Business Daily Media

Men's Weekly

.

Business Leaders Warn That Ongoing Supply Chain Disruption Caused By COVID-19 Is Having A Critical Impact On The Ability To Drive Profitability

  • Written by PR Newswire

AUCKLAND, New Zealand, Feb. 24, 2022 /PRNewswire/ -- A recent study conducted by Forrester Consulting on behalf of intelligent pricing platform, Flintfox reveals that retail, manufacturing and consumers goods companies are facing fundamental challenges in managing their profit margins, due to the ongoing impact of COVID-19, inflation and supply chain issues.

90% of businesses report that COVID is having a critical impact on the ability to manage pricing across their product range, with 39% stating they are unable to keep up with the scale of real-time price fluctuations in the market. This is having a significant effect; with businesses losing on average $1m a year in lost profitability due to their inability to respond quickly enough to market forces.

The study of over 900 business leaders has revealed that existing business models prevent them from managing the pace of change, with 41% still relying on manual processes to manage price fluctuations. Over half (53%) state that the pandemic has forced them to need better visibility into business performance on profitability and margins to respond accordingly.

2022 will see business model transformation pushed up the Board agenda as global change becomes increasingly unpredictable, with 60% of businesses claiming that poor data quality and capture is hampering the ability to keep on top of market fluctuations and remain competitive.

The research indicates that a shift to real-time, automated management of pricing, will be a fundamental business priority to manage the impact of global disruption in the year ahead, with one in five (23%) businesses implementing intelligent pricing technology in 2022.

As the long-term effects of COVID-19 on the world's economy become increasingly unpredictable, automating decisions around product pricing with intelligent pricing is now seen as one the most important factors impacting business outcomes by more than three quarters (77%) of businesses.

John Moss, CEO, Flintfox, commented: "After the continued uncertainty of the pandemic, margins have never mattered more. As inflation and supply chain issues continue to wreak havoc, it's increasingly critical for businesses to be able to respond rapidly to market fluctuations. Moving to an intelligent pricing model will enable businesses to better handle operational complexities and future-proof their businesses from harmful market events."

Read more https://www.prnasia.com/story/archive/3668825_AE68825_0

The Future of Wealth Technology

“You shouldn’t need a large account balance to experience real-time investing. Technology should make that kind of access universal.” For decades...

Thryv wins national accolade at 2025 Australian Service Excellence Awards

  Thryv® (NASDAQ: THRY), Australia’s provider of the leading small business marketing and sales software platform, announced that Greg Nicolle, G...

pay.com.au unveils first-of-its-kind FX rewards feature, becoming the most flexible rewards solution for Aussie businesses

pay.com.au, the end-to-end payments and rewards platform, today announced the launch of International Payments, Australia’s first foreign exchange...

Yellow Canary partners with Celery to bring pre-payroll assurance technology to Australia

Wage underpayment headlines continue to put pressure on employers of all sizes, revealing how costly payroll mistakes can be for small and medium bu...

Brennan Bolsters Leadership to Accelerate Next Growth Chapter

In a move to further embed cybersecurity at the heart of its business strategy and deliver sovereign secure-by-design solutions for its customers, A...

How to Be Investable: Insights from Richelle Nicols, CEO of Pollinatr

Richelle Nicols is the CEO of Pollinatr, a pioneering investment and business development program designed to support and accelerate the growth of s...