Pre-COVID-19 food and beverage manufacturers routinely faced steep challenges managing customer and product profitability exposing problematic reliance on static pricing strategies and practices, further exacerbated by siloed systems that independently manage critical cost components of the price waterfall. These systems lack data intelligence and the ability to respond in real-time to changing market conditions.
During COVID-19 many manufacturers are experiencing dramatic shifts in demand to retail products while others are seeing forecasts for away from home or ingredient products plummet. Both situations complicate a manufacturer’s ability to provide responsive actions to volatile market conditions leaving them unable to deal with shifts in raw material costs, market demand, excess inventory, or other financial implications. Revenue and/or margin erosion is prevalent and difficult to overcome.
Emerging from COVID-19 and beyond for manufacturers to remain profitable and outpace their competition they will need to harness the power of AI dynamic pricing platforms. To insulate themselves from wildly fluctuating market conditions AI base pricing solutions will help manage cost and price with exacting precision while helping maintain margins and identify opportunities of growth, even if through incremental margin opportunities.
In this webinar, we will cover:
- Identify common challenges food & beverage manufacturers face in pricing practices that contribute to margin erosion
- Discuss the changing landscape and critical capabilities for manufacturers now and in the future
- Provide clear counter-tactics and strategies for how manufacturers can:
- Stabilize or reduce margin erosion today
- Improve their positions for economic recovery
- Future proof their businesses to avoid contributors to profit leakage
Tim Shorter | VP Sales, Food & Beverage at Pricefx
Tim Su | Enterprise IT Project Manager at Denken Solutions
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