Introducing new tech to help control ever-changing prices
Pricebook is an innovative start-up founded by three Melburnians – Alfred, Alan and Roman (that’s us!) – who share backgrounds in fast moving consumer goods (FMCG) and tech. It’s designed to help businesses keep track of ever-changing supplier product prices. Essentially, it enables businesses to instantly spot price changes – what went up and down in price since their last purchase.
Knowing when the prices change has an array of applications for businesses – buying more when the prices drop or catching so called “price creeps” – sneaky increases of product prices that eventually hurt businesses. Our goal is to allow businesses to keep on top of their costs, tighten profit margins and become smarter buyers.
A few cents today, dollars lost tomorrow.
During extensive market research, we identified a common pain point that constantly challenges the food service industry — frequent supplier product price changes. Further validation of the results confirmed that many other industries are vulnerable to this problem as well. Some businesses spend significant time reviewing each invoice, while others simply don’t have the time and discover price changes later. Businesses often deal with numerous suppliers who issue their invoices in different ways and formats. It can be confusing and downright frustrating keeping track of them all.
Unnoticed price changes can have significant consequences to a business, including the prospect of losing thousands of dollars down the track. Our research highlighted this to be a sensitive and important problem that often tarnishes the relationship between the businesses and suppliers, damages the trust and often leads to buyers switching over to other suppliers. We realised businesses in general wanted greater cost visibility to better inform their buying strategy and other parts of their business. So we developed Pricebook to help them achieve this.
What is Pricebook?
Pricebook is clever and easy-to-use technology that allows business owners to regain control of their spending. It eliminates the frustrating exercise of matching and then comparing line items on invoices to track price movements of frequently purchased goods.
How does it do this? You simply take a photo of your invoices via the smart phone app, or email them through. Pricebook automatically recognises, extracts and structures the invoice details so you can track price fluctuations on your purchases, real time. This means you can react quickly to mitigate any profit squeeze that might occur because a product purchase price has unexpectedly increased. Unbelievably easy, wouldn’t you say? No more error prone data entering and paper invoice filing!
Pricebook is going to save you boredom, frustration and time – so you save money and can devote yourself to other (crucial – and more enjoyable!) parts of your business.
Pricebook brings real valuable gains
Based on customer feedback we received businesses are reporting valuable gains in areas such as:
- Speed – you can check prices in seconds by simply taking a photo of your invoices or emailing them through instead of comparing prices on past invoices
- Control – you can keep on top of your costs; knowing price changes means businesses can make timely and better informed decisions
- Convenience – all your invoices, products and suppliers in your pocket instead of scattered across emails, in-trays and envelopes
- Efficiency – Automation of an error-prone, manual and tedious task. Fully automated in mind blowing tech.
- Transparency – track your spending over days, months or years. Monitor your spend across all suppliers. Know what you’re spending over a specific period of time.
We’re confident you’re going to be impressed with the impact Pricebook will have for your business. Once you experience these benefits yourself, you’ll probably ask yourself how your business managed without it.
We love this App!!..so easy to spot price changes on our invoices in seconds…any out of contract price rises are straight on to the respective rep…easy to setup, easy to use, highly recommend…
– Rob from Verrano Cafe, Queensland.
Pricebook empowers businesses by giving them back the control and transparency of their costs, it also delivers:
- Real-time price checks as soon as an invoice is received
- Staying on top of price creeps that affect the bottom line
- Automation of error-prone, manual and tedious invoice comparisons
- A range of processing functions to organise data related to suppliers and their goods
Sounds too good to be true? Why not try it yourself and see how it can work for your business – download Pricebook, it’s free, no commitment, no gimmicks, no BS!
Alan, Alfred and Roman