Simply put, price management is the function of creating and updating pricing within a business. It includes setting and managing pricing across a variety of price modes (or types of pricing that can occur in a business) such as list, matrix, negotiation, or customer-specific. Price management also includes updating prices when necessary, managing pricing segments, measuring key performance indicators (KPIs) and more.

For mid- to large-size B2B companies, manual price management is increasingly impractical. Yet, complicated spreadsheets continue to be the go-to method of managing prices, even though this method is not effective in giving pricing teams the control, flexibility and speed they need to respond quickly when price changes are warranted.

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