In the bustling headquarters of DeliverProfitNowInc. Solutions (a hypothetical but could-be real enterprise-level company), a palpable sense of anticipation filled the air. The company was on the cusp of implementing innovative pricing software that promised to revolutionize their approach to the market. However, as the initial excitement began to settle, a sobering reality set in: according to the most recent numbers from G2 (the world leading online peer review marketplace review marketplace), on average less than 20% of respondent organizations achieve their ROI from pricing software implementations within the first 12 months of go live. This statistic weighed heavily on the mind of DeliverProfitNow’s newly appointed Chief Pricing Officer. While this is a fictional account, does the story ring true?

Enter the Steering Committee—a pivotal governing body that oversees, guides, and supports the execution of complex projects, such as pricing software implementation. Steering committees play an essential role in ensuring alignment with business goals, mitigating risks, and driving the project forward toward a successful outcome.

At Pricefx, as the world’s leading enterprise-level software vendor, we bring over a dozen years of experience in advising project leaders on essential internal resources for the successful execution of pricing implementation projects and the critical role of a steering committee.

In this article, we will explore the concept of a steering committee, its roles, and responsibilities, and how to run effective meetings to help your pricing software solution project meet its objectives.

The Steering Committee: Powerhouse of Pricing Software Implementation

What is a Steering Committee?

At its core, a steering committee is a group of key stakeholders and decision-makers who oversee the strategic direction and execution of a significant project or initiative. And while all organizations may differ slightly in the numbers, please see the image below for a rough guide to the approximate percentage breakdown of their personnel composition in most companies:

In the context of software implementation, this committee serves as the guiding force that ensures the project aligns with organizational goals, maintains momentum, and delivers tangible value.

What Does a Steering Committee Do?

So, what does a steering committee do on a day-to-day basis? In short, they ensure that the pricing software implementation runs smoothly, stays aligned with business goals, and delivers value. Here is a breakdown of their daily activities:

• Overseeing strategy: Ensuring the project adheres to its strategic goals.
• Making high-level decisions: Handling roadblocks, resource allocation, and key milestones.
• Monitoring risks: Identifying and mitigating risks before they affect the project’s timeline or budget.
• Ensuring alignment: Ensuring that the software supports broader business objectives and provides measurable ROI.

What Are the Steering Committees Roles & Responsibilities

The steering committee's role is to steer the project by setting strategic priorities, resolving critical issues, and providing oversight to ensure the project stays on track. They don’t necessarily handle the day-to-day tasks but instead make high-level decisions that can impact the overall success of the project.

What Are the Steering Committees Roles & Responsibilities

The steering committee's role is to steer the project by setting strategic priorities, resolving critical issues, and providing oversight to ensure the project stays on track. They don’t necessarily handle the day-to-day tasks but instead make high-level decisions that can impact the overall success of the project.

A steering committee for pricing software implementation may have a different focus compared to other software projects.

Pricing software impacts several key business areas, including revenue management, customer relationships, and profitability. As a result, the steering committee should include cross-functional representatives from pricing professionals, finance departments, IT teams, and sales—each bringing their expertise to ensure the software delivers on business objectives.

Who Should Be on a Steering Committee?

Careful consideration is needed to determine who should be on the steering committee. They must be valuable to the project team rather than being a hindrance. Typically, members are individuals who can provide specialized expertise or whose team will benefit from the project's output.

This could include board members, senior internal stakeholders, external stakeholders, subject matter experts, executives, and the project manager. Including at least one intended user of the project outcome on the committee is very advantageous, as their feedback and perspectives are crucial for accurately targeting the project.

Ideally, a steering committee should have a diverse membership, with members equally representing various functions. Members must offer insights to the project team and possess the authority to make quick decisions and overcome obstacles.

Almost always, a steering committee includes someone at the C-level (who usually is the project’s Executive Sponsor) depending on the organization's size. It should have a chairperson elected by other committee members, but this person should not be the project owner to maintain objectivity and avoid conflicts.

When collaborating with a pricing software vendor on implementing a new solution, it's beneficial to have someone from the vendor side (such as a solution manager or director) on your steering committee. They oversee the project from their end and bring comprehensive solution expertise overall.

In summary, a steering committee should consist of stakeholders and representatives from departments significantly invested in the project's success:

• C-suite executives including an Executive Sponsor
• Solution Manager/Solution Director
• Heads of cross-functional teams (IT, sales, finance, product, marketing, legal)
• Subject matter experts
• Senior employees with project management expertise
• Independent external experts (quality consultants, lead auditors, etc.)

The Key Roles and Responsibilities of a Steering Committee

The success of your pricing software implementation hinges on having a well-structured steering committee with clear responsibilities. The roles and responsibilities of steering committee members can be divided into several key areas:

1. Providing Strategic Direction and Setting Project Priorities

One of the steering committee's main roles is to give strategic direction to the project. This involves setting the project’s overall goals, defining its scope, and ensuring that it aligns with the company's broader business objectives. Whether it is improving profit margins through dynamic pricing strategies or ensuring seamless integration with other business systems, the steering committee ensures that the project is always moving in the right direction.

2. Ensuring Alignment with Business Goals and Objectives

A successful pricing software implementation must align with the company’s strategic goals. The steering committee’s responsibility is to ensure that every decision made during the project is in line with these goals. For instance, if a company’s goal is to improve revenue management, the steering committee must ensure that the pricing software provides functionalities such as predictive analytics and price optimization to achieve that.

3. Monitoring Progress and Addressing Roadblocks

The steering committee plays a critical role in monitoring the progress of the project. They meet regularly to assess whether the project is on track in terms of budget, timeline, and milestones. When roadblocks arise—whether due to resource limitations, integration challenges, or stakeholder conflicts—the committee is responsible for removing these obstacles and keeping the project moving forward.

4. Making Key Decisions and Resolving Critical Issues

In every software implementation, there are moments when crucial decisions must be made. This could involve adjusting the project’s scope, reallocating resources, or prioritizing deliverables. The steering committee is the body responsible for making these high-level decisions. By resolving critical issues promptly, they prevent project delays and ensure that risks are minimized.

5. Ensuring Diverse Representation

A well-rounded steering committee includes a diverse mix of professionals from across the organization. For a pricing software project, you might include representatives from:

• Finance professionals: To ensure the software enhances profitability and supports accurate revenue management.
• Sales teams: To verify that pricing software aligns with customer-facing needs, such as CPQ (Configure, Price, Quote) functionality.
• Pricing analysts: To ensure the software supports strategic pricing decisions and data analytics.
• IT professionals: To oversee the technical integration of the software with existing systems.

This diversity ensures that all key business units are represented, contributing to more holistic decision-making.

How to Run an Effective Steering Committee Meeting

Now that we’ve explored the roles and responsibilities of a steering committee, let’s look at how to conduct effective meetings. Steering committee meetings are where strategic decisions are made, roadblocks are removed, and progress is monitored. Running effective meetings is essential to keeping the project on track.

Here are some practical tips for how to run a steering committee meeting:

1. Establish a Clear Agenda and Meeting Schedule

Before the meeting, it’s critical to set a fixed agenda to ensure all key topics are covered for each meeting. Steering committee members are usually busy, so sticking to a well-defined meeting schedule helps ensure the meeting stays focused and productive.

Include critical topics such as:

• Project progress and milestones
• Risk management and roadblocks
• Budget and resource allocation updates
• Strategic priorities for the upcoming period

2. Facilitate Productive Discussions and Decision-Making

A key function of the steering committee is to facilitate productive discussions that lead to actionable outcomes. Encourage committee members to contribute their insights and perspectives, while also ensuring that discussions remain focused on the meeting’s objectives. Assigning a neutral facilitator can help guide discussions and avoid tangents.

3. Maintain Clear Communication and Documentation

Clear communication is essential for steering committee meetings. Ensure that all decisions, actions, and discussions are well-documented and shared with relevant stakeholders. Transparent communication helps keep everyone on the same page and reduces misunderstandings about the project’s status or next steps. What’s more, great communication can also help with the wider challenge of ensuring salespeople are informed about price changes and their rationales, which can help with the customer communication around a price change.

4. Assign Action Items and Hold Individuals Accountable

To ensure the project progresses after the meeting, it’s essential to assign action items with clear deadlines. Holding individuals accountable for completing their tasks ensures that the project moves forward without unnecessary delays.

Unlocking Success with Your Pricing Software Vendor with a Great Steering Commitee

Countless pricing software implementations have demonstrated the critical importance of effective steering committees in delivering successful projects on time and within budget. While this article has been brand-agnostic, it’s important to note Pricefx’s expertise in pricing software implementations and supplying a wide range of implementation partners to get off on the right foot.

A strong steering committee can significantly increase the likelihood of a successful pricing software implementation. Pricefx together with a great system integrator partner, helps businesses establish effective steering committees by providing strategic guidance, templates for success, and expert support throughout the implementation process.

Learn more about the vital role of implementation partners in this informative article below:

A steering committee is indispensable for ensuring the success of your pricing software implementation. By providing strategic oversight, making critical decisions, and monitoring progress, they help navigate the project’s complexities while keeping it aligned with business objectives. With clear roles, effective meetings, and diverse representation, a steering committee can help your organization avoid common pitfalls, stay on track, and ultimately achieve profitable growth.

Whether you are in pricing, sales, finance, or IT, the value of a steering committee cannot be overstated. By ensuring clear communication, promoting accountability, and leveraging diverse expertise, steering committees drive projects to success—delivering value for the entire organization.

Done right, a steering committee can add huge value to the implementation of a new project, leading to faster time to value, coming in on budget, efficient use of resources, on-point outputs and desired outcomes.

If you’re interested in learning more about how to ensure pricing software success by identifying the distinct phases of your project, then click on the article link below to learn more:

Or reach out now to our friendly team of experts  who have been helping companies succeed in pricing for over a decade.