SAP Pricing and ERP Solutions Need More Focus for Business to Thrive

I recently attended the SAPInsider Finance & Innovation Summit in Dallas where I got to talk about how to maintain margins through real-time price management. The week before I got to present on the same topic from the comfort of my own home for a SAPInsider webinar. Check out the recording here or keep reading to see the highlights from my sessions.

These events showed how SAP pricing can help simplify business processes and ERP solutions. By using Flintfox’s real-time capabilities businesses can address pricing challenges, reduce implementation costs, and increase operational efficiency across ERP systems.

We need to pay more attention to pricing

Pricing has huge potential for businesses, especially in tough economic times. Done right this core function helps businesses maintain and even grow their margins while simplifying processes through ERP systems and SAP pricing solutions. But not updating prices fast enough has big costs, an average of nearly half a million dollars a year. 87% of pricing professionals are concerned about how fast they can respond to changing market conditions, businesses using ERP software and cloud ERP solutions are losing more.

Inaccurate pricing also hurts business performance, Forrester research shows businesses lose an average of $5 million a year due to leakage, excess administration and lost sales. Using real-time SAP pricing in ERP solutions can mitigate these risks, reduce implementation costs and improve financial management.

Why is Pricing Hard in ERP Systems?

It’s clear that fast and accurate pricing execution has huge benefits for businesses but many struggle to do so. Pricing has always been complex and in today’s market, it’s even more complex with multi-tiered, omnichannel demands, higher catalogue volumes and diverse business processes. 60% of businesses struggle to execute pricing strategies so businesses using SAP pricing tools, ERP software and cloud ERP solutions are struggling to manage enterprise resource planning (ERP), financial management and supply chain management. These challenges also impact customer relationship management (CRM), inventory control and project management processes.

Pricing models, subscription licenses and implementation costs are inefficient and result in delayed ERP implementation and higher ongoing costs for small and medium sized businesses. Businesses using SAP Business One or SAP Business ByDesign also have to deal with on-premise deployment, cloud ERP integration and data migration which adds to the complexity. To achieve operational efficiency, better performance management and reduced financial and hardware costs you need comprehensive ERP systems and advanced analytics.

• Clunky user interface – for businesses that use multiple ERP systems and often supplement with spreadsheets, pricing becomes fragmented and hard to track with different elements such as promotions and discounts set up in different places. This makes it hard to get to the pricing data and have full visibility.
• Complex configuration and customisation – especially for businesses that operate across multiple channels or tiers, the need for layered, customised pricing is hard to accommodate and its complexity leads to costly errors and bad pricing.
• Slow performance – businesses with large product catalogues take ages to process, especially when trying to update prices in bulk. This slows down their ability to respond to changing conditions and results in lost revenue.
• External integration challenges – trying to manage multiple pricing tools and sync data across these systems slows down the time it takes to apply price changes and increases the risk of errors and inconsistencies.
• High implementation & maintenance costs – with businesses already cost-conscious, adding more layers to pricing execution such as customisation and ERP upgrades will only add to the costs and make pricing teams hesitant to invest.

Simplify Pricing Execution with Flintfox’s Real-Time SAP Solutions

To simplify pricing complexity and meet business needs inside and outside ERP systems, Flintfox has a real-time pricing engine that speeds up, simplifies and gives visibility. Integrated with SAP pricing and ERP solutions including cloud ERP and on premise deployments, Flintfox supports businesses of all sizes from small to medium sized.

This solution supports advanced ERP implementation by optimising financial management, supply chain management and customer relationship management (CRM) with minimal implementation costs and ongoing expenses. Flintfox allows businesses to use precise pricing models, subscription pricing and multiple pricing options, making it suitable for SAP Business One, SAP Business ByDesign and other ERP systems.

Flintfox enables businesses to manage critical processes such as inventory management, financial reporting and data migration with advanced functionality and business intelligence. This helps with project management, performance management and operational efficiency and business requirements such as accounts payable, subscription licenses and human capital management.

Ease of Use: Flintfox has a single source of truth for pricing data so businesses can build a solid pricing foundation that can be maintained and updated within ERP systems.

Speed and Scale: With the ability to generate 5,000 prices per second, Flintfox is fast and accurate, a must-have for businesses with large product catalogues. By supporting real-time price updates, Flintfox helps businesses maintain margins and respond to market volatility.

Seamless Connectivity: Fully integrated with the SAP ecosystem, Flintfox connects to external systems so pricing is real-time, accurate across channels, devices and applications. No delays, no errors, and pricing consistency across all business processes.

Flintfox solves ERP, inventory control and financial accounting challenges so businesses can simplify supply chain, manage ERP costs and support on-premise and cloud deployments. Whether it’s data storage, limited user licenses or ongoing costs, Flintfox has a professional solution for businesses in today’s fast-paced world.