Inaccurate, outdated pricing data leads to misquoted bids, lost sales, and wasted time. So what is the most efficient way to share pricing information throughout the supply chain, eliminating room for error?
Pricing information can be shared between trading partners on a one-to-one basis, with each relationship managed separately. But what happens when there is a price update? A new discount? A request for a proposal? With so many individual touch points to address when attempting to manage multiple trading partner relationships, conducting business one-to-one becomes difficult and leads to errors and inaccuracies. The Industry Data Warehouse (IDW) offers one central hub where complete, up-to-date pricing information can be shared between trading partners, enabling manufacturers to publish once to serve many.
IDW Pricing Capabilities
The IDW accommodates multiple types of pricing information, including:
- Published distributor cost price: the public price of a manufacturer’s product for the distributor before any price breaks or discounts have been applied. Other specific and/or confidential pricing for the end-user may be a percentage discount from the published distributor cost.
- Net Price: the confidential, negotiated price that a distributor will pay for a manufacturer’s product. This price typically varies by distributor or even by individual distributor branches.
- Internet/minimum advertised price (IMAP or MAP): a policy restricting distributors from advertising a manufacturer’s products online below the price set by the manufacturer.
- Suggested list price: the manufacturer’s suggested retail price – the price at which a manufacturer suggests the distributor sell a manufacturer’s product in stores.
- Trade price/column three price: the price typically used for a distributor’s best customer and one that may be used in a quantity break or another type of discount with an end-user; the price at which a manufacturer may sell its products to a distributor.
IDEA’s Data Certification Program guides manufacturers in providing their trading partners with complete, high-quality pricing data through the IDW. This process makes it easier for the entire supply chain to access the pricing information necessary to complete orders, win bids, and conduct business with speed and accuracy.