Pricing disruptors and the transformation of how we do business today have introduced a whole new lever for pricing teams to pull. Manufacturers have more sense of urgency than ever to appease increasing customer expectations.
Amidst those changes, pricing disruptors like digitization, the Amazon effect and new emerging technologies are creating a major business opportunity for manufacturers when it comes to maximizing product uptime – the proactive maintenance of products before failure occurs. It’s modern manufacturing, and the status quo is no longer sufficient – and it’s time for companies to capitalize on these changing times, or risk losing customers in the process.
At the end of the day, optimized pricing provides an opportunity to ensure prices are competitive – creating both an epic customer experience and a much needed financial boost. That’s why we created our newest Syncron original Orange Paper, Pricing for Product Uptime: Navigating the Most Disruptive Change in Pricing History.
To fully understand this market shift, let’s take a look at some of the pricing disruptors that are impacting this shift to maximized product uptime:
From IoT, to virtual reality and 3D printing – emerging technologies continue to impact organizations. The intertwined network of physical goods within IoT, including sensors and software, allows manufacturers to freely exchange data between the products they sell and their internal systems. Sensor-equipped parts alert manufacturers of necessary repairs, and, from there, the manufacturer schedules a service appointment preemptively. Repairing and replacing the failed part before it breaks ensures the equipment is never down and the construction teams don’t lose any time (or money).As technologies evolve and new trends emerge, manufacturers must be equipped to use them to their advantage to become more efficient and effective. Click To Tweet
As the shift from brick-and-mortar sales into a more digital, web-based sales model, takes over, manufacturers should expect a shift to an online presence in part sales. While the manufacturing industry remains somewhat conservative, this digital change is already happening on the consumer side. With so much technology stored in the cloud, talented machines and software can calculate complex formulas in an instant. They take what used to be very complex data and make it user friendly and actionable at lightning speed. That’s why it’s crucial for companies like manufacturers to embrace the digitization of the future.Digitization used to be incredibly expensive for companies to consider, but it's finally becoming more attainable as the tech to support this shift is becoming more affordable to implement, track and optimize. Click To Tweet
E-commerce and the Amazon Effect
As manufacturers continue to seek new and alternative ways to improve the customer experience and boost margins and revenue, they’re also facing a new category of competitors. One of the most prominent risks comes from third-party parts providers entering the service parts space, especially major e-commerce players like Amazon and Alibaba. Manufacturers must adopt new business practices and invest in sophisticated cloud-based technologies that enable them to remain competitive – and win – against these large, well-known brands.The e-commerce wave means that those who want to survive this new wave of technological expectations need to embrace systems like intelligent price management, along with an infusion of emerging tech advances. Click To Tweet
Organizations need to be able to adapt to these and any future pricing disruptors that could come into play – this means having strategies and technologies in place that can evolve and scale as the landscape changes. Download your complimentary copy of our Orange Paper today, and start putting your pricing strategies into action right now.
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