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"Lazere, Cathy A"
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Effective software holds the key to preferential pricing
Good software systems are crucial to preferential pricing. Four essential features of recommended pricing systems are: 1. quotes at point of sale, 2. ability to communicate prices, 3. sophisticated analysis of pricing, and 4. pricing controls.
Magazine Article
VWR improves pricing without boosting prices
To become more competitive, VWR Scientific Products Inc. established partnerships that allow customers to outsource their purchasing function to VWR. The pricing reflects the addition of value-added services. The company's sales organization has latitude in pricing but is closely monitored by the finance function. VWR negotiated annual supplier price increases in place of more frequent ad hoc increases.
Magazine Article
Different strokes
Value to customers should determine the prices customers pay, as opposed to cost-based pricing. Various customers see the offering differently, thereby allowing companies to charge preferential prices based on the value they deliver to customers. Charging customers different prices appears to make good sense. Trim companies can cut costs only so far. Three overreaching factors are fueling preferential pricing: 1. increased customer demand, 2. consolidation of distribution channels, and 3. availability of sophisticated systems. Companies that are most successful with preferential pricing set discrete price ranges within which their salespeople can negotiate, but they also make sure their incentive system follows the logic of the pricing decisions. Companies that implement preferential pricing should proceed with caution, paying close attention to coordination of systems, market, legal, and incentive issues. Setting the right price can soften or even avert adverse market reaction to price changes.
Magazine Article
All together now
Budgeting and forecasting are universally loathed. For most operations people, it is an overly financial exercise designed mainly to please corporate headquarters. The result is that people do not take ownership of the process. Part of the problem is that more often than not, budgeting and forecasting are not linked to strategic planning or performance measurement - the other components of what consultants say should be an integrated planning process. The process is further complicated by its tradition of negotiation and horse-trading. Many companies are only now getting around to reengineering this process. One step toward improving the process is to limit and standardize planning data. Another step is to share information across the company. A third step is for the entire planning process to be linked to strategic planning and compensation.
Magazine Article
Balancing the balanced scorecard
For a company setting up a balanced scorecard, a critical factor is choosing the right metrics that reflect competitive factors affecting the business. Choosing the right metrics, however, means also choosing the right number of measurements.
Magazine Article
Lessons from the front
Some vital lessons for companies in the midst of overhauling budgeting and forecasting are presented, including: 1. Keep the team involved. 2. Limit data requests to what is necessary to fulfill strategic objectives. 3. Do not be seduced by trendy procedures, such as rolling forecasts.
Magazine Article