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Pricing analytics in manufacturing
Many leaders at manufacturing companies like those in the process, industrial products and consumer packaged goods sectors know that setting the right price can have an impact on the bottom line. But many have yet to dig deep into their transactional data and take action.
After all, pricing can cut both ways – the right price can have a big impact, but making the wrong moves on pricing can be disastrous.
Today, sophisticated pricing analytics approaches can deliver valuable insights into the nuts and bolts of pricing, profitability and value creation – insights that most business leaders could have only dreamed about a few years ago. They can now get an atomic-level analysis of each sales transaction, delivering a clearer picture of what’s working and what isn’t.
Putting pricing analytics to work though requires more than adopting new methods and tools. It can require a different mindset – one that values data-driven insights as much as the well-honed instincts of experienced leaders. Given the vast amount of data being captured today and the increasingly sophisticated tools available for extracting valuable insights from that data, can you afford not to?