Inflation and supply chain ups and downs make pricing and accounting tough for distributors. They manage both buy-side and sell-side prices and payments. From getting raw materials to managing transport and labor, they should ask: “Are we doing this the best way and maximizing profit?”
Intelligent pricing strategy
One way is to have an intelligent pricing strategy in place to guarantee profitable growth and margin gains. Pricing automation lets distributors see market changes clearly. It also helps them set smarter pricing strategies. At a time when margins are particularly tight, distributors really cannot afford to have discrepancies or miss opportunities to reclaim money due.
We recently commissioned a study with Microsoft and Forrester that explored the current challenges faced by retailers. It found that 52% of retailers find it hard to execute different pricing for products across different channels. 59% of retailers find it difficult to manage complex promotional offers.
So how can distributors get a handle on this?
Our intelligent pricing platform gives them control over their pricing and rebates, from shipping and chargebacks to deviated costs and depletion allowances, and more. Distributors are able to automatically process vendor offers, ensuring that every cent due is claimed on time.
With the help of Flintfox, distributors can quote with confidence by having real-time visibility of all costs, rebates, and accruals. And to see the actual margin, not the estimated margin. Likewise, on the sell-side, even the most complex pricing rules and trade promotions can be calculated and executed. Distributors can be safe in the knowledge that they’re achieving the margins needed.
Looking at the bottom line, we’ve seen 39 hours saved per day by firms adopting our solution. This has resulted in $1M in cost savings due to improved productivity, and up to $300k less in unclaimed rebates. Ultimately, we can see that a robust and intelligent pricing strategy is worth the initial effort. It enhances competitiveness and sets up long-term business success.