Customers enjoy a consistent and personalized experience across channels, and the company grows profitably. Yet, making the vision of powerful, intelligent commerce a reality remains elusive. Why? It’s simple. Pricing.
Pricing has been well-established as the most effective profit lever, yet, in my experience, it is too often an afterthought. However, it’s the last – and most critical – mile of digital transformation. Overlooking pricing results in a host of hard-learned lessons. Let’s look at three digital transformation lessons companies have learned (the hard way).
Companies have been focused on execution systems like ERP, CRM, CPQ, and eCommerce as the bedrock of their digital transformation efforts. These systems are critical, but they aren’t built to price dynamically.
Typically, we see a pricing engine or the system that houses the pricing logic required to arrive at the final price residing within an ERP. While it served companies well, this first-generation approach to pricing engines didn’t contemplate how complex pricing would become, how frequently it would need to be updated, and how digital channels would accelerate the need for dynamic pricing.