Forrester Consulting has carried out research on behalf of intelligent pricing platform, Flintfox International, which shows that organisations in the UK are set to lose out on £451,000 every year in lost productivity, because of the continuing supply chain issues.
Research company Forrester Consulting was founded in 1983, Cambridge, Boston, USA. IT company Flintfox International was founded in 1987 and is based in Auckland, New Zealand.
Forrester Consulting states that organisations with “outdated practices around pricing will struggle to navigate the complexities of unpredictable supply chains” - which may only get worse following the Russo-Ukrainian War.
Supply chain chaos means pricing strategies must undergo a transformation
The research shows:
- Due to Covid-19, 55% of UK businesses have paid closer attention to managing a pricing strategy that maintained demand and managed margins
- 66% of those surveyed said they need their pricing initiatives to help them stay ahead of the pricing changes across the supply chain
- Across the UK, Covid and Brexit have made it very difficult to manage pricing across the product range, say 92% of businesses
As supply chain issues continue to cause global disruption, intelligent pricing technology will provide support
The research suggests that a move to real-time, automated management of pricing, will be a bigger business priority to handle the impact of global disruption across 2022, as another 18% of UK businesses say they will invest in intelligent pricing technology over the following year.
“After the continued uncertainty of the pandemic, margins have never mattered more,” said John Moss, CEO, Flintfox. “As inflation and supply chain issues continue to wreak havoc, it’s becoming increasingly critical for businesses to be able to respond rapidly to market fluctuations. Moving to an intelligent pricing model will enable businesses to better handle operational complexities and future-proof their businesses from harmful market events.”