Client background
Client: A leading multinational company
Industry: Manufacturing
Products / Services: Industrial machinery, electronics
Areas of operations: Worldwide
Challenges
The client, which manufactures multiple products in different business segments and markets them globally, were facing difficulties in achieving faster quote turnaround time for pricing negotiations with its customers. The client’s existing technology had limited capabilities to capture and measure market pricing, assess the impact of pricing actions and decisions, and support transactional negotiations across all products. They were not able to identify the pricing levers that were affecting their profitability. Therefore, pricing and sales tactics were not meeting market trends and requirements, resulting in inconsistency in pricing execution, significant margin drop and lost revenue.
Solution
Wipro implemented a pricing transformation initiative that assessed the client’s pricing and sales effectiveness as well as transformed key elements of strategy, price setting, and transaction and performance management. The solution included data integration, transformation, building of a data lake, automation using the open source business intelligence tool Pentaho, and data storage in Amazon Redshift.
Solution highlights:
Business impact
The client enabled best-in-class pricing capability as a core competency and competitive differentiator. The pricing transformation enabled the client to measure the impact and effectiveness of pricing decisions throughout the pricing lifecycle. It enabled automated, intelligent, and data-driven negotiation governed by policies and pricing guidelines.
This was a complicated data integration implementation in terms of scale and size. The pricing data mart enabled business users to identify poor pricing practices, make data-driven decisions, identify high and low performing customers and products, and measure impact on revenue. -Raman Awal Global Practice Head - Information Management, Data Analytics and AI, Wipro Limited.
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© 2022 Wipro Limited |
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