Pricing Shastra’s Post

💸 💸 WHY DYNAMIC PRICING? 💸 💸 Product configurators and CPQ software are in the spotlight lately. Businesses are recognizing their potential and considering adding them to their operations. But there's one feature that keeps dominating conversations: dynamic pricing. Why is dynamic pricing generating so much buzz? The answer is simple: Convenience. Dealing with custom product quotes is time-consuming and error-prone. Dynamic pricing streamlines this process, saving time and effort. 🎯 Guided Selling and Automation Imagine buying a plane ticket or aspirin, and needing a sales rep for every step. Thanks to dynamic pricing, that's not the case. It leverages complex pricing models and algorithms to calculate costs accurately and efficiently. This is especially evident in industries like airlines and pharmacies. 💡 Learning from Examples Dynamic pricing examples shed light on its potential. From fast food to furniture, this software shines in product customization. It simplifies pricing, whether for a complex sectional sofa or personalized business cards. ✅ Advantages Outweigh Drawbacks Though there are pros and cons to dynamic pricing, its benefits far outweigh the drawbacks. Setup might take time, but the long-term advantages of flexible pricing make it worthwhile. Businesses using marketplace dynamic pricing enjoy efficiency, increased sales, reduced costs, and a seamless customer experience. 🛍️ From Retail to eCommerce Dynamic pricing has revolutionized retail. From Amazon to startups, businesses benefit from its advantages. In eCommerce, it's even more prevalent and impactful. Regardless of business size, dynamic pricing enhances efficiency, lowers costs, and boosts sales. 🤖 The Power of AI For deeper insights, AI-powered dynamic pricing is the way forward. Traditional algorithms can't handle the myriad variables that affect pricing. AI-driven systems analyze internal and external factors, adapting and learning from data. This approach ensures accurate predictions and optimization.

Growth-focused companies know that monetizing their existing users is critical. According to McKinsey, 80% of high-growth businesses generate more revenue from current customers. The key is flexible packaging and pricing of plan features. Prospects often request specific capabilities without wanting to upgrade their whole subscription. Legacy “all-or-nothing” tiers deter these incremental sales. Pay-as-you-go and customized bundles align value and price at the individual level. However, companies struggle to implement this model when billing systems lack flexibility. And legacy billing tools simply can’t accommodate the complex invoicing these scenarios create. So how do companies handle these challenges? Read: https://lnkd.in/g8Qa9JiG

In the final post of their three-part series, Kevin Bowers and Harald Kopp address a major issue for OEMs . . . moving from free to fee. Not from an attached services perspective (which is long standing problem), but by managing and monetizing software offers. To embark on a journey that is ripe with opportunities for improvement, here are some key takeaways: Customer-centric focus: Always center your efforts on enhancing the outcomes for your customers. Connect and collect: Establish connections and gather data and information to inform your decisions. Leverage software and AI: Develop the capabilities to harness the power of software and artificial intelligence effectively. Comprehensive offer portfolio: Craft a compelling offer portfolio encompassing products, software, services, and AI. Continuous improvement: Commit to refining data, enhancing your offerings, and creating new solutions. To read more, and to get access to the first two installments, here is the full blog post. #tsia https://lnkd.in/eWRE7T8V

BCG’s Strategic Pricing Hexagon To unify disparate pricing ideas and provide a clear unified theory of pricing, BCG has developed the Strategic Pricing Hexagon and explained it in its book 📕 “Game Changer: How Strategic Pricing Shapes Businesses, Markets, and Society”. This tool aims to help leaders look beyond numbers and create pricing strategies that can “improve their company’s relationships with customers, and reshape their business and their industry”. Key ideas of this concept: ▪️ Move beyond traditional models like discounts or subscriptions. Instead, focus on how pricing decisions shape the market, influence money flow, and determine market shares. ▪️ Costs, competition, and customer value aren’t just isolated inputs. Their interactions offer strategic insights crucial for effective pricing. ▪️ The Strategy Hex provides seven distinct pricing games that, in aggregate, cover nearly every challenge and opportunity a business leader will encounter. It becomes a decision support tool that enables any business leader to formulate a clear pricing strategy. ⒈ Value Game: Align unique solutions with customer value. ⒉ Uniform Game: Optimise prices for homogeneous markets. ⒊ Cost Game: Use efficiency in fragmented markets. ⒋ Power Game: Negotiate in concentrated markets. ⒌ Custom Game: Customise deals in competitive B2B settings. ⒍ Choice Game: Help customers self-select from diverse offerings. ⒎ Dynamic Game: Use AI for real-time pricing adjustments. ▪️ Each game has a functional area within the organisation that is best suited to lead it. ▪️ Most markets fit one game well, but some fit multiple games. This offers leaders an opportunity to choose the best game based on their competitive advantages. 🤔 Is the BCG’s Strategic Pricing Hexagon really a “Game Changer”? Do you agree with this concept? Feel free to share your thoughts in the comments. 🔗 Link to the BCG article in the first comment to this post.

Users usually choose GL codes when creating an invoice by referring to past data like vendor details, addresses, and item information. Unfortunately, searching for this information within the ERP system can be tedious. In this article Adesh Patel, Head of Engineering at Kanverse.ai explains how Kanverse's recommendation engine, analyzes the data and provides real-time suggestions to the user, thus saving a lot of time. https://hubs.la/Q024NMzK0 #AI #automation #intelligentautomation #ml #InvoiceAutomation

AI Inventory management software development has revolutionized the industry. Click to learn about AI-powered inventory management software in detail! Visit us: https://bit.ly/3Tjf10B #aiinventorymanagement #innovation #inventorysolutions #technology #softwaredevelopment #dreamsoft4u #ai

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NetSuite Bill Capture is an innovative tool that changes paper invoices into digital files. It also automates matching and speeds up approvals by using AI technology. 💡 Here's how it revolutionizes the invoice processing workflow: ✔️ Effortless Digitization: Say goodbye to manual data entry. NetSuite Bill Capture digitizes invoice data straight from your Accounts Payable (AP) inbox. The system automatically records important information like vendor names, invoice numbers, and amounts. This eliminates the need for manual data entry. ✔️ Intelligent Data Recognition: Leveraging advanced AI technologies, NetSuite Bill Capture intelligently recognizes and populates bill record fields. From account codes to line item details, the system learns from user interactions and continuously improves its accuracy over time. ✔️ Streamlined Review Process: With a split-screen view of the scanned invoice image and the corresponding bill record, reviewers can easily verify captured data against the original document. ✔️ Automatic 3-Way Matching: One of the most powerful features of NetSuite Bill Capture is its ability to automatically reconcile invoices with purchase orders (POs) and receivables. By comparing invoice details against corresponding POs and receipts, the system detects discrepancies and flags them for resolution. #NetSuite #NetSuiteBillCapture #AI Reach out to our team for a demo!

NetSuite Bill Capture is an innovative tool that changes paper invoices into digital files. It also automates matching and speeds up approvals by using AI technology. 💡 Here's how it revolutionizes the invoice processing workflow: ✔️ Effortless Digitization: Say goodbye to manual data entry. NetSuite Bill Capture digitizes invoice data straight from your Accounts Payable (AP) inbox. The system automatically records important information like vendor names, invoice numbers, and amounts. This eliminates the need for manual data entry. ✔️ Intelligent Data Recognition: Leveraging advanced AI technologies, NetSuite Bill Capture intelligently recognizes and populates bill record fields. From account codes to line item details, the system learns from user interactions and continuously improves its accuracy over time. ✔️ Streamlined Review Process: With a split-screen view of the scanned invoice image and the corresponding bill record, reviewers can easily verify captured data against the original document. ✔️ Automatic 3-Way Matching: One of the most powerful features of NetSuite Bill Capture is its ability to automatically reconcile invoices with purchase orders (POs) and receivables. By comparing invoice details against corresponding POs and receipts, the system detects discrepancies and flags them for resolution. #NetSuite #NetSuiteBillCapture #AI Reach out to our team for a demo!

Business transformation in the industrial sector is always going to be bumpy, especially in a projectized environment. I just read this Forbes article, which postulates that manufacturing digital transformation is completely asset-focused. Kinda true...The business transformation of fabrication (not manufacturing) businesses brings significant and frequently overlooked challenges as it pertains to process flow. ERP providers who never shipped a custom product in their lives try to impose rigid structures on processes that should remain flexible by nature. Fun times. When digital transformation works well in fabrication, its always when software providers maintain a flexible attitude to the solution and fabricators don't act like they have "the most complex business you have seen." #RawTransformation #HardHits #IndustrialEvolution