The secret to choosing an online pricing tool that delivers real value
We are inundated with tech solutions for our daily lives that are fast, easy to use and help to reduce time spent on the mundane. Having used pricing tools for over 10 years, it has always been an observation that pricing tools were a “one size fits all” solution to a very integral business issue.  So what should we really be focusing on when selecting a pricing tool?
The fact is that not all online pricing tools are born equal – so how do you filter out the ‘also rans’ to find the front-runner that delivers the very best market analysis for you?
Data quality
Firstly, it’s easy to get distracted by a professional-looking user interface and fail to ask ourselves about the underlying data and analytics. Accurate data of the highest quality and comprehensiveness is essential… incomplete or poor data leads to poor analysis, which leads to poor business decisions.
So ask yourself: when you peel away the theatrics, are you willing to trust your company’s future on the data and analytics being delivered? What are data sources? Are they comprehensive?
Speed and frequency
The next thing is speed. As multiple intra-day price moves become normal, the speed at which your solution can provide your data is essential.
So look beyond the load speeds of your tool, and instead ask your supplier how frequently the data within your tool is refreshed each day. Is once or even twice a day really enough, when prices in the market are being changed multiple times a day?
User interface
After you’ve satisfied yourself the tool you’re considering fulfills these fundamental needs, it is time to consider the usability and functionality being offered.
We all need tools that are easy to use and that deliver the information we need in the format we need

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