Global manufacturer of industrial and agricultural equipment uses Syncron Price to optimize parts pricing and increase customer satisfaction
ATLANTA, Nov. 16, 2022 /PRNewswire/ — Syncron announced today that Vermeer Corporation, a global manufacturer of industrial and agricultural equipment, has selected Syncron Price to leverage pricing intelligence, optimize its current pricing capabilities, and improve customer satisfaction.
Understanding the importance of securing the best prices for their customers, Vermeer realized there was room to optimize their pricing operations. "Before partnering with Syncron, our pricing system was highly complex, created the opportunity for uncertainty in data, and was difficult to use on a mass scale," said Philip Egging, director of aftermarket, Vermeer. "We needed an out-of-the-box parts pricing solution that specializes in the aftermarket for parts ranging from highly competitive to proprietary, allowing us to elevate our approach to proactive management of parts volume and strategies."
With Syncron, Vermeer can implement multiple pricing strategies across a broader range of parts. Recognized as an industry leader, Syncron Price leverages artificial intelligence (AI) and machine learning (ML) to identify unseen pricing opportunities that maximize sales volume, revenue, and service profitability from aftermarket business.
Furthermore, Syncron Price offers advanced analytics that gather and analyze data on price elasticity, customer demand, the market value of spare parts and customer willingness to pay. It leverages automation to optimize bulk and new parts pricing and allows users to model different scenarios to understand marginal impacts for all stakeholders.
"Navigating the complexities of changing markets and supply chain issues can make it especially difficult to accurately price aftermarket products for manufacturers, dealers, and suppliers," said Anneliese Schulz, chief revenue officer, Syncron. "Syncron Price enables organizations like Vermeer to efficiently perform critical price management processes and brings pricing practices to the next level whilst taking the complexities and the specifics of the aftermarket and service business into account."
Syncron Price is an essential component of the Syncron Connected Service Experience (CSX) Cloud, an AI- and ML-driven platform that helps manufacturers and service organizations transform their approach to service lifecycle management (SLM) from beginning to end.
To learn more about Syncron Price, visit syncron.com/price.
Syncron empowers leading manufacturers and distributors to capitalize on the new service economy. We improve aftermarket business profitability, optimize working capital, increase customer loyalty and successfully enable the transition to service-driven business models. With industry-leading investments in AI and ML, Syncron offers the first innovative, customer-endorsed, end-to-end intelligent SLM solutions portfolio. Delivered on our CSX platform, our solutions include parts inventory, price, warranty, service contract, and field service management. It is no secret that the world’s top brands trust Syncron, the largest, privately-owned global leader in intelligent SLM software-as-a-service (SaaS) solutions. For more, visit syncron.com.
A leading manufacturer of industrial and agricultural equipment, Vermeer Corporation equips customers across a diverse group of industries, including underground construction, infrastructure, surface mining, tree care, environmental and agriculture. Headquartered in Pella, Iowa, Vermeer has regional offices in the Netherlands, Brazil and Singapore; additional manufacturing facilities in South Carolina, Florida and South Dakota in the United States, as well as the Netherlands and Tianjin, China; and more than 600 dealers located around the world. Family-owned and operated since 1948, Vermeer relies on a dedicated team of nearly 4,000 professionals to design, build and support the equipment that connects people to necessities, manages natural resources and feeds and fuels communities. Learn more at vermeer.com.