Pricing experts, Dallas Crawford and Dan Barrett, of QueBIT PriceAlign were asked to elaborate how manufacturers should analyze pricing needs using data analytics. Read the recent Manufacturing Tomorrow article here. Industrial journalist, TR Cutler interviewed Crawford and Barrett for the article.
Crawford insisted that price aligning with data analytics can be done readily in real-time. The ability to concentrate on high and low volumes that fall outside a normal distribution of trend or seasonality can inform where margin opportunities exist. Higher volume provides opportunities to adjust prices based on demand or to capture market share. Lower volume provides opportunities to analyze pricing, determining if market share is being lost or if the product’s lifecycle is near its end.
Barrett noted the best method to analyze and optimize customer pricing is to model the data and ensure that the analytics platform supports it at a very discrete level. Customer data by location or product SKUs allow for optimal delivery of unique pricing. Understanding and forecasting the customers’ pricing elasticity is key to determining the optimal price.
Manufacturing Tomorrow is an online trade magazine featuring products, companies, news, articles, and events for the advanced manufacturing, factory automation, and 3D printing industries.
PriceAlign enables robust management of pricing strategies, while eliminating implementation time, complexity, and costs typically found in other pricing solutions. PriceAlign delivers significant improvements in revenue and margin by providing a clear, guided user experience via insightful dashboards and comprehensive pricing science. The ease of setting and managing pricing boundaries sets this solution apart.
PriceAlign delivers significant efficiencies for any organization using simple rules or trial-and-error methods to derive prices, especially if corporate objectives include adjusting and maintaining prices at the most granular level. This best-in-class solution allows customers to maximize margins, retain customers, and grow market share through optimal pricing strategies including:
- Cost Plus
- Competition
- Value-based pricing
- Dynamic Pricing
- Price Elasticity
PriceAlign gives customers enterprise-wide control of the entire pricing process by raising pricing strategies to new levels of sophistication. Through rapid deployment, customers achieve dynamic pricing based on a variety of factors and understand price elasticity across different products or regions. The recent global pandemic has clearly demonstrated the need and benefit of rapidly adjusting prices down to the most detailed levels and market conditions. Follow QueBIT PriceAlign on Twitter at @AskQueBIT and connect on LinkedIn.
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Website: https://quebit.com/predictive-price-optimization/