Bain & Company launches tool to help companies optimize pricing
Leading global management consultancy Bain & Company has partnered with Price f(x) to launch the Bain Pricing Navigator. The tool will help clients adjust their pricing based on company performance data provided through real-time dashboards, proprietary insights, and customer relationship management (CRM) and enterprise resource management (ERP) systems integration.
For many firms, pricing is one of the most effective levers for boosting their earnings. However, many firms leak money and profits by not setting the most appropriate price, or by not ensuring customers pay the determined price. A recent Bain survey found that though 70% of firms believe that pricing is a top management priority, more than half of respondents said that management has insufficient visibility into pricing decisions, and fewer than 20% of firms have appropriate tools to improve pricing decisions.
To help clients set prices that will optimize their profits while not driving away customers, Bain has partnered with price optimization and management SaaS (software as a service) provider Price f(x) to create the Bain Pricing Navigator. The tool provides visibility into pertinent company data, allowing teams to identify opportunities and improve pricing. It also gives clients access to Price f(x)’s suite of pricing functionality on a permanent basis – covering areas ranging from promotion optimization to discount management.
The cloud-based Pricing Navigator can be launched within a few days, and provides real-time dashboards and workflows to reveal and offer guidance on pricing. Bain’s extensive consulting experience in the pricing area – having completed over a thousand pricing projects so far – combined with the Price f(x)-powered tool, will allow clients to realize greater gains from optimally-managed pricing.
"Existing pricing processes can’t keep up with the increased complexity, intensifying competition, and rapidly changing market dynamics that today’s companies face,” commented Ron Kermisch, Bain & Company’s global pricing leader. “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.”
Established in 2011 and based out of Germany, Price f(x) will join the Bain Alliance Ecosystem, the consulting firm’s network of alliance of partnerships. Speaking on the partnership, Price f(x) CEO Macin Cichon said, “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."
Bain & Company, one of the Big Three global strategy consultancies, was founded in 1973 and is headquartered in Boston. The firm’s consulting expertise stretches across every industry and economic sector. It has 8000 employees across 55 offices in 36 countries, and had estimated revenues of $4.5 billion in 2017.
