![]() With gicom, we integrate the results of your big decisions, like deal calculation, and settlements, into your existing financial processes automatically. Like I said before, many C-level executives are worried that their financial data is not up to date going into a big decision. How much vendor funds are already consumed? What are my calculated claims and year-to-date accruals? Would a change in agreements and conditions improve prices for your customers? Keeping track of these factors will be critical for success. Next, you’ll need to know how your decisions will impact the company on a granular level. You can also use dashboards to find out what product categories are most profitable, which are under pressure, and which may even require a renegotiation, so your assortment and your pricing are always optimized. Automated dashboards, like gicom’s Real-time Margin capability can do this for you so you have access to live accounts of your competitors pricing strategies and can adjust accordingly before any potential business is lost. Price is one of the top factors for shoppers today so accurately fitting your pricing strategy into the landscape is key. If you’re offering the same item at a much higher price than your closest competitors, you likely won’t achieve your sales goals, whereas if a luxury brand decreases a price too much to match the market, the integrity of the brand identity may suffer. It’s a lot to keep track of, but an automated process and appropriate data points will lead to the best results.įor example, an optimized pricing strategy is critical for success. Your business is impacted by so much more than your own decisions – it’s impacted by manufacturers, customer behavior, shortages, competitors, and more. So, what variables should you and your company be tracking? I recommend using automated dashboards and carefully constructed KPIs to see how each decision will reverberate in the external environment, the internal network, and within your company’s desired goals. After all, informed decisions are effective decisions. Businesses that can quickly pivot prices, shipping partners or other strategies will be more profitable. With all the confounding variables facing retailers today, particularly around the supply chain, real-time decisioning is more valuable than ever. In fact, a late 2020 survey conducted by BlackLine found that 60% of C-level executives were not confident in their company’s financial data, with the majority of the nay-sayers citing manual spreadsheets and outdated processes as the key reasons why. Have you ever been asked to enter a negotiation or make a business decision without prior access to all the information you needed? It’s a frustrating and intimidating scenario that happens far too often in the business management process. ![]()
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