STOCKHOLM, Sweden – 8 September 2015 – Syncron, an aftermarket service optimization company, recently announced the release of its Price Management 15.1 solution. Among other improvements, the updated software now provides intelligent mapping logic and improved simulation and testing strategies to promote increased efficiency in the daily pricing process.
Accurately pricing hundreds of thousands service parts across multiple product ranges is complex. Pricing professionals must carefully calibrate individual item prices to achieve an optimal balance between profitability and market share. Syncron has made this easier by incorporating a specialized algorithm into its solution that determines the best matching segment for an item based on its attributes. Results are delivered in a way that makes it simple for the user to visually confirm an item belongs to the segment (based on value drivers and other characteristics), and therefore has been categorized correctly.
From there, users can take advantage of improved simulation and testing features to gain a better understanding of what might happen when calculating a price for the item based on different pricing logics. Price overview and scatter plot charts provide additional support and help the user to visualize which scenario is best.
“This is not something that can be done with Excel spreadsheets,” said Per Almberg, product manager at Syncron. “So many companies are struggling with manual segmentation and pricing with basically no sophisticated system support. The price management solution is automated and extremely efficient. It quickly provides users with the information they need to make sound judgments when setting prices.”
The system actually becomes more intelligent over time. As the database grows, it is able to match more and more item characteristics and becomes more accurate at placing new items into correct segments.
Additional improvements to the item segmentation process also make it easier for users to identify high-volume items and then correct or improve pricing in order to make an immediate impact on the bottom line. For example, new price elasticity charts aid users in visualizing the effects of price changes on sales quantity, allowing them to identify opportunities to maximize revenue. And, improved graphical visualization features can encourage insights needed to optimize profits.
“Our customers are very happy with this release,” said Almberg. “Because so much has been automated, you don’t have to be an expert user to find the information you need. Those with less experience can use the software and gain a deeper understanding of pricing situations without requiring much support.”
Price Management from Syncron is designed to meet the needs of aftermarket service parts companies that manage hundreds of price lists. It removes the need for long-term price consultants by helping pricing teams organize incoming information, determine what’s important and execute more informed pricing policies. It also helps pricing managers eliminate manual effort, identify underperforming products, analyze and respond faster to changing market conditions, and implement sophisticated, differentiated pricing policies, like value-based pricing.