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Pricing – Definition
Pricing is the process of assigning a price to purchase and sales orders, depending on various aspects like: fixed amount, quantity discounts, promotions, individual vendor quote, price existing on entry, shipment date etc
Analytics – Definition
Analytics is the process of reaching at the most optimal decision from available options, based on existing information.
Pricing Analytics is one of the methods by which organizations can create additional value.
Some of the types of reports that are the end result of a Pricing Analytics process are:
- Price Position Analysis
- Promotions Analysis
- Worldwide Assortment and Gap analysis
- Executive Dashboard Reporting
Pricing Analytics is amongst the critical success factors for effective pricing and catalog decisions. Smart companies implement pricing policies and tactics which make judicious use of real time competitor pricing, promotions and catalog information.
Pricing Analytics – Benefits:
- Optimized catalog pricing
- Respond to competitor price moves
- Disseminate real time margin and revenue impact of pricing decisions to top management
- Price benchmarking
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