Main Responsibilities and Required Skills for Pricing Analyst
A pricing analyst is a professional who studies market trends and consumer behavior to help a company determine the most effective pricing strategies and optimization for its products or services. This may involve analyzing sales data, cost structures, and competitors' pricing to make recommendations on how to price products or services to maximize profits. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Pricing Analysts.
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Main Responsibilities of Pricing Analyst
The following list describes the typical responsibilities of a Pricing Analyst:
Address
Address issues and concerns raised by team members relating to pricing suggestions.
Adhere to
Adhere to compliance guidelines.
Administer
Administer contracts and compliance in support of National and major accounts.
Administer of price deviation data in accordance with policy.
Aid in
Aid in modelling of inventory and calculation of monthly results.
Analyze
Analyze and monitor price.
Analyze bookings and revenue trends on WPA deals.
Analyze margins on past sales to identify opportunities and correct pricing as needed.
Analyze market value impact of corporate actions and trade discrepancies against market data.
Analyze prices, contracts, sales and other key data to unlock value for the business.
Analyze, evaluate, and recommend pricing strategies, policies, and pricing optimization projects.
Approve
Approve and process all invoicing.
Approve user supplied price (USP) files daily.
Assist in
Assist in the development of new pricing models.
Assist on ad-hoc projects as required.
Assist with global tax audits and provide tax controversy support.
Assist with preparing quarterly and annual business reviews by account.
Assist with the parameterisation of the internal model.
Assist with training other employees and providing backup.
Authentic
Authentic and sets a vision to inspire performance and engage others.
Automate
Automate the sanity check performed on the intercompany transactions.
Build
Build and maintain relationships with all internal and external customers.
Build a network that lasts a lifetime.
Build custom price files for specific accounts and territories as needed.
Challenge
Challenge existing processes and proactively develop more efficient processes.
Collect
Collect and assist with the analysis of quantitative and qualitative data and reporting results.
Collect relevant information manually where automated scraping is not yet available.
Communicate
Communicate effectively with peers and colleagues.
Communicate pricing trends to Management that help drive company margin.
Compare
Compare prices between different databases – sources can be both, internally and externally.
Compile
Compile and analyze weekly pricing metrics and reporting.
Complete
Complete ad-hoc analysis based on needs of the business.
Compute
Compute where appropriate transfer pricing adjustments.
Conduct
Conduct customer, market and competitive analysis to drive pricing strategy and execution.
Conduct loan sale execution and loan allocation as directed by the VP of Secondary Marketing.
Conduct market research, forecasting, pricing, and competitive analysis.
Conduct regular cost analysis and profitability analysis.
Conduct risk / reward and other analyses, and drafts product policies and related documents.
Consult with
Consult with actuarial partners on trends analysis.
Consult with team members and management as needed to complete assigned responsibilities.
Contribute to
Contribute to constructive intra-team working and personal development agendas.
Contribute to establishment and maintenance of pricing modifier(s) as required.
Create
Create and maintain client rates on Cargowise one.
Create management reports.
Create reports reflecting metrics and project status, objectives and barriers.
Derive
Derive important forecasting and inventory information and subsequent planning.
Design
Design and runs analyses for pricing impact on deal proposal and job quotes.
Develop
Develop a multi-quarter pricing roadmap aligned with company strategy and profitability goals.
Develop and expand pricing analytics.
Develop engineering parts lists and bill of materials from engineering system drawings.
Develop experiences in a broad range of fully integrated tax services –.
Develop KPI metrics to track and use for commercial enhancements.
Develop KPIs and reports to analyze and monitor program performance.
Develop, maintains and improves estimating methods and processes.
Develop new dashboards, reports, KPI's and metrics as assigned.
Develop pricing strategies, review, analyze and compile cost data.
Develop processes to update the prices of SKUS on weekly and monthly basis.
Develop process improvement projects and procedures for final approval by management.
Develop technical pricing models using the cutting-edge techniques.
Develop tools and process.
Document
Document processes and suggest improvements.
Drive
Drive to understand the products and offerings, strategies, and business objectives.
Elevate
Elevate issues in a timely manner and coordinates resolution.
Employ
Employ the basic functions of accounting.
Engage with
Engage with business partners to develop, maintain and enhance relationships.
Ensure
Ensure compliance with all standards, policies and procedures.
Ensure consistency and accuracy in customer billing activities.
Ensure financial results are well understood and how they impact to business results.
Ensure high level of accuracy with data entry and site maintenance.
Ensure invoices are accurate and processed in a timely manner.
Ensure sales people have the information required to contract and maintain business.
Ensure Tender analytical and administrative support to win more deals at the best possible price.
Ensure that copies of the price lists are approved and filed accordingly.
Ensure there is ongoing QA on profitability of products and service contracts.
Ensure tight governance of global pricing, reporting on variances and escalating as needed.
Establish
Establish and maintain effective, collaborative work relationships both internally and externally.
Evaluate
Evaluate program effectiveness after completion.
Execute
Execute against pricing hierarchy and data collection procedures.
Execute sales order release related activities.
Forecast
Forecast benefits for new pricing and content growth opportunities.
Gather
Gather and analyze competitive moves, suggest and support local strategy implementation.
Give
Give insights to the Buying team.
Help
Help to automate pricing processes and devise a scalable way to measure pricing performance.
Host
Host periodic training sessions for field support new hires throughout the year.
Identify
Identify, document, and implement opportunities for continuous improvement.
Identify improvements content enrichment process and be point person for content issues.
Identify revenue leakage and implement Revenue Opportunity dashboards.
Interact with
Interact effectively with internal and external clients.
Investigate
Investigate whether the model can be implemented in the financial systems of the group.
Lead
Lead pre-planning, strategy development and coordination of responses to renewal pricing requests.
Liaise with
Liaise with internal departments including Contract Admin, Risk Control and Accounting.
Liaise with internal teams to ensure prompt responses and on time delivery.
Liaise with various business units to ensure a consist approach to pricing is being maintained.
Load
Load, validate, research, and analyze pricing issues as they surface.
Maintain
Maintain accuracy and complete filing of promotion documents.
Maintain and update list pricing for CPQ.
Maintain compliance with all legal and regulatory requirements.
Maintain deviated pricing agreements in corporate systems.
Maintain discounting and analyze efficacy of instituted discounts.
Maintain standard operating procedures and workflow for initial product pricing and pricing changes.
Maintain, update and review supplier price support schedules.
Make
Make recommendations to the team based on analysis of trends.
Manage
Manage aged deductions and work with receivables management to resolve disputed claims.
Manage and create internal models to support analysis.
Manage and respond to Transfer Pricing Audit queries from the CRA and the Statutory Auditors.
Manage large spreadsheets, and Data files to format upon request.
Manage validation of pricing.
Mentor
Mentor and assist in the progress of others.
Model
Model complex business and pricing simulations with pricing elasticity in mind.
Monitor
Monitor and follow up with vendors on pricing problems.
Monitor Options and surcharges compliance by invoicing automation.
Monitor performance of key financial metrics related to redemptions.
Monitor customer margins, resolving any pricing or cost concerns in a timely manner.
Oversee
Oversee effective delivery of all short courses.
Own
Own and deliver deal and pricing reports monthly and quarterly.
Own the Local pricing model, procedures and policies.
Participate in
Participate in rate matrix reviews to ensure profitability and competitiveness for key accounts.
Participate in special projects and perform other duties as assigned.
Participate to process improvement and tools design to sustain pricing performance.
Perform
Perform additional assignments and special projects as required.
Perform and respond to competitor analysis.
Perform any and all other duties that may be necessary to be successful in this role.
Perform a variety of business analysis and ad hoc analytical support as needed.
Perform duties in compliance with environmental, health and safety related site rules, policies or.
Perform financial & business analysis in support of business solutions and business outcomes.
Perform pricing data audits.
Plan
Plan price changes, determine implementation steps and support regional sales teams.
Prepare
Prepare and analyze various Secondary Marketing reports.
Prepare and / or review customer profitability on a regular basis.
Prepare and / or review required global transfer pricing documentation and benchmarks.
Prepare complex pricing proposals in response to customer requests for proposals.
Prepare oral and written presentations.
Prepare Price to Win (PTW) analysis of competition.
Prepare pricing reports on regular basis for the finance department.
Prepare reports regarding pricing discounts related to sales pipeline performance.
Present
Present comfortably with internal and external audience.
Present pricing strategies to Project and Bid Managers and Executives.
Prioritize
Prioritize and handle multiple tasks accurately and in a timely manner.
Process
Process Customer Pricing Credits.
Process miscellaneous price credits / debits and resolve other contractual discrepancies.
Provide
Provide analysis and coordination on inventory movement across equipment streams.
Provide back-up support for the Inforce Pricing Director as required.
Provide data and market research to help draft reports and strategic plans.
Provide guidance / recommendation associated to Catalog List Price (CLP).
Provide guidance to junior estimators.
Provide leadership support and coaching in the day-to-day operations of the Pricing Team.
Provide overview to Product Pricing Analyst on customers falling outside of acceptable levels.
Provide pricing for New Business, Renewals and Software Migration.
Recommend
Recommend potential system enhancements to meet the changing needs of the business.
Report
Report development and updates to Customer Service, Sales and Marketing Departments.
Research
Research / correct invoicing issues.
Research and analyze questions / issues raised during filings.
Review
Review quotes and proposals ensuring key commercial terms are protected with agreed pricing.
Set up
Set up new accounts and new items.
Set up new accounts with accurate pricing.
Share
Share knowledge of the market and trades with operations and sales as needed.
Stay informed
Stay informed of the competitive landscape.
Supervise
Supervise the daily pre-invoicing "Pre-Edit” query to identify low / negative margin transactions.
Support
Support development of pricing strategies.
Support Price and FAR 15 Reviews by providing cost estimate justification with detailed backup.
Support regular pricing reporting process such as Sales Forecasting, Proprietary Revenue Analysis.
Support Sales during negotiations with customer.
Support the implementation of BEPS initiatives.
Support with an overview of the competitor landscape evaluation price comparisons.
Surface
Surface and communicate analytical insights to understand negotiated deal structures and pricing.
Take
Take a broad perspective to problems and spot new, less obvious solutions.
Track
Track and forecast our costs by SKU and category, identifying anomalies and opportunities.
Track and report on KPI's providing insight on change.
Transfer
Transfer price maintenance in SAP ERP and integrated systems.
Transform
Transform our operating model globally for improved efficiency.
Turn
Turn insights into concrete actions benefiting the redemption portfolio profitability.
Understand
Understand measurements of all type of cargo to meet the best options for client.
Understand the commercial needs of stakeholders both internally and externally.
Understand the impact of discount to the selling price and subsequent elasticity and GP.
Undertake
Undertake acceptance testing on system changes.
Update
Update pricing database upon product or customer change / creation.
Use
Use different pricing scenarios to rate shipments and compare net results.
Use expertise in commercial organizations to enhance and improve revenue and pricing processes.
Utilize
Utilize data validation and price deviation governance.
Utilize existing business tools to visualize and communicate recommendations.
Work with
Work closely with sales and finance.
Work closely with the Region GM's and sales teams to manage the national and local price actions.
Work collaboratively across the business to form models and execute ad hoc work.
Work well both independently and as part of a team.
Work with a leading Business Intelligence package and with the Management Information Team.
Work with Capture Team in development of price strategy.
Work with Contracts and Finance to support customer fact finds, audits, and negotiations.
Work with inventory team on ticket fulfillment.
Work with IT, or Merchandising partners as needed to resolve.
Work with Sales and Sales support to implement Price updates related to contract changes.
Work with the operations team to triage pricing issues with urgency.
Work with Web, Marketing, Ops.
Write
Write clear, precise, well-organised documents using appropriate vocabulary, grammar & word usage.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Pricing Analyst:
Business
Pricing
MS Access
Python
Statistics
R
Power BI
Microsoft Office
VBA
Most In-demand Soft Skills
The following list describes the most required soft skills of a Pricing Analyst:
Written and oral communication skills
Analytical ability
Problem-solving attitude
Attention to detail
Interpersonal skills
Organizational capacity
Time-management
Work independently with little direction
Self-motivated
Adaptable to changes
Multi-task
Presentation
Detail-oriented
Self-starter
Critical thinker
Proactive
Team player
Creative
Collaborative
Flexible
