendor support and becoming more self-reliant in managing, adapting, and optimizing pricing strategies and the technology that supports them is key to maintaining agility and staying ahead of the curve.

At Pricefx, over the decade and more, we have assisted hundreds of customers to migrate their pricing needs over to a true cloud native pricing software solution from their Excel spreadsheet pricing set-up, or from outdated first-generation legacy on-premises pricing systems. As part of that process, we consider it a critical part of our duty of care to our clients to give them training and understanding of their purchased pricing software. Of course, an integral part of the process is providing the best possible training and knowledge that organizations not only need to succeed, but also to operate their pricing solution independently.

In this article, we will explore the importance of pricing technology self-sufficiency, how it can help organizations break free from vendor dependency and of course, how we facilitate pricing solution self-sufficiency at Pricefx.

Why Pricing Software Self-Sufficiency is Important

Pricing tool self-sufficiency refers to an organization’s ability to maintain and modify their pricing software without relying on their vendor or implementation partner for assistance. This self-sufficient approach can help organizations optimize the cost of solution maintenance, gain greater control over how the pricing is set up and maintained, and reduce their dependence on their vendor.

The Cost of Dependency

Vendor dependency often comes with its own set of challenges and costs. Waiting on the vendor for each query, patch or update can be time-consuming, hindering swift decision-making processes. Furthermore, frequent reliance on vendors for technical assistance may accrue significant expenses over time. These limitations can impede the company’s ability to react promptly to market changes and capitalize on emerging opportunities.

The Power of Self-Sufficiency

Pricing software self-sufficiency is the roadmap to liberating your business from these constraints. It involves training and empowering resources to maintain, modify, and even innovate using the pricing software. This approach not only reduces dependency but also optimizes the costs associated with solution maintenance, allowing the business to channel resources into strategic initiatives.

Facilitating Pricing Software Self-Sufficiency: Vendor Approaches

Different pricing software vendors adopt varying approaches to enable their customers to attain self-sufficiency in managing their pricing strategies and tools. These approaches are tailored to the unique needs of businesses and their internal capabilities. Some vendors prioritize comprehensive training programs, while others may focus on providing extensive documentation and support resources.

Training and Certification Programs

Some vendors prioritize in-depth training and certification programs for their customers. These programs equip internal resources with the necessary skills to navigate, configure, and optimize the software. They typically include structured learning paths, hands-on exercises, and certification exams to ensure that the team members become proficient users of the software.

Extensive Documentation and Support Resources

On the other hand, some vendors place a strong emphasis on creating comprehensive documentation and support resources. They offer extensive knowledge bases, user manuals, video tutorials, and FAQs to guide customers through various functionalities and troubleshooting processes. This approach empowers users to access self-help resources whenever they encounter challenges or require assistance.

Collaborative Mentoring and Shadowing

Some vendors also take a collaborative approach, providing personalized mentoring and shadowing sessions with their project teams. This hands-on guidance ensures that customers not only learn to use the software but also receive real-time assistance, insights, and mentorship. This method allows for a more tailored, interactive learning experience, fostering a deeper understanding of the software’s capabilities.

By offering these diverse methodologies, pricing software vendors aim to cater to a wide spectrum of businesses, ensuring that each client finds an approach that aligns with their organizational structure, resources, and preferences. These initiatives aim to empower businesses to become self-sufficient in managing their pricing strategies, leveraging the software to its fullest potential, and driving impactful results.

How Pricefx Does Pricing Software Self-Sufficiency

Self-Sufficiency Defined; The Pricefx Way

Pricefx defines customer self-sufficiency as “an ability to maintain and modify Pricefx custom solutions with the help of internal customer resources. This approach can help customers be less dependent on the Pricefx team and optimize the cost of the solution maintenance. To achieve self-sufficiency, customers must provide suitably skilled resources to be trained, certified, and mentored by Pricefx.”

Keeping self-sufficiency and cost-effectiveness at the forefront, Pricefx introduces a learning path designed to empower customers in maintaining and supporting their solutions using internal resources.  This unique offering currently focuses on 3 foundational tech paths: configuration engineering, integration engineering and optimization. Whilst not the primary self-sufficiency focus, Pricefx also features on an ‘admin class’ that focuses on end users, super users, and tech users. 

 

By equipping users with the tools to oversee their processes, this initiative fosters a sense of ownership.

 

Self-sufficiency in Pricefx is designed as a 2-step process:

 

Step 1 – Foundational training which is provided by Pricefx.

Step 2 – Knowledge transfer from the implementation team with step-by-step inclusion of the training resources into the project team (3 to 6 months in duration) depending on the project complexity and skill level of the trained resources.

 

These processes ensure a pathway for long-term autonomy and eventually, developing an internal center of excellence where more experienced resources can help with this step 2, and continuously help in maintaining self-sufficiency This emphasis on understanding paves the way for long-term autonomy and competence.  

 

However, the benefits extend far beyond individual empowerment.

 

Self-sufficiency translates into tangible advantages for the organization as a whole.

Companies that embrace this approach and bring solution support in-house unlock substantial advantages in cost optimization. They navigate solution maintenance with greater efficiency and reduced reliance on external vendors, resulting in cost savings that can be redirected to pivotal budgetary needs.

This shift toward internal expertise not only ensures a sustainable and self-reliant system but also allocates resources more strategically. The savings generated from streamlined maintenance processes become available for critical investments, bolstering key areas essential for the organization’s growth and innovation.

Beyond the empowerment of individual users, the embrace of self-sufficiency becomes a catalyst for organizational efficiency and resource allocation. It fosters a culture of competence, self-reliance, and cost-effectiveness, enabling companies to steer resources towards endeavors that drive impactful growth and development.

The Roles Covered by Pricefx Self-Sufficiency Training

Pricefx offers training for several roles, including Configuration Engineers, Integration Engineering, Super Users for UI (User Interface) and Support, and End-User Onboarding & Training as follows:

Configuration Engineer – Maintains the existing solution, implements new simple/medium level requirements, and fixes bugs.

The foundational training for Configuration Engineers is 8 weeks in duration (~80 hours) over a 2-month period with a mix of instructor-led classes and self-study ensuring the quality of the skills with the certification exam by the week 8.

After the foundational training, shadowing, and mentoring should occur for approximately an additional 4 months.

Integration Engineering – Maintains existing integration connections, updates data sources, and fixes data-related bugs.

The foundational training for Integration Engineers is 4 weeks in duration (40-hours total time investment) over 2 months.

Following the Integration Engineering foundational training, shadowing, and mentoring should occur for approximately an additional 2 months.

Optimization Engineer – Maintains the existing pricing science solution and can apply changes to the existing data science models. This learning path is only for experienced certified configuration engineers. The course can be customized to the customer’s needs.

The foundational training for Optimization Engineers is 2 weeks in duration (30-hours total time investment) over a single month.

Following the Optimization foundational training, shadowing, and mentoring should occur for approximately an additional 2-4 months.

Super Users for UI and Support – User management, User Interface (UI) management, and configuration, 1-level of support (“forgot the password; how to find something” type of problems) & 2-level of support (integration and data).

The foundational training for Super Users for UI and Support is usually 2 weeks in length, involving 30 hours with self-study, and after foundational training, a solution/customer-specific deep dive may be required.

End-User Onboarding & Training – Custom user scenario reference guides, documentation, and learning paths. Relevant for big organizations with multiple BUs that have many users and user turnover.

Pricefx goes above and beyond in supporting its customers by offering tailor-made solutions for onboarding. This personalized onboarding material serves as a comprehensive guide, facilitating the smooth integration of new users into the Pricefx solution while simultaneously acting as a valuable reference for existing users.

What sets this service apart is its fully customizable nature, allowing customers to align the content seamlessly with their internal training materials. The primary outcome of this specialized training is a meticulously crafted digital learning path. This path is designed step-by-step, enriched with custom content, engaging videos, and practical exercises—all set within the customer’s QA (Quality Assurance) environment. It is a dynamic resource that not only educates users but empowers them to navigate the intricacies of the Pricefx solution efficiently.

How to Initiate Pricefx Self-Sufficiency Training

Embarking on Pricefx self-sufficiency training is a straightforward yet pivotal process in both maximizing your team’s potential and making the most out of the Pricefx solution as a customer

The first step involves connecting with your Customer Success representative — a gateway to kickstarting this empowering journey. Here, you outline your specific needs and expectations, paving the way for a tailored training program. The subsequent step involves scheduling a session with the Pricefx training team. This session serves as a pivotal juncture, where plans are outlined and costs estimated, ensuring alignment with your objectives.

Once the groundwork is set, it is time to identify potential candidates within your team. Pricefx steps in to assist here, providing insights into the required skillsets, ensuring the right fit for the training. With candidates in place, the self-sufficiency training commences, tailored to fit seamlessly within your team’s dynamics. Throughout this journey, constant tracking of progress is facilitated, with your Customer Success Manager (CSM) serving as a reliable guide. This collaborative approach ensures that your team not only gains expertise but also thrives in a self-sufficient environment, continuously supported by Pricefx. 

To learn about Pricefx self-sufficiency training in greater detail including cost and guidelines on availability, required number of attendees etc., please click here.

Advancing with Technology

While becoming self-sufficient in pricing software operation is a commendable goal, it is essential to acknowledge that technology constantly evolves. Pricefx, like many other software providers, consistently upgrades its functionality and capabilities. Embracing self-sufficiency does not mean ceasing to upgrade or adapt; it means adapting with the software, growing with its advancements, and leveraging its evolving capabilities to unlock new profit opportunities.

As businesses evolve and the software advances, the journey towards self-sufficiency becomes an ongoing endeavor. The commitment to self-sufficiency ensures that the company stays agile, adaptive, and fully in control of its pricing strategies, facilitating the exploration of new avenues for growth and profitability.

However, Pricefx training can have more benefits than pure self-sufficiency alone.

To learn seven specific benefits of Pricefx software training, check out the article directly below:

Choose the RIGHT Self-Sufficient Software for You

Now you know that pricing software self-sufficiency is an essential component of any organization’s pricing strategy. By becoming self-sufficient, organizations can reduce their dependence on their vendor, save time and money, and gain greater control over their pricing strategy and data science requirements.

Different pricing software vendors have different approaches to self-sufficiency to their pricing solutions, and organizations should carefully consider their options when choosing a pricing software vendor. By choosing a vendor that supports pricing tool self-sufficiency, organizations can break free from vendor dependency and stay ahead of the competition.

But on the other hand, just because the pricing software you are considering offers thorough self-sufficiency training does not necessarily mean it may be the right pricing software for your organization. For example, if you are a global manufacturing giant, choosing a pricing solution (even with great training programs) that is designed for retailers could be a significantly bad business decision.

You just need to figure out which pricing software solution is right for you! Check out the article below to help you narrow your choices:

Meanwhile, Happy Pricing!