Maximize Margins, Retain Customers and Grow Market Share Through Optimal Pricing
Effectively managing prices can be a time-consuming process with limited insights into how price changes will impact margin and top-line revenue. This fact leads most companies to neglect pricing changes (or worse pass off these important decisions to black-box third party providers). This neglect results in a reactive pricing environment where prices are only changed after the damage is done. Customers are lost, market share diminishes, and massive amounts of margin are left untapped when pricing becomes a reactive process.
Optimizing prices shouldn’t have to be a tedious (or black-box) process. Impacts to margin, top-line revenue and market share with pricing changes should be immediately available. It’s all possible with a predictive approach.
Achilles is built on predictive analytics. The benefits of predictive analytics for price optimization are:
- Data driven pricing zones based on customer behavior
- Fully automated pricing analytics built on sophisticated predictive models
- Predictive modeling with deep insights into how/why pricing changes are suggested
- Fully interactive interface where pricing changes can be modeled, and financial impacts can be viewed in real-time
While predictive analytics is based on sophisticated mathematics, Achilles gives deep insights into how these models work. These models consume all available data (not just price) to ensure that pricing recommendations are realistic and take into account the dynamic market place. Factors included are:
- Past Customer Behavior
- Historical Pricing
Achilles will show how these variables are incorporated into every pricing decision.
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Achilles Categories Settings – Page is used to set the individual strategy for each category. That category will then be used as an objective function for the optimization process.
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Achilles Post Optimization Results – Summary dashboard to see the impacts to Margin$, Margin %, Sales, and units.
Achilles layers on a very dynamic and interactive interface that makes pricing a breeze. It will always be clear:
- Why pricing changes are recommended
- What the impacts to margin, top-line revenue and market share are
Additionally, Achilles works with your corporate goals and category management goals. It’s not a black-box. Achilles is a tool that allows you drive your corporate objectives backed by sophisticated data science.
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Why Choose QueBIT for Analytics Solutions?
QueBIT brings a unique approach to building a predictive demand plan that leverages advanced analytics to optimize accuracy. QueBIT has delivered analytics solutions for more than 450 organizations, including some of the largest and most successful companies in the world.