{"id":42204,"date":"2021-04-13T15:49:00","date_gmt":"2021-04-13T21:49:00","guid":{"rendered":"https:\/\/www.vendavo.com\/?p=42204"},"modified":"2023-09-25T16:14:04","modified_gmt":"2023-09-25T22:14:04","slug":"digital-pricing-transformation-better-margins","status":"publish","type":"post","link":"https:\/\/www.vendavo.com\/pricing\/digital-pricing-transformation-better-margins\/","title":{"rendered":"Better Margins from Digital Pricing Transformation"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">Businesses are pursuing digital pricing transformation efforts to support their revenue and margin growth goals.  What&#8217;s driving that?<\/p>\n\n\n\n<p><em>Ad-hoc<\/em> spreadsheet and&nbsp;offline&nbsp;commercial process and&nbsp;price-setting are still commonplace across&nbsp;the&nbsp;Fortune 1000.&nbsp; Based on my discussions with customers and prospective customers at Vendavo, I estimate that<strong> 75% of price-setting activities across the Fortune 500 are still spreadsheet-based and rather basic<\/strong>&nbsp;(single strategy)&nbsp;from a pricing strategy standpoint.&nbsp;&nbsp; It&#8217;s typical for many businesses to manage price&nbsp;simply relative to last&nbsp;year&#8217;s&nbsp;price.&nbsp;<\/p>\n\n\n\n<p>There are <strong>downsides<\/strong> to retaining the archaic <em>ad hoc<\/em> processes that are often typical in businesses, namely:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lack of ability to react quickly to market changes, or desired change&nbsp;execution.&nbsp;<\/li>\n\n\n\n<li>A piece-part disaggregated approach to pricing, with a lack of ability to synchronize or even be deliberate about pricing strategy. execution for different products and services in the portfolio&nbsp;that should have different approaches to&nbsp;pricing.&nbsp;<\/li>\n\n\n\n<li>Rampant manual administrative effort where businesses support sales and marketing creativity in pricing strategy or&nbsp;models.<\/li>\n\n\n\n<li>Pervasive data errors from manual handling of data and manual insertion into IT systems.&nbsp;<\/li>\n\n\n\n<li>Lack of compliance and auditability for pricing data or changes.&nbsp;<\/li>\n\n\n\n<li>Lack of data security (spreadsheets offer portable and convenient access to pricing data, after all.&nbsp;<\/li>\n\n\n\n<li>Armies of analysts supporting custom spreadsheets, models, and one-off home-grown systems <a href=\"https:\/\/www.vendavo.com\/all\/what-is-price-management\/\">for price management<\/a> and \/ or commercial process.\u00a0<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Digital_Pricing_Transformation_Opportunity\"><\/span><strong>The Digital Pricing Transformation Opportunity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>On the one hand, business leaders should be&nbsp;<em>extremely<\/em>&nbsp;worried&nbsp;about this sad&nbsp;state of affairs.  But on the other hand, pricing and commercial process transformation&nbsp;present one of the <strong>greatest remaining opportunities<\/strong> to improve their business.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.vendavo.com\/pdf\/vendavo-pricing-solutions-benefits-report\/\"><strong>Digital pricing transformation<\/strong><\/a> is about<strong> online, digital, enablement capabilities<\/strong> to efficiently conduct key commercial activities in an organization, including:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Automation of price setting and price administration \/ management capabilities.&nbsp;<\/li>\n\n\n\n<li>Process efficiency in the commercial process.<\/li>\n\n\n\n<li>Better decisions in the commercial process supported by analytical insights and optimize pricing \/&nbsp;guidance.&nbsp;<\/li>\n\n\n\n<li>Sophisticated tech-enabled efforts to develop the best opinion of price for each customer\/product selling&nbsp;scenario.&nbsp;<\/li>\n\n\n\n<li>Automation around analytic insights related to price and profit performance measurement, or price opportunity discovery in the&nbsp;business.&nbsp;<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-green-10-color has-css-opacity has-green-10-background-color has-background\"\/>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>Focus Area<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>Scope of Digital Pricing Transformation<\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>Typical Benefit<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-small-font-size\">Price Setting &amp; Price Management&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<p class=\"has-small-font-size\">Supporting effective and efficient price setting &amp; administration in the enterprise with a centralized system for automation and establishing a central archive of pricing decisions, managing price setting, thoughtful pricing strategy execution for segments of the product portfolio, and efficiently publishing accurate information to where it is needed in the business.&nbsp; Managing&nbsp;any and all&nbsp;information that is used in the pricing process&nbsp;<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>+0.5-1.5%&nbsp;<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-small-font-size\">Commercial Process Efficiency &amp; Decision Effectiveness<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<p class=\"has-small-font-size\">Deployment of digital online commercial process for efficiency and effectiveness. Streamlining customer pricing decision and pricing-contract renewal process. Improving decision making with price guidance and better information.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>+0.5% to 3%&nbsp;<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-small-font-size\">Price Guidance<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<p class=\"has-small-font-size\">Development of a better opinion of what price should be for specific customers and products. Using AI, pricing science to discover attributes of customers and products that explain differences in price, and determine customer groups that share similar willingness-to-pay so that specific price recommendations can be delivered for each segment.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>+1% to 4%%&nbsp;<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-small-font-size\">Price &amp; Profit Analytics<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<p class=\"has-small-font-size\">Implementation of price &amp; profit KPIs and performance measurement along with use of insights to proactively identify price opportunity in the portfolio. Automation &amp; classification of data for pricing insights and automation that transform analysts effort from analytics production focus, to insight generation focus.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<p class=\"has-text-align-center has-small-font-size\"><strong>+0.5% to 1.5%<\/strong><\/p>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-green-10-color has-css-opacity has-green-10-background-color has-background\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_Digital_Pricing_Transformation_Success_Look_Like\"><\/span><strong>What Does Digital Pricing Transformation Success Look Like?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Any successful Digital Pricing Transformation&nbsp;typically has the following characteristics:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strong leadership and stakeholder support.&nbsp;<\/li>\n\n\n\n<li>Alignment with business strategy, but willingness to improve based on&nbsp;new capabilities enabled by any DPT&nbsp;project.&nbsp;<\/li>\n\n\n\n<li>Technology to sustain efforts and focus on pricing and commercial process&nbsp;improvement.&nbsp;<\/li>\n\n\n\n<li>Effort and focus allocated to&nbsp;tying&nbsp;the process and systems&nbsp;from Digital Pricing Transformation into&nbsp;the broader&nbsp;businesses&nbsp;&amp; IT&nbsp;environment.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>The reward?<\/strong>  As a recent <a href=\"https:\/\/www.mckinsey.com\/business-functions\/marketing-and-sales\/our-insights\/digital-pricing-transformations-the-key-to-better-margins\">McKinsey<\/a> article explained, digital pricing transformation efforts, when done well, yield<em> &#8220;two to seven points of sustained margin improvement with initial benefits in as little as three to six months.&#8221;<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Businesses are pursuing digital pricing transformation support revenue and margin growth goals.<\/p>\n","protected":false},"author":24,"featured_media":42213,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1240],"tags":[1515],"class_list":["post-42204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pricing","tag-commercial-excellence"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Better Margins from Digital Pricing Transformation | Vendavo<\/title>\n<meta name=\"description\" content=\"Businesses are pursuing digital pricing transformation efforts to support revenue and margin growth goals. 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