A great advantage to our clients utilizing Infor’s CloudSuite Distribution (CSD) software is Pricing Science – Realize what it is, the benefits, and how it improves distributors’ bottom lines. Continue reading for all the details you need to determine if Pricing Science is right for your distribution company.
What is Pricing Science?
Pricing Science helps to establish competitive pricing for distributors through a methodical scoring system. Using the data accumulated from your day-to-day operations to guide you towards better decision-making, Pricing Science can help you leverage historical data to achieve optimized profitability.
A Constant challenge for distributors is effectively setting the price the customer is willing to pay while covering costs, and providing a reasonable profit margin.
How Does Pricing Science Work?
Pricing Science uses a two-stage process for separating customers:
- First, it’s recommended to separate customers by industry or region.
- Second, separate customers by their historical performance.
After you perform the first two steps, all your customers can then be comparatively scored. Think about the “apples to apples” analogy. Pricing Science uses Key Performance Indicators (KPI’s) to score your customers – with this pricing tool, you can weigh each KPI to emphasize the importance of some measures over others.
Pricing Science also creates product groupings that are recommended based on product visibility scores which measure your customers’ price sensitivity for each product.
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