Price optimization is the most effective lever for increasing profits and giving companies more potential to grow. This is because price has a direct influence on product margins, sales volume, and revenues. Furthermore, pricing measures require low investments and show fast results. Considerable potential for improvement lies for example in the reduction of manual effort, increase in transparency, and consideration of the customer perspective (e.g. customers’ price sensibility or willingness to pay). How do companies ensure holistic pricing?
Five steps using KNIME: