Pricing management tool design and development for home retail

Situation

This furniture retailer provided thousands of potentially different product variations and choices to the customer. Every single option required pricing and this was managed through the changes driven by the promotional calendar. This was a huge manual undertaking for the business taking up many hundreds of hours of time.

Not only did this take a lot of time, but was also open to human error. The process was reliant on a few trained individuals creating a additional business risk.

The requirement was to automate the process as far as possible, deliver time savings and add rigor to the logic being applied.

What we did

Beyond Analysis developed pricing models based on several years of historical price and cost data.

We analysed historical data to inform the many permutations required to support automation.

Using these we established a set of business rules and models that can be applied to the pricing calculations to automatically define the optimal core and promotional pricing points.

This was integrated into a price cost control tool that we developed to managed a products pricing throughout its lifecycle.

Outcome

Hundred's of hours have been saved every quarter through the reduction in the manual input of pricing and the error rate has reduced to near zero. This time has now been diverted to optimising the pricing and testing new promotional tactics.

The quick&easy™ tool from Beyond Analysis leverages our two greatest assets. Our people and our data, leading us towards a data driven transformation of our day to day activities.

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Beyond Analysis is a data science, analytics and strategic data solutions and consulting business.

Reach us at info@beyondanalysis.net

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