Expanding Its Use of AI and Machine Learning Technologies, Syncron Adds New Capabilities to Syncron Price, Further Accelerating Innovation in Intelligent After-Market Pricing Optimization

By AIT News Desk On Mar 15, 2021

Syncron, the largest privately-owned global provider of cloud-based after-market service solutions, announced the general availability of Syncron Price™ Version 20.4, which delivers several new capabilities to further automate and accelerate after-market pricing functions. The new features include usability enhancements and more sophisticated controls, to enable more optimized pricing to be done in less time and with better outcomes.

“As the global economy begins to recover in the post-pandemic era, manufactures must provide even more sophisticated techniques to drive smarter pricing decisions,” said Erik Lindholm, Vice President of Product Management at Syncron. “Price must be driven by increasingly sophisticated machine learning, algorithms, and comprehensive analytics that can automatically pinpoint sources of revenue and margin changes using real-time data. Today’s companies leverage our technologies to transform their pricing strategies into competitive advantages to maintain relevance and viability in an ever-changing, increasingly sophisticated market.”

Syncron Price™ is a leading after-market pricing tool, which leverages real-time market conditions, input costs, and competitive perspectives to help manufacturer improve productivity, reduce costs, and free valuable time to focus on handling and monitoring non-standard, complex situations.

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What’s in in this release:

Automated pricing and segmentation of new items – Designed with the latest artificial intelligence and machine learning algorithms, Syncron Price now offers new intelligent pricing capabilities to automate the pricing and segmentation of new items. The human-like pricing process eliminates the need for manual input, increases accuracy, and reduces time to parts availability.
Minimum margin level monitoring – New integration capabilities between Syncron Price and Syncron Inventory enables automated monitoring of margin levels and places re-stocking holds on items with low or negative margins. This enhancement gives pricing analysts another layer of visibility to set optimal pricing minimums and sell off any low-performing items.
New competitive pricing data visualization – Pricing teams can now visualize large sets of competitor data to compare current price levels. The advanced view of pricing provides a clear overview of the general price level, enabling optimized competitive pricing strategies.
Enhanced negotiation capabilities – With the new real-time item stock check functionality, pricing analysts and sales personnel can make special offers and deals available to customers by negotiating discounts. This is supported through an available, on-hand inventory analysis for desired quantities of items during the quotation process.

“One of our primary goals at Al-Futtaim is to improve customer satisfaction, and we are continuing to invest in digital platforms like Syncron Price that enhance our service levels,” said James Henderson, head of pricing – global aftersales at Al-Futtaim. “The new updates to Syncron Price will drive greater efficiencies that help us differentiate our services and harmonize pricing and inventory management.”