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Learning CenterCase StudiesHow A Global Electric Business Added 14 Points To
Growth

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January 12th, 2024 (Updated 07/19/2024) | 4 min. read
By Pricefx




HOW A GLOBAL ELECTRIC BUSINESS ADDED 14 POINTS TO GROWTH


ABOUT THE CUSTOMER

This company is a global provider of electrical connection and protection
solutions. The company operates in all aspects of this business, ranging from
its designs, or installations all the way to the protection of equipment,
buildings, and critical processes.

Although this company traces its roots to 1903, it was established in 2018
through the separation of an existing electrical business. The company has a
revenue of $ 2.5B and with 10 000 employees, it operates globally. However,
North America is the most important region, contributing 64% of the company’s
revenue.


THE COMPANY’S PRICING CHALLENGE

Before the company selected Pricefx SaaS (Software as a Service) pricing
software solution, it relied on Excel and emails (for approval workflow) as
their major pricing tools. Moreover, every business segment at the company
previously managed pricing independently and differently across departments,
with pricing consistency lacking across the organization with difficult to track
audit trails.

As a result, the company was achieving pricing gains but using inefficient and
time-consuming methods. They required software that could provide a specific
location where all quotes could be managed and measured with automated workflow
that could additionally manage claims and simultaneously globally work across
multiple products.

The company’s in-house pricing team worked together with Pricefx to identify the
needs in each business segment to ensure that Pricefx software would deliver the
desired results in categories like Quote time or Win Rate.


THE PRICEFX SOLUTION

At the global electrical company, Pricefx solutions are integrated with SAP, M3,
MuleSoft, Tacton and Snowflake.

Approved contracts, customer prices/discounts and credits are now sent to SAP
and M3 and pricing conditions are received back. List prices are sent to Tacton.
Reports travel via Snowflake to Tableau and MuleSoft is used as the integration
between M3 and PFX.



Each business segment has different needs based on how the business is managed.
Kaizen mapping sessions were done with each segment to map the process. Those
maps were then taken through a consolidated mapping process to ensure all the
needs were covered.

Pricefx Rebates, Price Setting and Channel Management capabilities are all used
out of the box with minimal customizations. Agreements and Promotions and
Quoting were highly configured/customized in order to meet the company’s
specific needs.


PRICE SETTING

Previously, list prices were created in a multi-tab excel sheet requiring
time-consuming analysis to ensure consistency. Now, list prices are updated once
and they flow through to all global price lists, saving time and allowing for
easier analytics.


QUOTING

Quotes created in SAP previously required people to email copies to the team for
approval. Now, all quotes created in SAP and sales orders that do not have
approved pricing are sent to Pricefx for automated review and DOA management.


AGREEMENTS AND PROMOTIONS

Previously, the sales team did not have the ability to create contracts, only to
manually send emails to have them created. Now they enter Pricefx and create
contracts and the automated DOA process speeds up the approval process and sends
contracts to customers.


REBATES

Rebates were previously managed in Excel sheets. Now they are automated in
Pricefx and are updated, and credits are sent automatically.


CHANNEL MANAGEMENT

Claims were previously processed monthly using multiple Excel sheets. Now, all
claims are matched automatically in Pricefx and processed quickly.


RESULTS

The company’s cooperation with Pricefx and the implementation of Pricefx’s
solutions has been an enormous success. It is not only the connection on the
professional level, but also every metric shows how beneficial this project is
for the company’s business. Here are the key metrics because the numbers talk
louder than words this time:


PRICE SETTING

50% time saving and doubles the accuracy on pricelists. The company can now
manage inflation better by passing on the cost increases quickly to their
customers.

In 2022, price added 14 points to growth, effectively gaining $333 million in
price increase (See slide below).



In the first half of 2023, the company gained a total of $97 million from more
effective pricing ($57 million – offsetting inflation and adding 8 points to
growth in the first quarter – and $40 million – offsetting inflation and adding
5 points to growth in the first quarter.






QUOTING

The sales team now spend 50% less time on quoting, workflow, and tracking. The
quote approval time has come down from days to hours.

An estimated 50% saving on quote times and the win rate has increased by 5%.


AGREEMENTS AND PROMOTIONS

A 50%-time savings for Sales Team contract entries.


CHANNEL MANAGEMENT

The Claims team now spends 50%-75% less time processing claims, and the rebate
team is experiencing comparable improvement levels.




OTHER BENEFITS

Digital Transformation Objectives Achieved: Company-wide objective of Digital
Transformation with Real time Pricing and Instant Quoting was realized (please
refer to the slide below)



Quote from our customer:

“The Pricefx team was great to work with, they supported us through the whole
process. I believe with their support we implemented the software faster than we
thought would be possible.”

Company Pricing Director

Get the full success story by clicking on the image below:




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