Integrated price management systems with future-pricing and methods therefor
View Patent ↗The present invention presents systems and methods of future-pricing in an integrated price management system. The invention provides a method of maintaining at least one deal with a lowest price status for at least one product in the price management system by inputting a proposed price for product; searching the price management system for deals having the product with the lowest price status; defining a current lowest price as equal to the price of the product; and, if said proposed price is less than said current lowest price, then computing a potential revenue impact of lowering the price of said product to the proposed price.
1. In a computerized integrated price management system, a method of maintaining at least one deal with a lowest price status for at least one product in the price management system, said method comprising:
inputting a proposed price for the at least one product;
searching a transaction database of the price management system for the at least one deal having the at least one product with the lowest price status;
defining a current lowest price as equal to the price of the at least one product with lowest price status;
when said proposed price is less than said current lowest price, computing a potential revenue impact of lowering the price of said at least one product with said lowest price status to the proposed price; and
displaying, on an output device of the computerized price management system, the potential revenue impact to a user.
2. The method of claim 1 wherein said revenue impact is equal to the cumulative difference between said current lowest price of each said existing deal and said proposed price.
3. The method of claim 1 wherein said revenue impact is computed for selected time intervals.
4. The method of claim 3 wherein said display comprises:
displaying total revenue impact for each said at least one deal; and
displaying revenue impact for each said selected time interval of each said at least one deal.
5. The method of claim 1 wherein said method further comprises:
generating an alert warning triggered when said proposed price is less than said current lowest price.
6. The method of claim 5 wherein said method further comprises:
requiring an approval for said proposed price.
7. The method of claim 1 wherein said proposed price is proposed in the process of revising an existing deal.
8. A computerized integrated price management system configured to maintaining at least one deal with a lowest price status for at least one product, the integrated price management system comprising:
an interface configured to input a proposed price for the at least one product;
a transaction database configured to enable searching for the at least one deal having the at least one product with the lowest price status; and
a most favored nation computing module configured to define a current lowest price as equal to the price of the at least one product with lowest price status, and the most favored nation computing module configured to compute a potential revenue impact of lowering the price of said at least one product with said lowest price status to the proposed price when said proposed price is less than said current lowest price.
9. The integrated price management system of claim 8 wherein said revenue impact is equal to the cumulative difference between said current lowest price of each said existing deal and said proposed price.
10. The integrated price management system of claim 8 further comprising:
a display configured to display said revenue impact.
11. The integrated price management system of claim 10 wherein said revenue impact is computed for selected time intervals.
12. The integrated price management system of claim 11 wherein said display is further configured to:
display total revenue impact for each said at least one deal; and
display revenue impact for each said selected time interval of each said at least one deal.
13. The integrated price management system of claim 8 wherein the most favored nation computing module is further configured to generate an alert warning triggered when said proposed price is less than said current lowest price.
14. The integrated price management system of claim 13 wherein the most favored nation computing module is further configured to require an approval for said proposed price.
15. The integrated price management system of claim 8 wherein said proposed price is proposed in the process of revising an existing deal.