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How to Automate Pricing Infrastructure

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To tap the full potential of pricing, a proper pricing infrastructure is required to drive real and sustained pricing performance. With such a concrete infrastructure, a company can establish and strengthen pricing activities by creating deliberate processes of decision across the organization.

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How to Automate Pricing Infrastructure

  1. 1. How to Automate Pricing Infrastructure      PREPARED BY www.quantzig.com FEBRUARY 2019
  2. 2. About QUANTZIG For more than 15 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities and drive continuous business excellence. CONTACT US WE'RE A PASSIONATE ANALYTICS SOLUTION PROVIDER FILLED WITH ZEALOUS INDIVIDUALS
  3. 3. Introduction First, let’s define pricing automation. Typically, prices are determined automatically using a software system based on a pre-determined set of constraints and rules, as opposed to manually by a pricing manager. There is little or no, if any, human intervention once the system is set up. The “automation” part is the relaxed step: you only need to connect many systems together, so they can argue based on the data. While this step can be theoretically challenging, there’s often a solution. However, the more problematic element to pricing automation is defining the pricing approach behind the automation. As a result, using the right strategy in the form of pricing sense is critical and to create it takes a mix of science and art.
  4. 4. Establishing Your Pricing Strategy and Infrastructure When it comes to establishing your pricing strategy and infrastructure, the order in which you address each element matters. All pricing elements are needed because they’re interrelated, but you’ll always need to start by addressing your pricing strategy and once you’ve got that, look at your data and people so that you can set up the right system for your company. Linking your pricing infrastructure to the pricing elements allows your company to take a long-term, holistic approach to your pricing strategy. Many companies make the mistake of thinking that implementing a pricing automation system will make them more efficient, consistent, or place greater control on their pricing, but the reality is that it’s inefficient to invest in a system without having the core elements in place. Request A Proposal
  5. 5. Want more insights? Download the complete copy here: https://goo.gl/4ATzs3  

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