Improving Sales Effectiveness to Benefit the Bottom Line
More effective management of pricing usually is the biggest profitability lever available to corporations. Yet, senior executives often cannot manage pricing effectively because they encounter five common obstacles.
First, they lack visibility into actual pricing performance and the analytics to identify issues and opportunities. Second, their organization is unable to implement pricing decisions quickly and consistently. Third, the pricing approval process takes too long and is inconsistent, leading to lost business. Fourth, their sales organization lacks the process and tools to limit margin leakage. Fifth, they lack the process and tools to optimize pricing for individual customers and products.
Technology can be the catalyst that enables senior executives to achieve higher profitability through more effective management of their organization’s pricing.