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Wednesday, October 17, 2012

Are You Using Your ERP To Create Better Pricing?

When your salesperson goes in for a pitch, where does the pricing model come from? Instincts — or hard data?

Unfortunately, most companies rely on the former, letting sales reps’ knowledge of the market dictate the organization’s pricing. It’s a bad idea, according to an article on the Modern Distribution Management website. Companies should use their ERP systems to analyze the previous 12 months of transactions to segment customers, products and pricing sensitivity. Using big data analysis, management can determine how much a customer would be willing to pay for an item. That pricing information can be unlocked right from a distributor’s data — and turned into valuable, actionable knowledge the sales team and management can use.

Read more on the Advanced Distribution Today blog.

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