Optimizing the planning, stocking and supplying of service parts is a complex endeavor. Pricing each individual part to be market-aligned at every sales channel – in-person or online – can erode margins further in an already-complex market.
Yet, most company leaders know – instinctively – that their businesses aren’t capturing the full amount of profitable revenue available. Traditional methods, such as business intelligence and analytics teams, haven’t been fully effective in quantifying that opportunity, or prescribing exactly how to recapture it.
Zilliant’s Global B2B Benchmark Report was created by applying artificial intelligence (AI) analysis to more than 1 billion transactions, representing 3.5 million products, 3.7 million buyers, 12 currencies and $53.2 billion in transactions. The findings are staggering. Annually, the B2B industry consistently fails to capture between 12 and 26 percent profit and revenue.
Indeed, by adopting an AI-driven approach to setting price, spare parts companies stand to hold the line on margin in all sales channels – on the phone, in person or via an eCommerce channel.