In today’s episode, we discussed what are the pitfalls of seeking a pricing tool to run B2B pricing.   Notes on the time-stamped show:   [00:00] Introduction [01:06] Joanna argues that without a great pricing framework and architecture, businesses cannot expect optimal outcomes from automation. [03:31] The field of pricing have two approaches to technology. The first is revenue management systems, and the second is optimisation systems. [07:13] What processes do you need to set up in order to make the most out of these tools? [12:03] Aodhan talks about how important building a good value management system is before businesses can employ the appropriate computer systems. [13:58] Category management and pricing teams should work together to properly quantify value. At Taylor Wells, one question we get asked quite frequently, I suppose because we focus on the B2B and the B2C sectors, is what computer system, which IT system, which new fangled new technological approach will do the job for us, will really encapsulate our pricing strategy, and what should we implement. To some extent, the answer is not often what people want to hear. People, I think noticed in 2022, believe that machines can and should do most things for us, we're used to typing and google and then coming up with the answer. But, I think, when it comes to B2B, B2C pricing, tools have a real role but they will not replace the human touch.    Yeah. To put it simply, I think a lot of pricing systems they're great, if you got a great framework and architecture in place already, then you can automate that. But often, what they do is automate what you've got so if you look at it in the negative, you've got broken poor systems, you've got no price structure, you're discount levels are incorrect or you don't have any, you've got discretionary pricing, there are no price controls. Then really what's the point of getting a high powered pricing system to automate that, what you're just going to get is raw automated junk in the machine calculating incorrect and often cost-plus pricing very quickly. So, in a way, what happens next, what people do often is well they stood by that there is a system, a silver bullet to correct what is fundamentally a broken architecture. And often if you got a broken architecture, it's misaligned with a business module and operations. This and in a way indicates that there are some business strategy changes and operational changes that need to occur as well. But regardless, what happens is that maybe a senior executive, the CEO buys this new pricing system hoping that it is the silver bullet to correct everything, may misunderstand the initial sales pitch from the vendor of that machine. What happens then is the vendor comes in, plugs it together, they call it integration with your other systems, like your ERP. And they find that, yes, lo and behold the pricing architecture is broken too. So they work with the business strategy trying to correct that. But often, that leads to a very long drawn up process and very costly process for the business as these vendors are very expensive and end up staying there for many years and not really fixing the actual problem, and just automating it, fundamentally. Aodhan, what do you think?   I love the trends. I read an article once that humanity has not really moved on since the 1950s, nearly all the technologies that we have were existing in some format at that point. You know, jet airlines, motor cars, all that sort of stuff, antibiotics to a large extent. And all we've had really is computers and electronics in the last 20/30 years which have grown infinitely more powerful than they were even in the mid-80s. But the negative of this is that we've become so focused on big data, data analytics, statistical analysis, and the big data that the internet has given rise to. So if we look at the pricing world, we have two real approaches to technology in that aspect--in computer programs