Price f(x) and Bain & Company Collaborate to Improve Pricing Decisions
Bain Pricing Navigator enables executives to continually assess and adjust their pricing strategy based on company performance through the use of real-time dashboards, proprietary insights, and CRM and ERP systems integration.
Management Software-as-a-Service (MSaaS) and Price Optimization company, Price f(x), has teamed up with Bain & Company, a leading management consulting firm. The collaboration beams in a fresh light of sustainable, tech-synced pricing transformation with the launch of Price f(x)-powered Bain Pricing Navigator. With Bain Pricing Navigator, clients of Bain & Company will be able access a powerful software tool to access and adapt pricings on the basis of company performance. This can be realized by leveraging real-time integrations with ERP and CRM systems, templates and proprietary insights, and dashboards.
Pricing: The Challenge
Most of the companies rank pricing as the most efficient lever to step-up earnings. Still, companies struggle to set the right price and end up bearing losses. A Bain & Company surveyed 1700 pricing decision makers to find out that 70% of them ranked pricing as high-priority. 505 of them felt that senior management lacked complete transparency in pricing decisions. Less than 20% possess the right dashboards and tools to make better pricing decisions.
Bain Pricing Navigator to the Rescue
There’s a three-pronged way in which Bain Pricing Navigator improves pricing decisions. First, it offers quick visibility into company data allowing teams to rapidly diagnose opportunities to enhance pricing results. Next, it captures these opportunities by leveraging an extensive set of workflows and tools for pricing management. Lastly, it provides clients permanent access to the comprehensive pricing functionality suite of Price f(x). The Price f(x) suite covers promotion optimization, discount management, price setting, and more such capabilities. These capabilities can be embedded by clients of Bain & Company across their organization leading to optimum pricing outcomes.
Ron Kermisch, Partner and Director, Bain & Company, says, “Existing pricing processes can’t keep up with the increased complexity, intensifying competition, and rapidly changing market dynamics that today’s companies face. Organizations that execute strategic pricing initiatives together with top consultancies such as Bain & Company, accompanied by implementation of cutting-edge pricing solutions like the Bain Pricing Navigator, can overcome these challenges to move faster and realize more value.”
Marcin Cichon, CEO and Co-founder, Price f(x), says, “The combination of the unquestionable market position and expertise of Bain & Company’s pricing team plus the unmatched flexibility and short time-to-value of Price f(x)’s SaaS solution offers a differentiated value proposition, which will be hard to top in regards to speed and benefits.”
Tom Springer, Partner, Bain & Company, says, “We are excited that Price f(x) has joined the Bain Alliance Ecosystem, the firm’s network of alliance partnerships. Through this network, Bain partners with best-of-breed tool, technology and service providers that complement its services, allowing the firm’s clients to experience relevant new capabilities and get to better results faster.