“Analytics8 is extremely client focused, responsive and collaborative. They approach every project with fresh and thoughtful ideas and deliver solutions that exceed my expectations.”
–Tracy Blumenthal, Sr Manager, Trinseo
Trinseo must continuously monitor and review pricing and profitability of their product line.
Pricing Decision Makers (PDMs) create detailed product pricing reports through a multi-step manual process:
These reports included metrics to understand inventory, forecast sales, and are used to determine how pricing adjustments would impact profitability.
However, the manual process of gathering the data from the SAP source system and analysis of these data points using antiquated Excel spreadsheets was very time consuming and prone to errors. Pricing decisions were delayed, and Trinseo could not react to changes in the marketplace which affected overall company revenue. Trinseo needed a fast and trustworthy solution to generate pricing reports and streamline the approval process so that critical pricing decisions could be made in a timely manner.
We started by conducting a strategic BI assessment to better understand the PDM’s daily processes and how they were utilizing their data to make pricing decisions. We interviewed business users to identify the key requirements for an analytics solution and documented various aspects of pricing analysis they needed.
We then designed, developed, and implemented a Pricing System using Qlik Sense that allows Trinseo’s PDMs to sort, approve, update, and comment on various pricing records in a fraction of the time of previous manual efforts. In addition to new pricing metrics (including Forecast Accuracy, Cost-to-serve, working capital, etc.), the system supports data changes, business rule changes, EOM cycles, and audits. It also contains the ability to write back to the database and update pricing records as PDMs make changes. Approvals of pricing changes now happen with confidence based on data provided to approvers via the Qlik dashboards.
Trinseo’s new Pricing System saves them time and money by giving them the knowledge to price competitively and ability to adjust to the quickly changing business landscape. They are now able to assure their prices reflect the dynamics of cost, market demand, competitor pricing, product positioning, and more.
Trinseo PDMs can now sort, approve, and update key product pricing metrics in real-time. Instead of spending time validating data and manually compiling reports, trustworthy data allows them perform the true function of their job which is to assess, modify, and audit pricing values.
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