Pricing, finance, sales, and marketing leaders discuss how AI can support right price, right customer at annual pricing conference
CHICAGO, April 29, 2024 – How AI impacts the commercial and pricing strategies used by manufacturing and distribution companies was discussed at an event hosted by Vendavo, the global leader in B2B pricing, selling, and rebate solutions for pricing leaders last week at the Professional Pricing Society (PPS) Spring Conference.
Amid lingering global economic concerns, manufacturers and distributors employ a variety of financial strategies to boost revenue, margins, and profitability including price optimization, RevOps processes and solutions, rebate/incentive programs, channel programs, and others. AI is impacting all of these and creating new, scalable strategic opportunities. What this looks like and how to succeed with the emerging innovation was explored at a Vendavo-hosted event at PPS’s annual conference for pricing leaders in Chicago.
“The possibilities AI brings to our revenue optimization and commercial excellence efforts are exciting,” said Anne Lewis, Senior Manager of Pricing, Afton Chemical. “Understanding our customers better and delivering experiences that exceed expectations is always top of mind. We’re learning more about the different types of AI available for commercial excellence and defining appropriate use cases.”
Artificial Intelligence is becoming increasingly important to large manufacturers and distributors who serve thousands or tens of thousands of customers across many geographies with extensive product portfolios and complex sales channels. The use of AI and machine learning gives individuals and companies the ability to better understand their data, gain insights to help grow the top and bottom line faster, predict outcomes, and make strategic, informed recommendations on the largest of scales.
“AI has become a critical component for organizations seeking to arrive at and deliver the right price at the right time for the right customer,” said Alex Hoff, Chief Product Officer at Vendavo. “By implementing specific AI-fueled actions for optimizing a price, recommending a product an individual customer is likely to buy, and accurately forecasting demand, manufacturers and distributors will grow revenue and profits, not to mention boost customer experience.”
Event attendees also had the opportunity to celebrate Vendavo’s upcoming and newest AI-powered analytics solution, Action Adviser. The predictive analytics engine goes beyond dashboards to the next best actions that automate the identification, validation, execution, and tracking of revenue and margin leakage and opportunities.
“Experience and research have repeatedly demonstrated that improving B2B pricing of products and services has a quantifiably significant profit and revenue impact,” said Tim Smith, CEO, Wiglaf Pricing. “Recent advances in AI and machine learning have created new opportunities to improve the insights, accuracy, scale, and speed of crafting actionable pricing intelligence from raw data.”
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About Vendavo
Vendavo empowers global manufacturers and distributors to accelerate growth and profitability with leading pricing, selling, and rebate management solutions. Companies like Emerson, Medtronic, and GAF rely on Vendavo to manage, optimize, and digitize their end-to-end commercial processes. Vendavo’s solutions, team of pricing and selling experts, and proven process accelerates value and outcomes that are not only predictable, but unrivaled. With Vendavo, the world’s most ambitious B2B organizations can develop dynamic customer insights and execute optimal pricing strategies that maximize margin, boost sales effectiveness, and improve the customer experience.
Vendavo is headquartered in Denver, with offices in Czech Republic, India, and Sweden. For more information, please visit http://www.www.vendavo.com