pricing - ima 360

Pricing Maintenance and Optimization Software

Manage Prices centrally in a flexible way, provide quotes to customers through CPQ, and Optimize Prices by analyzing and simulating large amounts of data with IMA360’s pricing software powered by AI.

Use case for Pricing Software

Pricing Software simplifies and automates the pricing process, allowing business to focus on revenue growth and profitability by leveraging pricing optimization. It also aligns internal departments for centralized decision making and provides one source of truth for all teams.

Benefits of IMA360's Pricing Solution

Streamlined pricing process

Our AI-powered pricing management software simplifies and automates the pricing process, allowing businesses to focus on their core competencies and improve operational efficiency.

Single source of truth

Maintain all prices, discounts, and rebates. Real time integration with ERP, CRM, E-commerce solution to allow multi-channel ordering and quoting.

Negotiate better deals

Negotiate better deals with visibility into margins during quoting and contracting. Analyze customer’s purchase history and long-term value.

Improved decision-making

Real-time pricing analysis and integration with ERP systems ensure that businesses have access to accurate, up-to-date information for making data-driven pricing decisions.

The Role of Strategic Pricing Optimization

A well-designed optimization model can serve as a powerful tool for price optimization, helping companies to analyze various pricing scenarios and predict their impacts on sales and profit. It uses a combination of historical sales data, customer behavior, and market conditions to simulate different pricing scenarios, offering valuable insights into the possible outcomes of different pricing strategies.

These insights, combined with real-time data and predictive analytics, allow businesses to not only set the right initial price but also adjust their pricing over time. By optimizing the price in response to changes in demand, competition, and cost, businesses can significantly improve their profitability. Pricing optimization solutions, which often use advanced algorithms and machine learning, can analyze vast amounts of data and automate the price optimization process, making it more efficient and accurate.

Three Aspects to Pricing Optimization

Understanding the Basics of Pricing Strategies

Pricing strategies often focus on one key principle: capturing the maximum amount of value that customers are willing to pay for a product or service. Different prices are set for different products, each aimed at capturing a specific segment of the market. Common pricing strategies have included cost-plus pricing, competition-based pricing, and value-based pricing. These models have been the cornerstone of business and market strategy, shaping product development and consumer experiences.

Cost-Plus Pricing

One of the most common pricing strategies in the past has been cost-plus pricing. This involves calculating the cost of producing a product, then adding a margin on top to determine the final price. It’s a straightforward approach that businesses have used for years. However, this model can often underestimate the value customers might be willing to pay, potentially leaving revenue on the table.

Competition-Based Pricing

Competition-based pricing, another traditional strategy, involves setting prices based on what competitors charge for similar products or services. This strategy requires a detailed market analysis and an understanding of where your product stands in its product category. It also requires businesses to respond quickly to changes in the market to maintain or capture market share.

Value-Based Pricing

In value-based pricing, the price is based on the perceived value of the product or service to the customer, rather than on the cost of production or what the competition is charging. This strategy requires a deep understanding of customers’ buying behavior and their perception of your product’s value. The challenge here lies in accurately estimating this value and finding the right price that customers are willing to pay.

IMA360 Pricing Solution – Key Features

Maintain and Optimize Pricing with industry specific Pricing strategies. Gain real time price insights with IMA360 price optimization solution and make better decisions by leveraging the AI driven optimized pricing.

Price Setting

Single central repository to maintain all prices, discounts and incentives and transfer the data to ERP, CRM and Legacy solutions in real time.

Pricing Governance

Maintain control over prices and discounts to avoid excessive discounting with compliance management and automated workflows.

CPQ

Create quotes and analyze margin at the time of creation. Workflow based approval process for any quotes which don’t follow margin guidelines.

Advanced Analytics

Analyze historical data to gain insights into deal win rates and profitability and uncover pricing leakage. Visualize pricing data by running price waterfall and funnel charts.

Price Optimization

Simulate multiple price strategies and compare to pick the right strategy that fits business goal using price optimization software. Optimize at Customer level or Portfolio level across multiple sales channels.

Price Catalogs

Generate price catalogs and communicate to customers via IMA360 collaboration portal, EDI 832 or Excel files.

Transform Your Pricing

CHALLENGE

Scenario Description: Imagine your company is facing challenges in optimizing pricing strategies due to rapidly fluctuating market conditions, increased competition, and changing customer preferences. You’re finding it difficult to determine the right pricing for your products to maintain profitability and remain competitive.

SOLUTION

Integrate IMA360’s solutions with your existing ERP system to gain real-time visibility into deal-specific profitability, enabling informed decision-making during customer negotiations or when quoting product prices. Furthermore, IMA360’s pricing solutions use historical data to provide forecasting projections for future sales and help you strategize considering factors such as price elasticity, competitive landscape and inventory position and suggests the optimal price, considering off-invoice adjustments applicable to specific customers and products.

EXPECTED OUTCOMES

By utilizing IMA360’s pricing solutions, your company can expect to achieve numerous benefits, including:

Increased profitability through optimal pricing strategies and improved cost management.
Better understanding of market conditions and customer demand, enabling your company to adapt its offerings and stay competitive.
Improved decision-making based on real-time data and accurate forecasting, reducing the risk of over- or underpricing products.
Streamlined pricing processes, saving time and resources while minimizing human errors in pricing calculations.

Ready to Transform your Pricing

Are you ready to take your pricing strategy to the next level? Schedule a demo or contact our IMA360 team today to learn more about how our AI-powered pricing solutions can help your business optimize pricing, maximize profitability, and stay ahead of the competition.