The world is now heading faster to be a connected economy. And Pricing in such an economy has become dynamic, influenced by different markets, time, geopolitical scenario and location. A pricing system that does not meet the need of the hour becomes obsolete in due course of time.A pricing to constant quality becomes difficult at times in this connected economy.
Most of the companies still stick on to the traditional methods of pricing that are manual such as data manipulation using excel or custom solutions to do complex pricing. In spite of the unending hassles such as downloading, excess time consumption, increased cost and lengthy processes, they stick on to manual methods due to the lack of an effective pricing system that meet their needs.
Many of the pricing projects with its prospective pricing strategies failed. The reason is quite explicit. Such pricing projects attempt to use a solution far away from their ‘system of records’ or ERP system. And the result is tediousness of downloading data and latency. The project is lengthy and time consuming. Another reason is that such pricing strategies create a lot of errors that hinder the whole process. Pricing teams find it very difficult to sustain themselves in such circumstances and so they are forced to switch on to a manual method in spite of the unending hassles that they have to face.
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