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Pricing Info Available in the IDW
Inaccurate, outdated pricing data leads to misquoted bids, lost sales, and wasted time – so how can pricing information be shared through the supply chain correctly and efficiently, 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? New discount? Request for proposal? With so many individual touch points to address when attempting to manage multiple trading partner relationships, conducting business one to one is often disorganized 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, enabling manufacturers to publish once to serve many. Here is some of the pricing information available through the IDW.
The IDW can accommodate 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.
Once a manufacturer has loaded any of this pricing data into the IDW, authorized distributors can pull down that current manufacturer-supplied pricing information directly from the IDW and load it into their business systems. From there, distributors can share that information with end-users. However, the last two price types mentioned above – list price and trade price – can also be accessed through other channels, and both are included in the 43 critical IDW fields within IDEA’s Data Certification Program.
- Trade price/column three price: Trade price was included in the 43 critical IDW fields because many distributors use a cost plus pricing method with their customers and require this price column as the basis of their pricing to their customers.
The IDW is integrated with the ConEst IntelliBid contractor estimating system via ElectricSmarts’ NetPricer service. This integration allows contractors and end-users to receive manufacturer-supplied IDW data – such as current trade price – directly into their systems.
- List price was included in the 43 critical IDW fields because distributors must have the ability to demonstrate how they calculated end-user prices on government contracts and large end-user bids, which are typically figured as a discount off the manufacturer’s list price.
List price is populated for more than 2 million SKUs in the IDW and is accessible through the list price lookup feature in Smart eCat (powered by ElectricSmarts), a national list price catalog with product data populated directly from the IDW. Once a manufacturer authorizes ElectricSmarts to access its IDW data, distributors and end-users can receive a real-time direct feed of manufacturer-supplied pricing through Smart eCat. Manufacturers’ pricing data is then available in estimating systems used by contractors, specifiers, and other end-users, streamlining the quotation process and further driving manufacturer brand awareness.
This list price lookup feature also increases visibility of manufacturers’ products among state municipalities as distributors compete for large industrial accounts or government contracts.
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.