Price Management: The “Walk” Phase
Meet Your Essential Pricing Needs
This video explains the “walk” phase of the “crawl, walk, run” approach — an evolutionary method to pricing that allows you to focus on where you need to and still gain significant results. Revionics Price Management assures pricing consistency and adherence to company pricing rules, vendor policies, and competitive positioning. Scalable to meet large retailers’ volume, this product provides extensive business rule sets, intuitive workflows, and easy-to-understand analytics so retailers can meet their essential pricing needs.
Ahh spreadsheets…That wonderful tool invented in the 1980’s that has permeated through every functional area of retail. A tool that anyone can go into and create formulas, make pivots, analyze data and make decisions.
What could possibly go wrong?
Apparently, a lot, quite often, and by people and institutions you wouldn’t expect.
If highly respected Harvard economic professors and financial experts are making such critical spreadsheet errors, how confident are you that your organization is not?
Poor price management is costing retailers millions of lost opportunity and revenue. But worse, it’s HIDDEN. Retailers don’t know you they are losing it. Why? Because if you BELIEVE there are no errors, then it is impossible to see what is behind the door. That is exactly what happened in JPMorgan’s case. And even when it came crashing down, they still couldn’t identify when the error occurred.
Sadly, we’ve all become accustomed to seeing strange pricing.
- A tiny TV with the same features that is priced more than the larger one;
- The premium jelly being cheaper than the standard jelly;
- The price per unit of the larger item is more than the smaller one. Or the gap between the smaller and the larger items really doesn’t seem right.
- Or when you shopped for an item online and then been completely shocked when you saw a dramatically different price in the store.
You could perform an audit. Uncover errors in your processes. That might even seem like the prudent choice. You’ll hire consultants, pay to train them on your processes, become experts in your tools, understand all your calculations, and then unravel everything to search for errors. In the end, they may “fix” some of the tools and spreadsheets, which is great, until they break again.
Or you could go with an alternative approach. Something that you already know: a spreadsheet or simplistic pricing tool is not the right way to manage the number one profit driver of a multi-million, let alone, multi-billion-dollar business.
The world of cost-plus, national pricing, set-the-price-and-never-change-it is dead. Digital and omni-channel didn’t simplify pricing, it complicated it. Add to this localized assortments, increased vendor deals, and additional competitive pressures…well the variables are too extreme to put trust in simplistic, non-specialized tools.
With Revionics Price Management retailers seamlessly execute their prices correctly across their stores and channels. They are assured pricing consistency and adherence to company pricing rules, vendor policies, and competitive positioning.
Unlike spreadsheets and many simplistic price management systems, Revionics provides:
- A streamlined Approval-based workflow, with Role-based Security;
- Consistent Price Execution, but flexible rule application at any level the retailer decides whether that is the enterprise, channel, zone, or store;
- Scalability to meet the largest retailers’ volumes;
- Enterprise visibility and the real version of the truth;
- A SaaS-based solution with integration to ERP and price execution systems;
- And an actual forecast so you can see the effects of your decisions.
With Revionics, you get the right price, faster. With transparency, you can investigate your historical pricing data and understand the impact and results. Since the solution is easy to use, and provides accurate, understandable forecasts, retailers gain confidence, which leads to adoption, which leads to sustained benefits.
And finally, because your goal is to deliver results and grow, Revionics is built to grow with you. As your needs change, you can easily add additional components whether optimization, dynamic pricing, additional analytics, or competitive insights.