Pricing based on gut instinct, or a simpler cost-plus pricing plan may appear to be a smart idea at first. Still, it may not be the most sustainable option, in the long run, lacking a rule-driven pricing strategy, defining price change trend analysis, and anticipating the impact of pricing changes before implementation.
Using a smart pricing applications helps ensure that you consistently leverage your pricing as intended and unearth fresh opportunities that you were unaware of. Leading companies have increased potential productivity by as much as 3X and gained 100% price trend awareness using Cherrywork Intelligent Price Management.
Let us dig deeper into how an intelligent pricing application can drive profitable growth.
1. Highly Customizable Price Simulator
Many businesses utilize spreadsheet-based forecasting models to forecast pricing impact. However, these strategies are often simplistic and fail to account for growing variables. Running each scenario manually can be time-consuming, which is why you need pricing software to do it for you.
Users can utilize what-if analysis to run several scenarios to analyze the impact of price changes on consumers, products, volumes, margins, revenue, and sales. Users are armed with the necessary knowledge to make the best decision possible based on the outcomes of each situation.
2. Automated Price List Management
Managing multiple pricelists for hundreds of thousands of product price revisions can be difficult. Instead of sifting through several spreadsheets to discover what you’re searching for, a pricing program can help you organize and filter your price list.
Cherrywork Intelligent Price Management, for example, provides end-to-end visibility into the various price books, as well as relevant information such as the date of creation, the creator of the price book, and the price book’s status. This allows consumers to retrieve information rapidly and easily.
3. Advanced Reporting & Analytics
You will make better, more accurate, confident, and educated pricing judgments if the data you feed into your pricing software is supported. Flexible, centralized price setting, management, and advanced analytics can help you identify profit drivers for every transaction and customer. Understanding your customers using statistics to back your price intuition rather than relying on your own intuition is crucial. Cherrywork Intelligent Price Management displays current and changing data for various parameters such as revenue, profit, margin, visits, conversion percentage, etc.
4. Alerts & Notifications
Users are frequently occupied by multiple tasks, increasing the likelihood of missing deadlines, reminders, or the most recent updates. When dealing with so much data at once, it is impossible to keep track of each item. Pricing software boosts productivity by sending alerts and notifications. It serves as a reminder for powerful attention-seeking tasks such as price updates, periodic reminders for price workbook closure and generation, system task/job failures, self-onboarded user requests, and much more. This powerful feature keeps you up to date on the latest events.
Start Making Better Pricing Decisions
You now understand how intelligent pricing software can change how you handle prices at your organization. It not only increases productivity but also prevents profit margin leakage.
Cherrywork Intelligent Price Management provides you with the ammunition to manage and implement pricing governance.
Schedule a demo today to discover more about how you can tackle difficult price management concerns in your organization.
Would you like to do the same for your organization? If yes, then reach out to us at talk2us@cherrywork.com
