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Harnessing Big Data For Better Pricing Results | Professional Pricing Society

Pricing strategies, like big data, can be key to improving profits in business. According to a study conducted by McKinsey & Company, even a 1 percent price increase can translate into an 8.7 percent boost in operating profits (assuming no loss of volume). However, companies continue to fail to price their products and services appropriately, and as a result, take a hit to their bottom line.

Watching companies lose revenue in this manner is particularly troubling considering the flood of data now available to assist businesses large and small. For those able to simplify big data’s complexity, the reward is substantial.

Now we’re not suggesting leveraging artificial intelligence is easy. In fact, the explosion of digital customer touch points has made it quite challenging for companies operating in a range of industries to keep their price points on pace. However, by failing to uncover and act on the opportunities big data presents, many businesses are leaving millions in profit on the table.

Want to know the secret to increasing your organization’s profit margins? Harness big data to find the best price for your products and services.

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Harnessing Big Data For Better Pricing Results | Professional Pricing Society.

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