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The importance of the Value Exploration Workshop | Perfect Price

Buying Dynamic Pricing software, or software that takes enterprise data and turns it directly into real-time pricing actions, is necessarily involved. Frequently, the biggest challenge is change management–after all, you are fundamentally changing how your organization makes critical decisions. The Value Exploration Workshop (or VEW) is a crucial step in the decision process. It is so essential in fact, that we as a company will not move forward with a prospective customer until we have flown in and run through a VEW in-person.

What is a Value Exploration Workshop?
A VEW is a face-to-face meeting of key stakeholders with our team from Perfect Price, where we facilitate an in-depth discussion of the decision process that needs to be rethought with AI, or Dynamic Pricing software, and dig in on all of the areas that software will touch.

A typical agenda looks as follows:

Stakeholders include business owners, for example, CFO, COO or CEO, pricing management (VP Pricing, etc.), technical people (CIO/CTO, Director of IT), CMO, sales (if applicable), and in-house data science or analyst leadership if such a function exists.

Why is a Value Exploration Workshop necessary?
The purpose of the VEW is to dig deeply into the problem the organization is looking to solve with Dynamic Pricing software–and understand if it is a mutual fit. Even if it is technically feasible, if sales, marketing, or operations, reject the new pricing scheme the project will turn into a waste of resources.

Here is a list of things we are looking for to ensure fit:

  • Alignment and buy-in from leadership
  • Access to the necessary types of data, usually from a data warehouse
  • Ability to implement changes (actions) based on the software’s outputs
  • Openness and willingness to change
  • The indication that your end-customers will accept changes
  • Realistic timelines and expectations
  • An obviously strong business case, which can be refined further (but doesn’t require squinting to see it)

By far the most important component is buy-in. Software is software–people can find the data if the CEO or CFO says it’s necessary, but if the CEO is apathetic, or is focused on some other important project which he/she believes to be far higher ROI–then it will be an uphill slog

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The importance of the Value Exploration Workshop.