Many companies still rely on outdated technology or analog solutions when it comes to managing their pricing. Not only can rogue sales reps end up quoting clients from spreadsheets that have no connection to underlying price drivers, but those spreadsheets are incredibly susceptible to manual errors.
Luckily, there’s a solution for bringing your sales organization (and profits) into the modern world: Oracle’s JD Edwards Advanced Pricing.
The JD Edwards Advanced Pricing module 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 combinations of products, product groups, customers, or customer groups.
What is JDE EnterpriseOne Advanced Pricing?
JD Edwards offers a variety of features and tools for its ERP users, and one of the most sophisticated and powerful is Advanced Pricing. Why? Because pricing is probably the most complicated aspect of any business. With the JDE pricing system, you’re saving time and energy—all while increasing profit.
With Advanced Pricing, you can:
- Implement pricing strategies that advance your product and market strategies.
- Maintain centralized control over pricing for better consistency and profitability.
- Be sure that pricing configurations meet your organization’s strategy with increased visibility and mass maintenance tools.
Key Benefits of JDE Advanced Pricing
Now that you have a better idea about what JD Edwards Advancing Pricing is, let’s dive into some of the main ways the solution can help control pricing and optimize business processes.
1) Maintain Consistency and Profitability
Advanced Pricing gives your organization the ability to maintain prices and discounts in a centralized location. Automated workflows send price changes to a manager before they become active in the system, helping you to keep an eye on pricing changes.
The solution 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. The JDE 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 JD Edwards EnterpriseOne products enhances your ability to do business, giving you more capabilities when configuring products, entering category codes for specific item groups, creating quotes for customers, and processing purchase orders.
Implementing Pricing Strategies
To be successful with Advanced Pricing, you’ll need to make sure you have a well-defined pricing strategy that can be implemented through the application rules.
One benefit of a disciplined pricing strategy is that it encourages your customers to purchase in higher volumes. Advanced Pricing makes things even easier for you (and your customers) by giving you the ability to set quantity breaks for prices or discounts based on transaction quantity, weight, or amount. You can also calculate and discount sales volume using order line level pricing, basket pricing, or rebates and volume incentive discounting.
Advanced Pricing also makes it much easier to manage multilayer organizational hierarchies, pricing, discounts, and deals through a functionality called a buying structure. These buying structures ensure accurate pricing throughout your customers’ organizations, as well as efficient price setup and maintenance. Even better, after determining a transaction’s eligibility to receive a discount, the system calculates the discount itself.
Because it offers a wide variety of methods for calculating price adjustments, Advanced Pricing can be used in almost any type of business or customer group. Here’s a snapshot of some of the features you can set up in the system:
- Set a specific markdown or markup amount.
- Establish a cost-plus amount.
- Define a percentage of list or net price.
- Set a price based on achieving a target profit margin.
- Develop a discount formula that pulls from variable data, such as selected purchase order line details or a commodity price table.
- Call custom-built pricing logic without modifying a line of base code.
Integrating Advanced Pricing with Your JD Edwards System
Advanced Pricing is also designed to integrate easily with many other JD Edwards EnterpriseOne products across your operations. Here are a few of the available integrations:
- JD Edwards EnterpriseOne Financial Management
- JD Edwards EnterpriseOne Order Management
- Sales Order Management
- Inventory Management
- Procurement and Subcontract Management
- Bulk Stock Inventory
- JD Edwards EnterpriseOne Customer Relationship Management
- JD Edwards EnterpriseOne Supply Management
- JD Edwards EnterpriseOne Supply Chain Execution
Getting Started with Advanced Pricing
Advanced Pricing is provided with JD Edwards, but it can be extremely complicated to set up correctly—even if you know what you’re doing. Our team of senior-level JD Edwards consultants can help you set up and execute the solution so that it’s headache-free and effective for your organization.
And, we’ve included a sample profile of one of our JDE EnterpriseOne Advanced Pricing consultants to help you know what to expect when partnering with us.
Surety Senior JD Edwards Advanced Pricing Consultant
- 20+ years of JD Edwards Distribution experience
- Expert with Advanced Pricing; Completed 15+ Advanced Pricing projects
- Led 8+ Full Implementations of Advanced Pricing in EnterpriseOne
- Exceptionally strong in Order-to-Cash and Sales Order Management processes
- Well-versed in Procure-to-Pay and Inventory areas
- Served as Distribution Lead 10+ times; Comfortable with Training and Documentation
Contact us today to learn more.