Fast

COVID-19 and the Pressure of Digital Transformation in Pricing

September 18th, 2020 (Updated 03/23/2021)

Duncan Hendy

COVID-19 and the Pressure of Digital Transformation  Pre-COVID, most companies were in the early stages of ambitious digital transformation programs, but now they no longer have the luxury of time. In just a matter of months, digital adoption has been thrust forward several years. Digital initiatives that companies have been eternally putting off have become the top priority, albeit adapted through the lens of the “new normal”.  Adopting a Through-Cycle Mindset to Change While it might feel counterintuitive to invest against a backdrop of plummeting revenues, missed budget estimates, higher costs, and strained employees, technology and infrastructure, this is precisely the right time to advance your digital agenda.   While some CEOs...

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Realize

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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Manage

Applying a Change Management Perspective to Digital Transformation 

September 8th, 2020 (Updated 03/24/2021)

Duncan Hendy

Change Management Principles to Aid Your Digital Transformation Successful digital transformation requires making fundamental changes to cope with a new, globalized, technology-driven market environment. But employees are instinctively resistant to change. Rosabeth Moss Kanter identifies ten reasons for such reluctance. These include a loss of control, uncertainty, breaking habits and routines, loss of face, concerns about competence, and the false belief that change equals more work!   The answer to a smooth rollout of digital transformation technology and processes is adopting a change management perspective. Here’s how you can make change management work within your organization.  Working with the Salesforce for Change Management  Sales teams are particularly resistant...

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Manage

How to Unlock Pricing Potential Trapped in Minds and Excel Sheets

August 31st, 2020 (Updated 03/24/2021)

Tolu Oke
Content Marketer at Pricefx

Release the Pricing Potential Trapped in the Minds and Excel Sheets Of Your Organization Global spending on digital transformation is predicted to grow to $1.3 trillion in 2020. But, a Pricefx survey of pricing professionals found that 54% still relied on Excel as their primary pricing tool, as opposed to cloud-based software that offers far superior performance for reasons discussed in this piece.   This startling figure shines a light on the lack of investment that companies are making in their pricing infrastructures, and hints at the masses of powerful pricing discoveries that lie trapped in Excel documents and the minds of...

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Realize

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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Fast

Digital Transformation – Why It’s Vitally Important to Pricing

January 27th, 2021 (Updated 03/24/2021)

Pricefx

First, we’ll look at: What pricing excellence is and why being smart just isn’t enough What you should be looking for in a pricing tool And then we’ll dig deeper into our value drivers: Why speed wins business and how you can leverage it An opportunity to shed your on-premise past How the right tools can reduce total cost of ownership How technology can boost flexibility, adaptability and productivity How you can turn your team of analysts into a team of strategists Then we’ll explore: The importance of change management in digital transformation Your basic building-blocks for change The true...

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F-Words

ASUG Best Practices: SAP for Industries

September 3rd, 2020 (Updated 03/24/2021)

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

ASUG Best Practices: SAP for Industries The team that unites the SAP for chemicals network annually is excited to host a complimentary virtual experience designed to keep you connected. Join ASUG Best Practices: SAP for Industries Sept. 23–24 for content specifically designed for the SAP for chemicals ecosystem. Learn how your peers have optimized their supply chains, journeyed through SAP S/4HANA implementations, and built sustainable and resilient operations that can conquer disruption. We look forward to connecting with you virtually and seeing you again in 2021 when our in-person ASUG Best Practices: SAP for Chemicals conference resumes. Click the image below to register:...

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FYI | Fast

Embracing Pandemic-Driven Change in Business

January 12th, 2021 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

Pricefx 2021: Embracing Pandemic-Driven Change  2020 was a challenging year, to say the least, with a global pandemic and mandatory work-from-home initiatives impacting virtually every business across every industry.  In spite of the difficulties, thanks to the company’s focus on attaining new funding, expanding global market leadership and accelerating product innovation, Pricefx grew its year-over-year subscription revenue by 44%.  Our commitment to product innovation kicked off with the release of Lightning, our turnkey solution that delivers pricing analytics, management and CPQ realization tools able to go live in just six weeks.  Our acquirement of Brennus Analytics brought additional advanced AI technology and a team of AI professionals into our mix, leading to the launch of our ground-breaking Vesper release and the Unity UI – PriceOptimizer AI.  We partnered with Bain & Company to launch three price accelerators to assist Bain customers with discounting, pricing leakage...

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Realize

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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Fast

Beyond Pricing: Why Digital Transformation is Vital to Pricing Success

April 17th, 2020 (Updated 03/24/2021)

Robert Smith
Industry Advisor at Pricefx

Embrace The Future of Pricing Pricing professionals the world over 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 rely on pre-Internet pricing tools to reach their modern goals? Join Robert Smith as he outlines: – why digital transformation is vitally important to you pricing – how to move past basic pricing functions to a more proactive and dynamic pricing strategy – how to build a customer-centric and...

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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...

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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...

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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...

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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...

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Fast

Why You Need to Hire a Business (Pricing) Analyst Right Now 

November 12th, 2019 (Updated 03/23/2021)

Tolu Oke
Content Marketer at Pricefx

Business (Pricing) Analysts: Why You Need to Hire One to Your Team What exactly is a business analyst, and does your business need one? There is often much confusion around this role, so here is a handy breakdown for you to give you some helpful clarity.   In this article, I will cover the following topics:  The definition and role of a business analyst   Business analyst qualifications  The six steps of business analysis  The role of business analysts in system integration  The benefits of system integration What Is a Business Analyst?  Business analysis as defined by the International Institute of Business Analysis (IIBA) in the A Guide to the Business Analysis Body of Knowledge (BABOK) is: ...

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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...

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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...

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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...

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Fast

How to Get Started with Process Mining

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

Duncan Hendy

Steps to Process Mining for Your Business Process mining functions as the solution for two major issues in business process management. Firstly, some businesses are too busy looking at the way they want their processes to perform instead of looking at their current state in order to build an efficient roadmap from A to B. Conversely, other businesses are spending too much time looking at their current systems and are barely making incremental improvements to them.  Secondly, businesses don’t have adequate information as to how their processes are performing and lack the technology to provide appropriate data.  Process mining software allows businesses...

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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...

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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...

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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...

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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...

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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,...

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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.  ...

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Manage

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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Manage

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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Fast

Bridging the Digital Transformation Gap – Consolidating Pricing During an Acquisition

October 5th, 2019 (Updated 03/24/2021)

Duncan Hendy

How to Navigate Digital Transformation in Pricing During an Acquisition 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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