5 Reasons Your Sales Org Needs JD Edwards Advanced Pricing
Many companies still rely on outdated technology or analog solutions when it comes to managing their pricing, making sales a bit like the Wild West. Not only can rogue sales reps end up quoting clients from spreadsheets that have no connection to underlying price drivers, but those spreadsheets are susceptible to manual errors and even purposeful manipulation. Luckily, there’s a solution for bringing your sales organization (and profits) into the modern world: Oracle’s JD Edwards Advanced Pricing.
JD Edwards Advanced Pricing can help you manage complex and volatile sales environments by giving you the ability to set any number of prices and special offers based on hierarchical combinations of products, product groups, customers, or customer groups. Generally speaking, modernizing your sales org with a pricing tool like Advanced Pricing can lead to increased revenue and profits, but if you’re looking for more concrete examples, here are five more reasons why your sales mavericks need Advanced Pricing.
1) Maintain Consistency and Profitability
Advanced Pricing gives your organization the ability to maintain prices and discounts in a centralized location. (So no more situations where Pat is quoting $X for a product to one client and Alex is quoting $Y for that same product somewhere else.) Automated workflows send price changes to a manager before they become active in the system, helping you to keep an eye on and control pricing changes.
Advanced Pricing also gives you the ability to define preset margin boundaries and minimum/maximum price ranges, ensuring that your sales reps have clear boundaries to negotiate within, but these boundaries are also flexible and can be set based on the customer and item combinations.
2) Increase Sales
Special pricing can encourage your customers to purchase in bulk (and more products sold means more money). Advanced Pricing makes it easy to set quantity breaks for prices or discounts based on the amount, quantity, or weight. You can calculate and discount sales volume using order line level pricing, basket pricing (which looks at volume across a group of items in an order), or a collection of orders during a specified period.
3) Set Pricing Based on Real-Time Market Information
Advanced Pricing allows you to set pricing rules based on response to competition and keep prices in line with costs. Even better, these rules can be managed automatically so that your sales and marketing teams can spend time on strategic work.
4) Gain Visibility of Sales History
A spreadsheet is usually just a snapshot of what’s currently happening right now. A 21st-century pricing solution keeps track of all the changes behind the scenes, ensuring you and your team have the information and data you need to make informed decisions on individual pricing changes.
5) Enhance Your Solution with Integration
Bringing even more value to your organization, Advanced Pricing can be integrated with a wide variety of other JD Edwards EnterpriseOne products, including Sales, Sales Order Management, Product Variants, Customer Self-Service, and Configurator modules. Integrating your JDE E1 products enhances your ability to do business, giving you more capabilities when configuring products, creating quotes for customers, and processing orders online.
Team Up with Advanced Pricing Experts
Taking advantage of JD Edwards Advanced Pricing is one strategy that will help optimize your supply chain, but it can be a bit tricky to set up correctly. Successfully implementing the tool will require you to define a pricing strategy, adjust schedules and hierarchies, and train your teams on the new solution, and after all that, if you get the wrong price on an order, trying to figure out what the heck went wrong (and how to fix it) can be a challenge.
That’s why it’s smart to team up with experts. Our senior-level JD Edwards consulting team at Surety Solutions can assist you with implementing and executing Advanced Pricing, or any other JD Edwards solution you may be interested in (such as Warehouse Management, for example). Contact us today to get started.