Dallas Crawford, Advanced Analytics Executive at QueBIT was profiled in the recent issue of A&D Magazine. Crawford discussed how machine learning algorithms are the robots in the pricing process, the pre-qualification process for CPQ companies, and how to get started with CPQ and analytics for pricing strategies. Read the article here.
According to Crawford, pricing automation is simply transferring the same plant floor efficiencies to pricing best practices. Physical strain is unlikely from a pricing process, but mentally, it can be taxing and often impossible when determining the optimal prices for unique products.
Just like robots, manufacturing pricing teams must set some boundaries, train the movements, and let the models perform the drudgery of determining the best prices based on predicted revenue, margin, and volumes. These models mine all historical transactions on a nightly basis ensuring predictions are based on the most current market realities. This allows a focus on more valuable activities, like selling, managing relationships, and negotiating contracts with key suppliers. Pricing is simply too daunting to try without the ‘robots’ (machine learning models with process automation).
A&D Magazine, the leading industrial trade magazine that offers a three-dimensional perspective on technology, markets, and management aspects of Industrial Automation & Robotics.
QueBIT PriceAlign enables robust management of pricing strategies, while eliminating implementation time, complexity, and costs typically found in other pricing solutions. PriceAlign delivers significant improvements in revenue and margin by providing a clear, guided user experience via insightful dashboards and comprehensive pricing science. The ease of setting and managing pricing boundaries sets this solution apart.
PriceAlign delivers significant efficiencies for any organization using simple rules or trial-and-error methods to derive prices, especially if corporate objectives include adjusting and maintaining prices at the most granular level. This best-in-class solution allows customers to maximize margins, retain customers, and grow market share through optimal pricing strategies including:
- Cost Plus
- Value-based pricing
- Dynamic Pricing
- Price Elasticity
PriceAlign gives customers enterprise-wide control of the entire pricing process by raising pricing strategies to new levels of sophistication. Through rapid deployment, customers achieve dynamic pricing based on a variety of factors and understand price elasticity across different products or regions. The recent global pandemic has clearly demonstrated the need and benefit of rapidly adjusting prices down to the most detailed levels and market conditions.
Company Name: QueBIT
Contact Person: Jennifer Field
Email: Send Email
Address:49 Secor Road
Country: United States