More mundane but equally damaging is Excel's extreme susceptibility to trivial human errors. The main underlying reason behind this spreadsheet vulnerability is the inherent lack of controls (see above) which makes it so easy to alter formulas, values, or dependencies without being detected. Excel is vulnerable to fraud/corruptionįraudulent manipulations in company Excel files have already resulted in some million pound losses. These mistakes are not only hard to locate further along the process but can also negatively affect the bottom line.ģ. Excel is not user-friendly and the application rounds off very large numbers using imprecise calculations, which compromises accuracy.Įxcel is also a standalone application, not fully integrated with other business systems it does not provide sufficient control because sales managers don’t have easy and consistent visibility of the quotes sent by their reps, or the history of those quotes.Įach time employees make changes manually in Excel, there is a risk of introducing errors and compromising accuracy.
Trying to break the data down into smaller files can lead to some of it being lost or misplaced. When a data file is too large, it can make the Excel program run very slowly, especially if all the data is in one file. Without a pricing system, it is difficult to manage, test, and optimise alternative, more advanced pricing strategies, such a psychological pricing, quantity based pricing, attribute based pricing, and pricing differently across markets and geographies to name a few. Whilst this does ensure you're selling your goods or services profitability, it ignores a host of other factors that support a customers willingness to pay, perhaps most importantly value based pricing. Typically we find excel is used in businesses to manage a pricing strategy based on cost-plus pricing, or discount from list pricing methods or other simple pricing strategies. Difficult to manage advanced pricing rules
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No-one is saying that Excel Price Lists is a completely flawed system of managing pricing but the modern, accurate and more efficient way is to use a Pricing Software solution rather than the old fashioned methods that are so susceptible to error, manipulation and corruption.īelow are some of the reasons why you might want to consider moving towards adopting an online pricing solution.ġ. Traditionally for many businesses price management has been conducted using Excel spreadsheets to calculate optimum prices – and to convey these prices to all concerned in the sales process. Any business wants to maximise profits by pricing their goods and services at the right level.
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