Infor Releases New Solution Designed to Transform Price Management for Retailers
Infor Price Management (IPM) Enables More Scalable and Efficient Price Execution
Infor, a global leader in business cloud software specialized by industry, announced the release and full implementation of its cloud-native price management solution at a leading national grocery retailer. Infor Price Management (IPM) is scalable, self-serviceable, and configurable, and serves as “one version of the truth” for price: evaluating prices, identifying conflicts and preventing leakage across applicable selling channels. It directly addresses the converged pricing model that has become prevalent for today’s multimarket retailers that need to maintain price across channels, banners and customers.
“A short while ago, retailers utilized the same pricing models to create price. However, recent trends have shown retailers taking price ‘private’ and creating pricing expertise within the ‘four-walls’ of corporate offices,” said Corey Tollefson, general manager and senior vice president, Infor Retail. “Retailers have come to understand that there is uniqueness to the creation of price across regular, promotion and markdown activities – by vertical, and they cannot rely on the same optimization models used by their competitors to communicate value to customers anymore.”
Infor Price Management is designed to enable retailers to focus on the creation of proprietary pricing models, identifying relevant sources of market intelligence, and differentiating their position in the market through value-based pricing. Constructing, maintaining and scaling of the pricing delivery and execution platform can be facilitated by Infor, virtually eliminating this technology-heavy burden for retailers.
In addition, Infor Price Management is “source agnostic,” permitting retailers to bring together prices from disparate sources (optimization, rules, markdown, promotion, etc.) into a single execution platform for transparency across the organization – with the goal of eliminating conflicts and reducing price leakage.
Infor can enable more scalable and efficient price execution, which can improve price transparency across the organization. With the ability to configure roles, the platform can transform to deliver critical decision support insights. Flexibility to import pricing, as well as execute in real time or as scheduled, means that retailers can react to competitive threats on a 24/7 basis. As Infor Price Management is native to the cloud, concerns about speed and growth can be mitigated, and retailers can focus on creating pricing that communicates value — and wins in the market.
“The retail environment can be chaotic. There has been more change in the past four years than in the prior 40,” continued Tollefson. “With Infor, retailers can deploy a modern pricing platform designed to enable 21st century retailing that is built for a global network, with a beautiful user experience that is cloud native and highly scalable.”