Vermeer Selects Syncron to Enhance its Global Aftermarket Parts Pricing Operations

Syncron announced that Vermeer Corporation, a global manufacturer of industrial and agricultural equipment, has selected Syncron Price to leverage pricing intelligence, optimize its current pricing capabilities, and improve customer satisfaction. 

Understanding the importance of securing the best prices for their customers, Vermeer realized there was room to optimize their pricing operations.

“Before partnering with Syncron, our pricing system was highly complex, created the opportunity for uncertainty in data, and was difficult to use on a mass scale,” said Philip Egging, director of aftermarket, Vermeer. “We needed an out-of-the-box parts pricing solution that specializes in the aftermarket for parts ranging from highly competitive to proprietary, allowing us to elevate our approach to proactive management of parts volume and strategies.”  

With Syncron, Vermeer can implement multiple pricing strategies across a broader range of parts. Recognized as an industry leader, Syncron Price leverages artificial intelligence (AI) and machine learning (ML) to identify unseen pricing opportunities that maximize sales volume, revenue and service profitability from aftermarket business.  

Furthermore, Syncron Price offers advanced analytics that gather and analyze data on price elasticity,  customer demand, the market value of spare parts and customer willingness to pay. It leverages automation to optimize bulk and new parts pricing and allows users to model different scenarios to  understand marginal impacts for all stakeholders.

“Navigating the complexities of changing markets and supply chain issues can make it especially difficult to accurately price aftermarket products for manufacturers, dealers and suppliers," said Anneliese Schulz, chief revenue officer, Syncron. “Syncron Price enables organizations like Vermeer to efficiently perform critical price management processes and brings pricing practices to the next level whilst taking the complexities and the specifics of the aftermarket and service business into account.”

Syncron Price is an essential component of the Syncron Connected Service Experience (CSX) Cloud, an AI- and ML-driven platform that helps manufacturers and service organizations transform their approach to service lifecycle management (SLM) from beginning to end.