The Top 4 Pricing Functions Pricefx Offers Manufacturers
The Top 4 Pricing Functions Pricefx Offers Manufacturers Manufacturing industries are currently dealing with price increases in everything from steel to produce, wooden pallets and everything in between, and the increasing prices in raw materials have are eating into their margins. Manufacturing companies are also reeling from the impact of work shortages and increased labor expenses. Additionally, supply-chain woes are placing pressure on manufacturers to raise product prices as demand for many goods rebounds with the reopening of the post-CoVID economy. In dealing with it, guesswork, hunches, and spreadsheets were okay once upon a time, but times have changed. What...
Key Pricing Metrics Manufacturers Should Be Using
Key Pricing Metrics Manufacturers Should Be Using Terms like “major disruption”, “volatile”, and “all-time high” have become so commonplace over the last few years that they’ve lost their meaning. We’ve learned by now that we have to expect the unexpected and that we have to design our businesses around the idea that everything could upend overnight. If we’re not able to adapt, we simply won’t make it. And this couldn’t be truer than for those in the manufacturing industry. At Pricefx, we have over ten years’ experience helping companies in the manufacturing industry develop successful pricing plans and to respond...
Strategic Price Planning For The Manufacturing Industry
Strategic Price Planning For The Manufacturing Industry The pace of change in the market is unlike anything we’ve ever seen before. And while the manufacturing industry has seen a reasonably fast recovery, industry optimism has been checked by the fear of further disruption and risk. Labor and raw material shortages, sanctions, major transport disruptions, demand outpacing supply, overreliance on low inventories, and hollowing out of domestic capability have all been pushing the price of production up. And the course of history is keeping us permanently on our toes. After a decade helping manufacturers develop successful pricing strategies through technology and...
The Best Manufacturing Industry Trends & Pricing Strategies for 2022
The Best Manufacturing Industry Trends & Pricing Strategies for 2022 Right now, manufacturing industries are reporting price increases in everything from steel to produce, wooden pallets and everything in between. Manufacturers have watched on while increasing prices in raw materials have eaten into their margins. Manufacturing industry trends are also reeling from the impact of work shortages and increased labor expenses. Additionally, supply-chain woes are placing pressure on manufacturers to raise product prices as demand for many goods rebound with the reopening of the economy. Many of these price-related manufacturing pain points result from tariffs while others are an outcome of the Covid-19 shut-downs. However,...
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How to Reduce Overhead & Risk in the Manufacturing Industry
Reducing Overhead and Risk for the Manufacturing Industry Considerations are vast in the reduction of overhead and risk for the manufacturing industry. Especially when you’re looking at adapting your business to dynamic market shifts. We are here to help simplify the process. What Is Overhead and Risk in the Manufacturing Industry? In simple terms, overhead is the sum of ongoing business expenses not associated with the production process. Manufacturing overhead such as plant costs, salaries Selling and administrative costs Corporate salaries Risk refers to the risks incurred by manual processes, which can be broken down into three key areas. These...
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How to Eliminate Margin Leakage in the Manufacturing Industry
Eliminating Margin Leakage in the Manufacturing Industry Margin leakage can have a devastating effect on your profits, leaving your “pocket price” – the amount of money you receive after all discounts and incentives have been accounted for – way below the value stated on your price list. Margin leaks range in threat level from drips to torrents, but as anyone who’s ever experienced a weeping pipe will attest, a drip can be every bit as damaging as a flood! In this article, we identify the critical sources of margin leakage in the manufacturing industry. And explore how the manufacturing...
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How Pricefx Can Enhance Growth Opportunities in the Manufacturing Industry
CMO, Patrick Moorhead sat down with Lewis Weiss and Tim Grady of Manufacturing Talk Radio. Mfg. Talk Radio is a weekly talk show where guests ranging from government officials to leaders in a wide range of topics are invited to speak on significant areas of interest affecting the manufacturing industry today. You can listen to Patrick’s conversation with hosts, Weiss and Grady, as they discuss how to unlock the value of PriceOptimizer, PriceManager, & QuoteConfigurator in the manufacturing industry. Then, Patrick outlines how we helped John Crane, a leading provider in engineered technology, to achieve a 163,000% gain in efficiency....