Global manufacturer of industrial and agricultural equipment uses Syncron Price to optimize parts pricing and increase customer satisfaction
ATLANTA, Nov. 16, 2022/PRNewswire/ -- Syncron today announced that Vermeer Corporation, a global manufacturer of industrial and agricultural equipment, has selected Syncron Price to leverage price intelligence, optimize its current pricing capabilities, and improve customer satisfaction.
Knowing the importance of securing the best prices for its customers, Vermeer realized that there was room to optimize its pricing operations. "Prior to partnering with Syncron, our pricing system was very complex, created the potential for data uncertainty, and was difficult to use on a large scale," explained Philip Egging, Vermeer's director of aftermarket. "We needed an out-of-the-box parts pricing solution that specialized in the aftermarket for parts ranging from highly competitive to proprietary, allowing us to elevate our focus to proactive parts volume management and strategies" .
With Syncron, Vermeer can apply 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 for the aftermarket business.
In addition, Syncron Price offers advanced analytics that collect and analyze data on price elasticity, customer demand, spare parts market value, and customer willingness to pay. It leverages automation to optimize bulk and new part pricing and allows users to model different scenarios to understand marginal impacts for all stakeholders.
"Navigating through the complexities of changing markets and supply chain issues can make accurate pricing of aftermarket products especially difficult for manufacturers, distributors and suppliers," said Anneliese Schulz, chief revenue officer. from Syncron. "Syncron Price enables organizations like Vermeer to effectively perform critical price management processes and takes pricing practices to the next level, taking into account the complexities and specifics of the aftermarket and service business."
Syncron Price is an essential component of the Syncron Connected Service Experience (CSX) cloud, an AI and ML-powered platform that helps manufacturers and service organizations transform their approach to service lifecycle management ( SLM) from start to finish.
To learn more about Syncron Price, please visit syncron.com/price.
About Syncron
Syncron enables leading manufacturers and distributors to take advantage of the new service economy. We improve the profitability of the after-sales business, optimize working capital, increase customer loyalty and successfully enable the transition to service-oriented business models. With industry-leading investments in AI and ML, Syncron offers the first portfolio of innovative, customer-endorsed, end-to-end smart SLM solutions. Delivered on our CSX platform, our solutions include parts inventory, pricing, warranty, service contract, and field service management. It's no secret that the world's top brands trust Syncron, the world's largest privately-owned leader in intelligent SLM software-as-a-service (SaaS) solutions. For more information, visit syncron.com.
About Vermeer
Vermeer Corporation, a leading manufacturer of industrial and agricultural equipment, equips customers in 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 in the Netherlands and Tianjin, China; and more than 600 distributors located around the world. Family owned and operated since 1948, Vermeer has a dedicated team of nearly 4,000 professionals to design, build and support the equipment that connects people to need, manages natural resources and feeds communities. For more information, visit vermeer.com.
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