Navetti Powers Up its Performance Management Capabilities in Price Optimization

Navetti Powers Up its Performance Management Capabilities in Price Optimization

“Pricing is increasingly becoming a continuous activity”, says Andreas Westling, CEO of Navetti. “Price optimization means balancing a range of complexities, taking in demand curves, market trends, competitor developments, internal priorities and so on, to set prices that stay competitive and reflect the value of the products and services on offer.”

 Performance Management is one of seven modules in the Navetti PricePoint™ platform and is used as advanced reporting tool to help users monitor their pricing efforts and make relevant decisions based on learnings from the wealth of pricing and transaction data in the system. The new module uses cutting edge technology to turn complex and extensive business data sets into actionable insights.

“We know from our own research that pricing managers, regardless of what business they are in, are adjusting prices more frequently”, Westling continues. “We see that the demand for performance management tools is growing at the same pace. Our new Performance Management module offers advanced, big data analytics with a clean and intuitive user interface, as performance management and price optimization should be both effective and easy to use. For example, Navetti PricePoint™ users can simply select limits and alarm functions to help them monitor performance over time and create alerts for when adjustments need to be made.”

The new Performance Management module in Navetti PricePoint™ will be launched to users in Q2.

Introducing the Navetti Knowledge Center™

Introducing the Navetti Knowledge Center™

Clients and individuals interested in how we work with pricing often have similar questions. Our new blog portal, written by our ClientCare associates, is our way of providing easily accessible answers to your questions.

Introducing the Navetti Knowledge Center™

Navetti Knowledge Center™ is a place where you can find all the information needed to effectively use Navetti PricePoint™. The Knowledge Center supports our Clientcare Division with readily available information for version 4.6 and higher.

The benefits of the Navetti Knowledge Center™ mean that you can:

  • Access it from Navetti PricePoint™
  • Create issues directly in Navetti Service Desk™ and track the issues
  • Shorten the communication cycle and reduce costs
  • Watch video tutorials to learn more about individual modules and functionality
  • Customize it with tailored content (video or text) based on your needs
  • Chat live with the Navetti Service Desk™ to get help on where to find the answer to your query

How to access the Knowledge Center

In Navetti PricePoint™ click on the lightbulb in the upper right hand corner.

A new page will open. You are now in the Navetti Knowledge Center™, where you can search for articles about your issue.

To search, simply click into the search field and type a keyword (e.g. “Revisions”). If the desired article is already in the dropdown menu, simply click on it and you will be taken directly to the contents of it. Otherwise press enter to search for a list of results.

 

You will be shown the title of each document and a short text that gives you a preview of the contents of the articles.

 

If you cannot find the appropriate article in our knowledge center you can return to the Navetti Knowledge Center™ Start Page where you have several alternatives. You can:

  • Watch our video tutorials
  • Start a chat with us to get help on where to find the appropriate article
  • Write us an e-mail to receive more information

Or

  • Create a request for support or new function.

When you click on “Create a request for help or new function” you will be redirected to our Service Desk where you can create a support ticket to get help on issues/problems, request changes to your Navetti PricePoint™, and follow your previously opened tickets.

Our Navetti ClientCare™ professionals are always available to answer any questions, should you need additional help.

If you have a topic you would like us to cover in our next ClientCare Column, please forward your request to Arsham.mazaheri@navetti.com

Terminology

Terminology

Clients and individuals interested in how we work with pricing often have similar questions. Our new blog portal, written by our ClientCare associates, is our way of providing easily accessible answers to your questions. 

This is the first of a three-part series by Arsham Mazaheri meant to provide insights into how our clients can use Navetti ClientCare™ to their advantage on a daily basis.

I find it quite useful to talk about the general way that we at Navetti ClientCare™ work. This way clients know when to expect what and how from our department. This to me is especially important because of the recent changes occurring in our department, which is moving from an ad-hoc support system to a more structured support system. That also requires collaboration from our clients in order for us to be able to serve them best.

Let’s start with defining some of the most commonly used terminologies in Navetti ClientCare™:

Navetti ClientCare™ is the support division at Navetti which provides supports to Navetti’s clients regarding Navetti PricePoint™ and any other related systems and services including but not limited to, Navetti Apps™, Navetti Agile Integration Suite™ (NAIS), and system integration of Navetti PricePoint™.

Navetti Knowledge Center™ is Navetti ClientCare™ portal to provide Zero-Line support for the clients of Navetti

Information Library is the wiki space that includes all the necessity information regarding the use of any of Navetti products and related systems and services. The information like user guide of Navetti PricePoint™ and Navetti Apps™, upgrade and configuration instructions for Navetti PricePoint™, and useful tips and video tutorials to use Navetti PricePoint™ are all stored and accessible for our clients in our Information Library**.

Navetti Service Desk is the customer portal of Navetti ClientCare™ to provide 3rd line support for the users of Navetti PricePoint™. The portal is used for reporting problems or incidents regarding all products of Navetti, including but not limited to, Navetti PricePoint™, Navetti Apps™, Navetti Agile Integration Suite™ (NAIS), and system integration of Navetti PricePoint™. The portal can also be used to request for change (RFC) on any products of Navetti, including by not limited to new functionalities in Navetti PricePoint™, development of a new Navetti App™, request and installation of a Navetti App™, customization of a Navetti App™, or an existing functionality in Navetti PricePoint™.

A Ticket is an open request in Navetti Service Desk. The request could be either a query, a request for a service, a request for a change, a report of an incident, or a report of a problem, etc. Each ticket in Navetti Service Desk has a unique number which normally starts with NSP.

Service Request is a ticket opened in Navetti Service Desk requesting a service i.e. resetting a password or requesting access to a service. Service Request tickets reported to Navetti ClientCare™ will be handled by Service/General workflow.

Incident (adapted definition from ITIL®) is an unplanned interruption or reduction in quality of any of the services provided by Navetti that needs to be resolved within a specific timeline according to the Service Level Agreement. Incident tickets reported to Navetti ClientCare™ will be handled by Incident Management workflow.

A Problem (adapted definition from ITIL®) is the underlying cause of one or multiple incidents, which if not solved may cause the incident to occur again; thus, a problem may be raised by an incident or it can be detected independently. Problem can be left indefinitely so not bounded by the agreed SLA until an incident happens. Problem tickets reported to Navetti ClientCare™ will not be handled by Navetti ClientCare™. Problem tickets opened in Navetti Service Desk will be reported to Development team for development and bug fixing, and they will be handled by Problem Management workflow.

Change (adapted definition from ITIL®) is an addition, modification, or removal of anything that could affect the provided IT services. Change Request (CR) tickets requested from Navetti ClientCare™ will be handled by Change Management workflow.


** If you are a client of Navetti and you don’t have access to our Information Library or Knowledge Center, you can request access by sending an email to clientcare@navetti.com

Our Navetti ClientCare™ professionals are always available to answer any questions, should you need additional help.

If you have a topic you would like us to cover in our next ClientCare Column, please forward your request to Arsham.mazaheri@navetti.com

Artificial Intelligence and Machine Learning Add a New Level of Possibilities in Navetti PricePoint™ Price Optimization Solutions

Artificial Intelligence and Machine Learning Add a New Level of Possibilities in Navetti PricePoint™ Price Optimization Solutions

Navetti is introducing a general machine learning and adaptive artificial intelligence engine in its state-of-the-art pricing software suite Navetti PricePoint™. Advanced machine learning and analytical methods can be applied across all stages in the pricing waterfall, from centrally defined pricing strategies to locally adjusted specific executions for individual customer orders. It means that the system can be customized to individual client needs faster and reduces time to market for new features and developments, and Navetti is working with a range of blue-chip clients to develop customer-specific price optimization solutions. By applying these facilities across the different modules in Navetti PricePoint™, Navetti helps its customers understand, optimize and capture additional business opportunities through more precise pricing structures, more efficient internal handling and more predictable business outcomes.

Close-up of pen pointing at the computer screen of the business broker

Pricing and price optimization is already a big data business application, taking in and analysing millions of different data points from all aspects of the business environment, such as product specification details, transactional data (who bought what, when, where and how), supply chain situations, competitive environment and channel-specific conditions. Hence, it is no surprise that price optimization systems increasingly are applying advanced algorithms and machine learning capabilities to further enhance system capacity and capabilities.

“Many vendors talk about Artificial Intelligence and Machine Learning (AI & ML) as an add-on to their legacy systems”, says Andreas Westling, CEO of Navetti. “For us at Navetti, this kind of advanced adaptive intelligence has been a key perspective in our development of our solutions for a long time. Our Navetti PricePoint™ platform and its optimization algorithms have been designed to incorporate applied artificial intelligence and machine learning ever since we started to develop the fourth generation of Navetti PricePoint™. A key difference is that we apply AI & ML across the entire pricing waterfall, which means our customers can use this to improve all stages of the customer journey. Now we are taking the next step by making AI & ML a general engine for all pricing processes and their corresponding modules in Navetti PricePoint™, and we have already started to apply this together with several major clients when developing customer-specific solutions for both e-commerce and traditional manufacturing applications. In this way, we are offering our customers the best of two worlds: a fully developed off-the-shelf system that can be configured to our customer’s specifications, fully integrated and implemented in a matter of weeks, and an AI & ML engine for rapid additional developments. In addition, we expect AI & ML developments to take place across many other aspects of our customers’ businesses, and hence we have made sure that Navetti PricePoint™ can easily interact and be fully integrated with the AI & ML structures in other parts of our client’s IT solutions.”

“Price optimization is not just about the actual price itself”, Westling continues. “But AI & ML usually starts by methods of recording and learning how different customers respond to different pricing strategies in different situations. By using machine learning techniques like logical inference, neural networks and heuristic search, we can align, adjust and optimize not just the specific price itself but the full customer purchasing experience to suit the transaction process, which has a positive impact on our client’s business objectives. However, most business situations are more complex than that, and hence we are also applying AI & ML in decision processes.” These include

  • Virtual product family creation and market segmentation, i.e. understanding which products and market segments are similar, and how these clusters differ from each other in terms of customer behaviour.
  • Customer value attribution, i.e. understanding how different features and product attributes generate value for different types of customers and market situations.
  • Deeper business logic understanding, i.e. understanding how complementary attributes such as competitive structures, customer support, supplier terms and conditions and supply mechanisms influence the pricing mechanics, and how these jointly help define both the optimum price and the total business impact.
  • Advanced demand forecasting, i.e. taking the price optimization results and applying them in the supply chain mechanism, allowing suppliers to balance their inventory and production cycles against expected demand levels.

We know that when customers plan and implement price optimization systems, they look at three different benefits:

  • Sales and margin growth opportunity, i.e. identifying and turning business opportunities to bottom line results through market-driven and customer value-based price optimization.
  • Risk reduction, i.e. companies under pressure from customers and/or competitors with price harmonization needs use professional pricing systems to support them in their pricing logic and operational pricing activities to both reduce risks such as cross-border trading and improve perceived quality.
  • Operational efficiency, i.e.  the ability to take pricing decisions faster and more efficiently throughout the organization.

“With artificial intelligence and machine learning across the entire Navetti PricePoint™ system structure, we are helping customers use price optimization logic across the business operations, with a considerable impact across all three benefit dimensions,” Westling concludes.

World leader in water technology and handling pumps up its pricing optimization through Navetti PricePoint™

World leader in water technology and handling pumps up its pricing optimization through Navetti PricePoint™

One of the world’s leaders in water handling solutions has chosen Navetti as its partner for price optimization solutions. The contract means that the customer will establish a new CPQ (configure, price, quote) system platform with Navetti PricePoint™ as the core software for pricing of customized water management solutions.

Currently, pricing the different water solutions for each customer has been mainly a manual exercise, using established historic business logic, but as technologies evolve and customer demands become more stringent, it was clear that this company needed to revise its approach. Navetti was already established as the global price optimization partner for the company’s spare parts business, and will now take the lead in establishing a common platform for global reference prices for the company’s water handling solutions and how these prices can be applied across its different local business operations.

“We are of course extremely pleased to be chosen as the preferred partner by this established and demanding global category leader”, says Andreas Westling, the Navetti CEO. “CPQ (configure, price, quote) is one of the major trends in the global pricing business today, where different systems and platforms need to work together to create a seamless solution for the customer, from defining the customer-specific configuration to final business offer. With our leading position in value-based pricing and price optimization, as well as our expertise in system integration, we can incorporate third-party configuration tools into our pricing platform to create full end-to-end solutions when the client wants a one-stop-shop delivery. But we are just as comfortable working as a team player where the client wants to orchestrate the solution themselves. With this specific client, we will take the lead and initially help them identify and define the business logic principles through a proof-of-concept project, where we will work with them to review and redefine the attributes that define the customer-perceived value. In 2018 we will implement Navetti PricePoint, and in particular our PriceManagement module, as the central platform for the customer’s configurable pricing solutions and lead the full system integration project as the client migrates from their current set-up into a state-of-the-art pricing platform. Given the nature of the client’s business, it is no surprise that we expect to see a steady flow of improved business performance indicators for our customer from their new CPQ approach.”

Leading global medtech company adopts a healthy approach to pricing through Navetti PricePoint™

Leading global medtech company adopts a healthy approach to pricing through Navetti PricePoint™

Navetti has been chosen by one of the leading global medtech solution providers to expand its price optimization offer with the client. The new contract covers both a deepened engagement across Europe and the first steps towards a global deployment of Navetti PricePoint, where the target architecture and operational model will be evaluated across a range of different markets and regions.

“As the contract is with one of the world’s most admired companies, we are of course extremely proud that this client has chosen to extend their cooperation with us”, says Andreas Westling, the Navetti CEO. “Medtech is a highly complex industry, with many specialist suppliers, technically advanced products and solutions, and complex purchasing structures and financing solutions that cross both private enterprises and the public sector. Together with the client, our joint focus is on making this complex business environment easy to manage by utilizing Navetti’s technology for both “price setting” and “price getting”, i.e. improving the client’s internal efficiencies and as well as their sales performance, where the starting point is customer value-based business rules and efficient cross-functional collaboration.”

“Our European work with the client’s service unit will intensify in the coming months”, says Westling, “especially when it comes to the DealManagement module in Navetti PricePoint™ that helps clients manage their range of different commercial conditions with different customers and distributors. In parallel, the customer is setting up an evaluation program that looks at how the learnings in Europe to date, with Navetti PricePoint™ as the system platform for price optimization, can be expanded into other regions. For this, eight countries in Asia and the Americas have been selected as references, with an initial focus on the PriceManagement and MarketManagement modules, i.e. how to optimize prices based on customers’ perceived value and how this also needs to be balanced against different market conditions in different local markets. A key part in the contract is also NAIS™ (Navetti Agile Integration Suite), that secures a scalable implementation capability when the utilization Navetti PricePoint™ expands in the largest and most complex organisations.”