Darius Fekete, Director of Value Acceleration at Vendavo illustrates how pricing, selling, and commercial excellence software drives productivity, cost accuracy, and efficiency ultimately improving your bottom line.
Operational excellence is more than just a business buzzword; it’s a strategic pathway towards increased productivity, cost accuracy, and the ability to deploy efficiently and at scale. Let’s explore how pricing and commercial excellence software support these objectives, paving the way for a scalable revenue impact.
Operational Excellence Defined
Operational excellence is about fine-tuning business processes to achieve increased productivity and cost accuracy.
- Increased Productivity: Streamlining operations to get more done with the same resources. This means efficient deployment of pricing actions and sales activity at scale.
- Cost Accuracy: Ensuring that cost estimations are precise, leading to better decisions and profitability. Transparency is always critical during decision-making, but software helps to introduce it without resulting in complexity.
Software’s Role in Achieving Operational Excellence
The software acts as the catalyst for these objectives, enabling automation, data-driven insights, and cohesive integration across various business functions.
Achieving operational excellence is crucial for scaling up pricing revenue impact. A more significant revenue impact can be achieved with a shorter time-to-value by utilizing software in a broader scope of operations.
Key Metrics to Measure Success
Operational excellence in pricing can be monitored through key metrics targeting pricing activity, for example:
- Number of Items Priced: Tracking how many products receive accurate and timely pricing.
- New Products Pricing: The speed and accuracy with which new products are priced.
- Quotes Served: How quickly and accurately quotes are processed and delivered to customers.
- Rebate Payments Timeliness: Monitoring the on-time execution of rebate payments.
The above presents a subset of typical metrics helping to understand the business scale that pricing solutions impact.
Operational excellence isn’t just about internal efficiency; it’s about scaling your success. By enhancing deployment at scale, you can expand the revenue impact of pricing across different markets and product lines, amplifying success.
A Holistic Approach to Operational Excellence
Operational excellence is an internal goal and a strategy to scale success. By focusing on increased productivity, cost accuracy, efficient deployment at scale, and employing the right tools and verification methods, you cultivate a resilient and adaptable operation ready to seize opportunities in a constantly evolving marketplace.
With the right strategies, every aspect of your operation becomes a stepping stone towards greater success and sustained growth.