In an age of automated ports and AI-powered hiring, many companies’ go-to method to manage pricing is amazingly low-tech ─ typically a mash-up of emails, spreadsheets and disjointed business intelligence tools.
Even highly sophisticated, billion-dollar corporations take this approach, and realize negative financial impact as a result. As costs of goods and services change, failure to quickly update prices leads to significant margin loss, according to a recent analysis by pricing software company Zilliant.
The average turnaround for B2B companies to update pricing is between six weeks and four months — far too slow in today’s economy. These instances are increasing in frequency and intensity amid persistent inflation and supply chain disruptions, and a failure to address them quickly could be devastating.