It comes as no surprise that in 2020, organizations ramped up investing in their commercial excellence capabilities. Solutions to support change management and optimized pricing alignment were part of that. Some of these initiatives were on their roadmaps, while others were accelerated due to the pandemic.
Looking back over the past year and the various customers I’ve had the opportunity to work with, I’ve seen some really great progress. For us here at Vendavo, commercial excellence includes our solutions that support price management, optimization, and sales execution. We’re pleased to say our customers’ use of our pricing, optimization, and quoting technology were instrumental to their profitability in what was a truly difficult year for most industries.
The common thread weaving through the spectrum of customers who exceeded their initial expectations with regards to new pricing methods? The use of effective change management within their organizations. They developed and executed a plan that not only included the implementation of software at the technical level, but also the implementation of a program at the human level.
Shifting the Status Quo
It’s pretty much universally recognized that one of the most critical pieces of successful technology implementation is change management. Think about it – you’re taking the processes and practices that your workforce uses today and replacing them with new methodology that’s supported by technology . The people in your organization will most certainly have mixed reactions to this!
Some employees may be excited about the new change, some will be resistant, and in some cases, you may have employees that are downright counterproductive. News flash: this is totally normal.
The excited employees view new technology as an opportunity to grow and learn how the solution will help them do their jobs more effectively. Others will be anxious about the shift from status quo, and some will feel the inevitable dread that all technological advances can cause – the fear that they are going to be replaced. Unfortunately, this could prevent them from seeing the value of the solution. This is where change management comes in – it can alleviate those fears, and gently help stakeholders cross the bridge between ‘now’ and ‘the future’.
Employing Pricing Alignment Automation
There are bucketloads of emotion intertwined with any sort of change, but particularly when it comes to work. It’s natural to experience anxiety, fear, and excitement as new processes enter an organization and become a part of your employees’ jobs.
On the scale of organizational topics that spark emotion, commercial excellence solutions top the list. Let’s take a look at pricing, for example. Salespeople ultimately get paid through commission, making it emotional for them. Customers get charged, so this affects their profitability and means they have an emotional stake in the solutions.
Organizational leadership has an emotional investment in it, since it affects the final results month after month. When things like commercial excellence technology – especially pricing alignment technology – are adopted, there’s a time when prices will inevitably change.
After all, that’s the whole point of implementing pricing alignment technology in the first place. This can be scary for a lot of organizations, and that trepidation is what change management is meant to alleviate.
Successful Change Management Solutions
The right technology and solutions for your organization, whether for pricing alignment, sales team productivity, or in other areas, will help you achieve your commercial excellence goals without causing you or your staff any additional headaches. You deserve more than just the implementation of new technology; change management has a significant impact in the long run, and helps you overcome hurdles to unlocking greater profitability.
It’s why you ought to be evaluating a successfully proven technology solution, supported by a best-in-class Value Consulting team, consisting of industry experts with years of experience and a near-fanatical focus on positive outcomes. The right technology partner will help you master change management and guide you through every stage of your Commercial Excellence journey. The only remaining question, then, is: What are you waiting for?