Pricing is a major lever impacting profitability.
Yet this is not competently managed in many B2B companies. Compounding this lack of pricing excellence capability is the fact that pricing in the commodity product industry (such as petroleum and petrochemical), is challenging, due to high volatility of product and feedstock prices.
Petronas Chemicals Marketing Sdn Bhd (PCM), a leading chemicals producer, clearly understood the importance and benefits of pricing excellence. As part of its profitability improvement drive, Petronas embarked on a strategic project with Acceval, a pricing and commercial excellence software and consulting firm, to transform the company’s pricing and sales effectiveness capability enabled by a data-driven pricing and margin management software.
For Petronas, achieving optimum pricing and pricing discipline was paramount to the company’s success. “We were looking at an overall commercial excellence beyond 2020. We understand that price is the easiest and yet the most impactful lever to attain profitability,” explains Akbar Md Thayoob, CEO of PCM explained.
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