Pricefx Partners with Bain & Company to Launch the Pricing Industry’s First Big Data Powered Benchmarking Platform
Pricefx, the global leader in cloud-native pricing software, today launched PricefxPlasma™, the first big data powered benchmarking platform for the pricing industry. Powered by Bain & Company, PricefxPlasma leverages real world pricing data mapped to industry standard key performance indicators (KPIs). Businesses can discover strategic insights on their own pricing processes and performance as compared to market averages using benchmarks on a pre-defined set of industry relevant KPIs.
“Every company is looking for an edge over the competition and pricing is one of the strongest levers for success in the marketplace,” said Marcin Cichon, CEO and co-founder at Pricefx. “By launching the first pricing analytics and intelligence platform via a joint project with our valued partners at Bain, Pricefx is giving its customers a whole new level of cross-industry insights. PricefxPlasma is a revolutionary new offering for the pricing industry, providing businesses the information and insights to improve pricing efficiency and effectiveness and uncover new opportunities for revenue growth.”
PricefxPlasma combines a massive amount of anonymized and aggregated transaction and quoting data from industries, sliced and segmented by region, industry and other factors. Data is then compiled into more than 20 pricing performance benchmarks, delivered in intuitive visual outputs and designed to answer the most important pricing analytics questions.
KPIs currently measured in PricefxPlasma include:
- End-to-end price waterfall: detailed price buildup, including on- and off-invoice discounts, cost elements, geographical prices, list prices and margin elements.
- Deal approval process: deal velocity, the percent of deals outside discount guidelines, the number of steps in the approval process.
- Price setting: the value capture of price increases, the number of list price changes per year.
- Measures of customer and product concentration: the percent of customers/products to reach revenue deciles.
Companies often struggle to understand how their pricing practices measure up to industry best practices. Additionally, according to a Bain & Company survey, many B2B companies do not provide their salesforce with the right tools and data to make effective pricing decisions.
“Companies typically assess the effectiveness of their pricing strategy and execution using a combination of anecdotal data, generic or poorly defined benchmarks, and a lot of guesswork,” said Robert Kugel, Senior Vice President and Research Director at Ventana Research. “Having reliable industry benchmarks derived from real world data provides businesses valuable insight to how they measure up to their peers. PricefxPlasma is an attempt to make useful benchmarks readily available and consumable. Having reliable pricing data also can help businesses identify market trends that enable them to make better decisions about strategy, investments and products.”
How PricefxPlasma Works
Pricefx gathers, anonymizes and aggregates its customers’ data into standardized metrics. These metrics are loaded into the PricefxPlasma platform, which aggregates and filters the metrics further to create industry-level benchmarks. The customer's data is anonymized by Pricefx via double-blinding, ensuring that it is impossible to trace individual customer data.
Industry benchmarks are compiled from aggregated metrics from a number of anonymized entities. The resulting benchmarks are distributed to Pricefx’s customers’ environment. Customers can view these benchmarks through a set of standard Pricefx dashboards and customers can also include this data in their own dashboards, allowing for a direct comparison between their company and the benchmark. Benchmarks may be filtered by industry and region to arrive at the desired peer set.
Pricefx partnered with Bain & Company, a global management consulting firm, to develop the benchmarking capabilities and IT systems.
“Combining Pricefx’s world-class pricing software with best practices from Bain’s Pricing and Benchmarking Centers of Excellence, PricefxPlasma provides unique pricing insights never before available that compare your pricing processes and performance to peers,” said Ron Kermisch, Partner at Bain & Company. “Together, we discovered a way to aggregate massive amounts of valuable data and synthesize that data into market relevant KPIs for B2B enterprises to unlock data-driven insights and create a business advantage.”
Pricefx and Bain & Company previously collaborated to launch price Accelerators and the Bain Pricing Navigator powered by Pricefx. Pricefx is a member of the Bain Alliance Ecosystem – a network of best-of-breed partnerships with complementary tool, technology and service providers that accelerates delivery of breakthrough client results.
PricefxPlasma is available now and is free of charge to Pricefx customers. More information can be found at www.pricefx.com/pricefxplasma. Insights from the platform will also be available to Bain clients and more information can be found at www.bain.com/pricefxplasma.
About Bain & Company
Bain & Company is a global consultancy that helps the world’s most ambitious change makers define the future. Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise and insight to organizations tackling today’s urgent challenges in education, racial equity, social justice, economic development and the environment. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.
Learn more at www.bain.com and follow us on Twitter @BainAlerts.
Established in 2011 in Germany, Pricefx is the global leader in SaaS pricing software, offering a comprehensive suite of solutions that are fast to implement, flexible to configure and customize, and friendly to learn and use. Pricefx delivers a complete price optimization and management platform based on native cloud architecture, providing industry leading time to value and total cost of ownership advantages to customers. Its innovative solution works for both B2B and B2C enterprises of any size, in any industry, in any part of the world. Pricefx’s business model is entirely based on the satisfaction and loyalty of its customers. Today, Pricefx delivers Passion for Pricing to customers in more than 37 countries worldwide. For more information, please visit www.pricefx.com.
PricefxPlasma™ is a trademark of Price f(x) AG.
Summers PR for Pricefx
+1 (415) 483-0480
Bain & Company
+1 (646) 562-8102
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
PMI Launches Free, Online Course and Tool Kit to Help Changemakers Jumpstart Project Success in Just 45 Minutes2.3.2021 19:00:00 EET | Press release
Project Management Institute (PMI), the world's leading association for project professionals and changemakers, today announced the launch of KICKOFF, a new, free online course and tool kit to help introduce anyone doing project-based work to the best practices and tools needed to effectively manage projects from ideation to execution. Much of the working world revolves around projects, which have become more complex than ever due to global Megatrends, including COVID-19, climate change, and more. The need for changemakers, regardless of industry or position level, to be well-versed in the principles of project management in order to help drive results, has never been greater. KICKOFF is the ideal solution for those who are new to doing project-based work and would benefit from learning project management skills to help successfully navigate the process from idea to launch and execution. The course is packed with digestible content, downloadable templates, a glossary of key terms, and
Xendit Raises US$64.6 Million Series B Led by Accel to Scale Its Digital Payments Infrastructure Ushering in a New Era of Economic Security and Reliability in Southeast Asia2.3.2021 18:08:00 EET | Press release
Xendit, the fastest growing digital payments infrastructure for Southeast Asia, announces it has raised US$64.6 million in a Series B round led by Accel to deliver more secure and reliable economic success in the region. Altogether, the company has raised $88 million in funding. Amid Southeast Asia’s rapid digital transformation, Xendit is quickly bolstering businesses of all sizes, processing more than 65 million transactions with US$6.5 billion in payment value annually. “Southeast Asia is a massively complex region, with Indonesia having 17,000 different islands alone—not to mention the region’s regulatory and technological challenges. Trying to build the businesses of tomorrow on yesterday's infrastructure is holding Southeast Asia’s businesses back,” said Moses Lo, CEO and Co-Founder. “This latest investment will enable Xendit to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the
Andersen Global Initiates Expansion Into Bermuda2.3.2021 17:30:00 EET | Press release
Andersen Global establishes a presence in Bermuda through a Collaboration Agreement with Hamilton-based law firm Alexanders, Barristers & Attorneys, adding additional coverage to its global platform. Founded in 2005, Alexanders, Barristers & Attorneys is a law firm with a primary focus on corporate and trust laws. The firm provides services to corporate clients and high net worth individuals, which complements the U.S. member firm’s practice and the global organization’s ability to meet clients’ cross-border needs in Australia, Canada, Africa, the United Kingdom and globally through its member firms and collaborating firms. Additionally, the firm specializes in intellectual property registration and law, investment fund formation and law, insurance company formation and law, and admiralty and maritime law. “Our top priority is delivering best-in-class solutions to our clients locally and abroad, and our ability to do that has been and continues to be a key contributor to our firm’s suc
BORN Expands With Alkeon B2B Market Network Platform Transforming Commercial Models, Starting With the Trade Show Industry2.3.2021 17:12:00 EET | Press release
BORN, announces the expansion of innovative B2B subsidiary Alkeon, the world's first global SaaS market-network combining content, community, and commerce to connect buyers and sellers through a best-in-class platform, powered by machine learning. The 2020 pandemic generated a tremendous and immediate need for companies of all categories to pivot at a moment’s notice, with over 10,000 global trade shows completely upended due to cancellations of physical events. BORN, a purpose driven lifestyle company dedicated to reimagining the discovery, transaction and connection of the B2B and B2C communities, found an opportune moment to quickly scale and enhance their technology solutions. The company formally established Alkeon, an enterprise dedicated to supporting the needs of companies who are adapting to the current and future landscapes and need the right partner to support them through the process. Combining aesthetic and function to create designed technology, Alkeon is a market-network
South Africa and France Lead the Way in Public and Private Sector Gender Diversity, Latest Research by Kearney Reveals2.3.2021 17:00:00 EET | Press release
The latest ‘Gender Equality Report’ from Kearney has revealed progress in the representation of women in both public and private sectors, but the figures still don’t show parity. Ahead of International Women’s Day, the analysis provides insight into the progress of gender diversity in private and public sectors across nine countries – the United States, United Kingdom, Australia, India, France, Spain, Germany, South Africa and Singapore. The annual report revealed that France was number one for representation in the private sector with women comprising nearly 44% (43.8%) of board members on average, however only 2% of these women held top board positions. The UK (36%) and Australia (34%) also scored highly for representation of women on boards. The average for board level representation of women is 29.9% - not even one in three. % Female board level representation by country France 43.8% UK 36.0% Australia 34.0% Germany 32.5% Spain 29.8% US 29.8% South Africa 28.5% Singapore 17.3% Indi
beqom Announces beqom FlexFS, a Compensation Management Solution Dedicated to Financial Services2.3.2021 17:00:00 EET | Press release
beqom, provider of cloud-based compensation management software, today announced the launch of beqom FlexFS, a solution designed specifically for the financial services (FS) industry. “Financial services compensation is unique,” says Vismay Gada, Head of North America and Global Financial Services at beqom. “First there is a broad spectrum of financial services companies—retail banking, investment banking, asset management, hedge funds, insurance, private equity, and so on. That means that rewards and deferred compensation structures have many specialized needs across the industry. And, companies in each segment have to deal with different regulations that impact compensation treatment, which has its own unique challenges. Our FS customers have come to us to help them address complex compensation requirements that are beyond the scope of what their core HR systems can handle.” “We usually see a lot of our FS companies use Excel or Access databases to augment the limitations of core HR
Kymeta and Blue Edge Global Strategic Partnership Delivers Real World SATCOM Field Training with Military Trained Specialists2.3.2021 17:00:00 EET | Press release
Kymeta (www.kymetacorp.com), the communications company making mobile global, announced today a new premier training partnership with Blue Edge Global, a privately owned and operated, certified Service-Disabled Veteran Owned Small Business. The partnership is designed to provide instructor-led responsive training solutions for land, air, sea, and space domains where uninterrupted communications are required to enable high risk missions, first responder arrive-ready solutions and where natural or other disasters require immediate logistical support. Together, Kymeta and Blue Edge Global will offer downrange training with a team of military SATCOM specialists to the Department of Defense (DoD), Ministry of Defense (MoD) and Emergency Services teams globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210302005134/en/ Military specialist attends advanced SATCOM training. (Photo: Business Wire) The collaboration with Blue Ed
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom