Optimizing Pricing Practices

Background

Our client is a ~$5B leading technology, software, and engineering organization that sells products globally. With more than 5,000 products, they support manufacturers’ performance and safety along with other technologies that measure, monitor, and analyze applications. Their innovative solutions drive efficiency and optimize operations across various industries.

Our client identified that the organization was struggling to set and communicate prices across all regions. They contacted Iris Pricing Solutions to assess current pricing practices, processes, and infrastructure. They asked us to develop a pricing process roadmap and governance model that can be rolled out across their business. Our tailored approach integrates industry best practices to optimize pricing strategies and enhance profitability.

Our client’s pricing strategy demonstrated inconsistency, as it lacked standardized prices and discounts. This inconsistency extended across their global operations, resulting in varying prices from one country to another and fostering internal competition among their locations. Additionally, they revealed a complex organizational structure with multiple reporting lines, leading to internal challenges and inaccuracies in data management. To address these issues, our client sought to identify gaps, requirements, and potential improvements in their pricing approach. They recognized the need to shift focus from pricing administration to optimizing pricing strategies to make better use of resources.

They were interested in building confidence to make the correct investment in a pricing infrastructure, seeking to establish a robust foundation that aligns with their long-term business objectives and drives sustained profitability. Our comprehensive analysis uncovers insights to inform strategic decision-making and enhance pricing capabilities, empowering our client to thrive in competitive markets.