Deriving pricing insights from multiple data sources
Even a 1% increase in price can boost margins by between 6% and 10%. But with such a variety of data sources across your business, it can be hard to identify and manage the right data for pricing analytics. As a result, this is either not done well, or not even attempted.
30% of pricing decisions fail to deliver the best price. Without a data integration tool to bring data together for a holistic view on pricing, decision-makers revert to gut instincts and traditional guidelines, leading to missed opportunities and exposure to unnecessary risk.
Meet the challenge
By collating all relevant data on a single platform, you can use data analytics tools to explore different pricing scenarios, and understand how demand changes between your various markets and customers.
30% of pricing decisions fail to deliver the best price*
Analysing large complex datasets for pricing
Refining your optimal pricing strategy is a complex ongoing process. There are many variables and uncertainties to consider. Scenario modelling is required to ensure the best choices are made.
Manipulating the necessary multiple variables, assumptions and scenarios makes data analytics pricing impractical with traditional manual methods. With millions of data items to be analysed, Excel is not up to the task.
Meeting the challenge
With a secure cloud analytics platform, you can easily manage the large and complex datasets needed to develop a successful pricing strategy – supporting scenario modelling and option appraisal so decision-makers can move forward with confidence.
strategies and tactics
can deliver a 2 to 7%
increase in return on
Creating long-term pricing strategies
Your pricing for products or services is never a one-off exercise. It requires constant refinement, starting from the development and launch process, and continuing based on market performance and other factors.
Getting your pricing strategy right requires an in-depth understanding of customer segments and the value they place on your offering, derived from deep pool of data – all on a continuous and dynamic basis.
Meeting the challenge
By bringing data assets together from across your business and external sources, in a unified data to decisions framework, you can quickly implement a multi-market strategic pricing methodology.
On average, a 1% price increase translates into an 8.7% increase in operating profits*
* McKinsey, 2015
* Using big data to make better pricing decisions. McKinsey, 2014
14 April 2021
10 reasons why you should have a data & analytics centre of excellence
By Max Kenney
Case Study: Fighting COVID-19 with Data
Learn about how we’re helping the largest Sustainability and Transformation Partnership in the NHS, to use data analytics to improve their response to COVID-19 and save lives.Download Case Study