The amalgamation of big data and analytics isn't enough to deliver insights especially in the area of pricing and margin optimization. In this competitive world, every company strives to be better than the other and some have already gone ahead to boost sales and margins by using levers. Here are five important tips to ensure an improved pricing and margin optimization. They are:
- Increased focus on revenue management rather than on pricing and promotions.
- Hiring outstanding candidates and having a more effective organizational structure.
- Adopting decision based data management techniques.
- Choosing or designing tools using easy-to-use solutions that are understood by all.
- Having dedicated leaders who can drive all others team to achieve an insight-driven leadership.
