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Your pricing technology journey
Knowing how to get there
Price touches everything and everything touches price. So when adding technology to an ascent team that also relies on strategy, sales, profit tuning, data, process and organization alignment, experience teaches us that there are many paths up the mountain, each having their own advantages and pitfalls.
Know how to get there
Understand your pricing maturity
Companies with less pricing maturity may first have to think about having a vision and refining pricing strategy, processes and governance before deploying a solution; while those with a highly mature and seasoned pricing function might struggle with challenges around changes to pricing processes, people, and tools/technologies. All too often, companies make the mistake of launching a technology project with little to no rallying point such as a statement of strategic or competitive intent. There are others where technology is not a welcome change catalyst but rather the spark for operational upheaval.
Six things to consider when starting your pricing journey
- Understand your pricing maturity
- Target business value
- Understand your data challenges early
- Assess the solution that best suits your needs
- Assess organization readiness and prepare for change
- Get a journey partner