Packitoo Launches AI Smart Pricing Assistant for UK Packaging Converters

New AI-powered Smart Pricing Assistant to help UK packaging converters with apt calculations

Announcement

Packitoo is a developer of the HIPE digital sales platform for corrugated and folding carton converters, and it also a part of Bobst Group. Packitoo has launched its new Smart Pricing Assistant to help packaging manufacturers to uplift their milestone game by refining quote pricing related to marketing data and real production.

In packaging with quality, the quantity makes a huge business difference to involve an accurate calculation to begin with the manufacturing process. To achieve quality, the quantity responsibility has to be measured. This is a relief for the UK packaging converters, as for them it will be a guide to achieve future endeavours.

Purpose-built AI strategy

This Smart Pricing Assistant is engineered specially for converters, as the fluctuating customer preferences and new trends are prioritised in the vast packaging market. The assistant will assess historical orders and quotations to predict the impact of likelihood of success in each job based on the pricing decisions. It almost covers various real-world factors like run length, seasonality, customer behaviour, machine setup times and board and ink costs.

It largely helps the team to address the perfect balance between margin and competitiveness. By virtually imitating price possibilities and scenarios, the software addresses where the converters can cautiously accelerate prices without affecting conversions, within a space where the focused discounts can fix new business.

The principal engineer at Packitoo, Arnaud, said,

“In our pilot program, almost 10% of quotes hold a five-point margin growth without affecting conversions. It an average of the calculation to a two-point uplift in net EBIT throughout the portfolio. Several converters are speculating on either a win or a loss situation. This tool allows dynamic pricing related to the genuine real-world production reality, promising long-standing profit performance.”

Packitoo Configure-Price-Quote (CPQ) platform is fully unified into HIPE. Across Europe, the converters have used this platform, and now the Smart Pricing Assistant will allow users to learn the highest achievable margin for every quote without impacting sales and will provide less recommended margin to contribute to managing the throughput during the steadiness period.

The CEO of Packitoo, Thomas Othax, said,

“The software is like a commercial compass as it boosts the confidence level of packaging converters in each quote. The tool navigates them to safeguard margins and achieve work goals effectively when the demand is at still.”