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Forward-looking banks and finance companies have realized this potential and made pricing optimization a strategic initiative with high levels of executive visibility. In addition to executive sponsorship, choosing the right technology partner is obviously critical, as is ensuring the right level of change management and communication internally. Yet at the same time, pricing optimization starts to show results within weeks and months rather than years and as such is one of the few tools that executives have at their disposal to weather the next 12-24 months. Most importantly, implementing a comprehensive pricing and profitability management platform will prevent a repeat of the irrational pricing and excesses one has seen in the last three years.
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