Manufacturing journalist, TR Cutler spoke with pricing experts Dallas Crawford and Dan Barrett of QueBIT recently about how manufacturers should analyze pricing needs using data analytics. Read the Robotics & Automation News article here.
Crawford insisted that price aligning with data analytics can be done readily in real-time. The ability to concentrate on high and low volumes that fall outside a normal distribution of trend or seasonality can inform where margin opportunities exist. Higher volume provides opportunities to adjust prices based on demand or to capture market share. Lower volume provides opportunities to analyze pricing, determining if market share is being lost or if the product’s lifecycle is near its end. Crawford suggested that QueBIT PriceAlign’s Machine Learning models can be more adaptive than typical time series models in the pandemic environment.
Barrett noted the best method to analyze and optimize customer pricing is to model the data and ensure that the analytics platform supports it at a very discrete level. Customer data by location or product SKUs allow for optimal delivery of unique pricing. Understanding and forecasting the customers’ pricing elasticity is key to determining the optimal price.
Robotics and Automation News covers the robotics and automation industries around the world.
About TR Cutler, Inc.
Thomas R. Cutler is the President and CEO of Fort Lauderdale, Florida-based, TR Cutler, Inc., the largest manufacturing communication firm worldwide with four dozen industry experts and thought leaders on staff. Cutler is celebrating the 21-year anniversary of the Manufacturing Media Consortium. Cutler is featuring African American manufacturers in solidarity with Black Lives Matter. Learn more here.
During COVID-19 Cutler is advising manufacturers, industrial leaders, supply chain professionals, and C-level executives how to best navigate Q3 2020 and beyond.
Cutler has authored more than 8,000 articles for a wide range of manufacturing periodicals, industrial publications, and business journals. Cutler is the most published freelance industrial journalist worldwide, and more than 4500 industry leaders follow Cutler on Twitter daily at @ThomasRCutler.
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