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+61 2 9199 4523
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team@taylorwells.com.au
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Level 8, 65 York Street Sydney 2000

Enabling teams to use

pricing software.

PRICING TECHNOLOGY

THE SITUATION

Most businesses are experiencing high levels of disruption and competition right now, with clear winners and losers. In the past 3 months, for example, we’ve witnessed the most rapid, global shift to e-commerce as a result of lock down restrictions and remote working; and weekly big brand businesses in retail and B2B distribution and manufacturing closing their doors or liquidating assets. In response to crisis, then, we see failing businesses accelerating faster to their end, and all other businesses racing to update their online pricing before it's too late. Often this investment in online pricing includes wider invests in tech to capitalise on new consumer trends, products, operations and pricing revenue models. In fact, tech is now so central to business strategy, thinking and price and promotional execution that it occupies 40 percent to 60 percent of the C-suites priorities on strategic focus, financial investment and time. Which means what pricing software to choose, when to integrate and who to manage new pricing tools and technology are essential aspects of business growth in uncertain times. 

INSIGHT

Our point of view

What is the best pricing software available? Is there a pricing algorithm to rule them all? There are many flavours of pricing software and analytics, and the choices depend largely on the business’s goals, models and the complexity of its transactions. This is critical: To achieve your specific pricing for profit goals, business leaders and their teams need to develop their own pricing system rather than rely on consultants, software vendors or silver bullet solutions.  The choice of price software, tools, people and approach will depend on the nature of the offerings and on the company’s strategy, people and culture. 

Q & A

Your questions

QUESTION 1:

What's the best approach to take with pricing software when you are new to digital pricing transformations?

ANSWER 1:

If you are considering buying pricing software, then you need to have thought through a segmented approach to your pricing to harness the full power of pricing software. This is because driving all price software is an algorithm. An algorithm is a set of assumptions and analytical techniques—including Excel, AI, statistical modeling, and machine learning— to deliver pricing insights on relatively small datasets using a segmented approach. The best businesses are using relatively smaller data pools such as market indices, news articles, and other online sources to understand target segments, competitors, and price boundaries. They then combine this with all their internal deal data and invest in people who have deep market experience.

ADVICE

How can we help you

Pricing capabilities are the critical things your organisation needs to be good at in order to get the ROI on pricing software. They are an enabler of your business strategy and they can even help define it. They are delivered through a collection of pricing processes, systems, tools, skills, knowledge, behaviours, governance and structures that, together, allow a company to deliver a defined outcome.

Drawing on our extensive library of pricing and commercial capabilities, we work with you to define the most relevant pricing capabilities that will deliver your business priorities. We undertake an assessment of the maturity of each pricing capability to identify the gap between where you now and where you need to be and then we develop a plan to close it.

While the critical role and pervasive nature of pricing technology in tomorrow’s workforce is clear, the need for new pricing skills and specialised technical knowledge is equally clear. On top of this we also see,  soft skills such as the ability to lead and manage culture through a price transformation becoming critical factors of success for companies in the future of work as they seek to maximise their value through their new pricing strategy, people and systems. 

We will work with you to re-design your organisation team structures to accelerate the ROI on pricing and new pricing software. Some of the ways in which we typically support organisations to create more agile structures that align with new pricing strategy, people and systems are:

  • Optimising and minimising the number of levels in hierarchy.
  • Grouping different function with similar and highly interdependent capabilities together
  • Dividing work into project and process work so that both can be done more efficiently and in a more agile way
  • Creating bigger and more versatile teams, built around end to end accountability.
  • Building smart teams that are diverse and inclusive so that you can get many brains on one problem
  • Defining and engaging the ecosystems around your organisation to improve collaboration inside and outside of the business.

There will be jobs in pricing and revenue management, but not as we know them today. For all the talk of the impact of automation, one of the World Economic Forum’s noteworthy predictions is that there will be an overall net positive between job growth and decline. Which means, it’s the shape of pricing jobs that is changing. We expect nearly half of core pricing skills will change in the coming years, with new pricing jobs requiring skills that aren’t currently common in the workplace. Additionally, if current trends continue, the outdated content of most pricing training will further exacerbate the pricing skills mismatch in the future.

Pricing departments and teams now need highly skilled individuals to fully exploit the benefits of pricing software. 

It’s this gap between the skills we have and the ones we need to leverage technology’s full potential that’s driving the talent deficit.

Our Job Analysis and modeling – including deconstructing and categorising the component activities of pricing and commercial jobs – helps you to identify how best to deploy automation against specific pricing tasks and the role automation might play. We believe that the best response to digitisation in pricing is to recognise its potential to reshape rather than destroy a team or department – and then to plan the right organisation team design that you need to succeed in your market. 

 

Organisations now find themselves adapting to new pricing methods, approaches, systems and ways of working. We work with you to manage these changes and embed the pricing capabilities you need to achieve the results you want faster. We help you identify and build pricing leaders to support rapid adoption of latest pricing strategy and software so that you can build a high performing pricing organisation. We help you plan and adapt to new circumstances and communicate the key messages of your pricing plan to the right audiences at the right time, while enabling people to embrace new approaches to pricing with their new pricing skills and behaviours. Our approach is to ensure that you have a pricing plan for the immediate weeks while thinking simultaneously about a long-term future. 

 

RESEARCH

Pricing Insights at your fingertips

In our hands it’s more than just data. We use it to build the DNA of outstanding pricing leaders, effective organisations, high performance cultures and game-changing reward and teambuilding programmes. In your hands it can continue to inform smarter pricing and people decisions backed by more than 1 million data points, including:
– Over 7,000 thousand assessment results
– Hundreds of employee engagement survey responses
– Rewards data for thousands of employees across hundreds of organisations and UK, EU, USA, CH, SA, AF, ANZ.

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CASE STUDIES

Our thinking & approach

All
Leadership Guide - Operations
Leadership Guide - People
Leadership Guide - Strategy

Talk to an expert

GET IN TOUCH

Questions? Call 02 9199 4523 To speak to a Taylor Wells representative or complete the form above.

ADDRESS

Level 8, 65 York Street
Sydney 2000

E-MAIL

team@taylorwells.com.au

TELEPHONE

02 9199 4523

WORK HOURS

Mon. - Fri.: 9AM - 5PM