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Eliminate leaky margins & save millions with streamlined pricing

Wed, Oct 23, 2019

Leaky margins are more common than you think, so don’t feel like you’re the only business experiencing them. To start understanding your revenue leakage areas, you first have to find the sources contributing to the problem.

Think of your business like a boat: As you continue on your journey, you’ll encounter varying degrees of leakage. This could be a small leak which can be solved using a temporary plug. However, you might experience a large profit leak, leaving your business vulnerable to sinking.

Leakage can stem from how pricing is managed, including:

  • Mismanaging promotional dates – Clients leave the promo price running longer than it should
  • ‘Favour Pricing’ – Special pricing is requested for a deal and is never reverted back to the original price

  • Failure to capture upcharges for special services, packaging or selling in smaller units of measure

  • Suppliers changing prices and delaying a reaction on the sales side, meaning margin is eroded
  • Simply calculating the price incorrectly

Of course, every organisation wants to price their goods to maximise profits and bolster further success. Traditionally, most businesses have been using Excel to execute and calculate their customer pricing. While using manual workarounds was once the norm, this practice meant that businesses inaccurately priced their products and, in many cases, undercharged their customers.  

Why does undercharging happen?

  • Managing complex pricing rules is difficult
  • Pricing is managed separately across sales channels
  • The risk of human error is extremely high
  • Pricing systems don’t typically support quick decision making
  • Troubleshooting and/or testing is cumbersome
  • The process of identifying problem situations is nearly impossible in most ERPs
  • Pricing systems generally don’t support collaborative work

Realising these pain points provides an opportunity to streamline and centralise your pricing. Just look at how much you could save:

100K per month saved-06

Simply put, managing your pricing in spreadsheets or tables is a method that’s showing its age due to the administration time, inflexibility and how pricing at scale amplifies the inaccuracies that creep in.

To avoid undercharging, businesses need to develop reliable and accurate pricing processes, and software is a key enabler of that.

If you’re serious about profit growth and love the idea of automating your pricing processes, vendor incentives, customer and supplier rebates, chargebacks, and more… a centralised pricing engine is the way to go.

With a centralised pricing engine you can streamline your pricing. What this means for your business is that you can easily direct pricing to any sales channel, platform or device such as eCommerce, ERP, Point of Sale devices and more, enabling you to change your pricing instantly with 100% accuracy, and not a spreadsheet in sight!

Flintfox pricing engine

The Flintfox RMx Performance Pricing engine provides ultra-fast pricing calculations, delivers more than 5,000 prices per second in real time, and eliminates the worry of undercharging your customers.

It’s time to outsmart the competition, increase your sales and profits, and digitally transform your business with a new strategic pricing approach.

With a single source of pricing truth you’ll get:

  • Ease of use to maintain complex pricing and promotions 
  • Elimination of multiple systems and daily spreadsheets 
  • Reduced pricing administration and errors
  • A solid approval workflow for new pricing to go live
  • Reduced margin leakage due to more effective and accurate rebate claims
  • And much more...

With a new pricing foundation you’ll boost the success and growth of your business.

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