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Pricing In The New Digital Age

Pricing In The New Digital Age

Technology, in particular the digitization of the economy, is altering entire business ecosystems. Increased price transparency and choice are strengthening the negotiation power of customers.

Data science, Artificial Intelligence and predictive analytics offer an unprecedented possibility for pricing intelligence and new disruptive pricing models. What does this all mean for the Pricing functions at companies?

Looking at our current reality and imagining the future, we can expect five trends to reshape our business landscape.

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How Technology Can Power Faster Price Changes

How Technology Can Power Faster Price Changes

Almost every industry and business is facing disruption today due to the global pandemic.Many small businesses are unable to sustain in these difficult times and the businesses that have managed to keep their doors open are faced with tremendous pressure. Large enterprises offering B2B or B2C services could step up to help those in need, and what better way to do that than to lower or waive fees?

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Three Common Reasons Revenue Management Initiatives Fail

Three Common Reasons Revenue Management Initiatives Fail
Many companies begin the journey of revenue management with all the right intentions—selling the right product to the right customer at the right time for the right price. However, when going from intent to execution, their potential for success is often marred by one or a combination of three scenarios. Michael Stanisz of Revenue Management Labs shares the strategy.  Continue reading

In Times of Crisis, Data and Communication Prevent Panic

In Times of Crisis, Data and Communication Prevent Panic

 This Guest Blog Post was written by our Sponsor partners at Zilliant. 

With U.S. jobless claims at an all-time high, hospitals in large cities becoming overwhelmed with COVID-19 cases and supply chains in disarray, a natural human response is to panic. We’re all feeling a mix of uncertainty and fear, two emotions that can lead to rash decisions in our personal lives and in business.

Among B2B companies, the automotive and high-tech industries were hit first and are harbingers of things to come in other sectors. The “Big Three” American automakers have temporarily shut down all factories in the U.S. and more industries are now feeling the sting of supply chain disruptions as March trudges on.

Constant communication with our customers has shown us that the impacts of this pandemic vary depending on the sector. Some industries have seen a collapse in demand, while others are having issues keeping up with demand spikes. Supply is uncertain in many areas. One thing is for sure: everyone is feeling it and facing major change.

“When considering huge, impactful, yet sudden changes, we need to keep in mind: There are lots of other parties – competitors, suppliers, customers – involved when we make decisions, and nothing happens in a vacuum,” Kevin Mitchell, President of Professional Pricing Society, told Zilliant.

“We have to consider how other parties will act, take into account the long-term causes and effects, and avoid short-term overreactions. Change requires consideration and thought, but not panic.”

This crisis reminds us that no company is an island. Open communication and collaboration must be a priority up and down the supply chain.

To that end, Zilliant released a whitepaper that diagnoses the wide scope of supply and demand shocks B2B companies are grappling with and how a measured, data-led response will chart the way forward. 

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Suddenly, Everything Is Different...In Data Science

Suddenly, Everything Is Different...In Data Science
The year began like most others, but then suddenly everything in business, especially regarding pricing, changed. We're now experiencing severe disruption in various industries. We explore how data science can improve pricing strategy for successful results. Continue reading
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