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How Print Procurement Software Can Help You Price Products More Effectively

Print procurement and printing effectively.

In today’s competitive marketplace, businesses constantly strive to optimize their pricing strategies. When it comes to printed products, accurately calculating costs is crucial for setting profitable prices. Traditional methods, however, often overlook hidden expenses, leading to underpriced products or missed profit margins.

This is where print procurement software steps in. By offering a centralized platform for managing print orders, it goes beyond simply placing orders. One of its key functionalities is providing in-depth cost analysis, including a valuable metric “average cost per product”.

Why Average Cost per Product Matters

Imagine you sell custom-printed mugs. You know the base cost of the mugs themselves, but what about factors like ink usage, printing setup times, and even paper waste? Manually tracking these expenses can be a tedious and error-prone process. Print procurement software solves this by automatically capturing all costs associated with each print job. This data is then aggregated to reveal the average cost per product, providing a much clearer picture of your true production expenditure.

Statistics Highlighting the Importance of Accurate Costing

A 2023 study by The Association for Print Technologies (APTech) found that 42% of businesses struggle with accurately costing print jobs. This lack of transparency can lead to significant financial losses. Another study by the National Printing Ink Research Institute (NPIRI) revealed that over 30% of printing costs can be attributed to hidden expenses.

Leveraging Average Cost per Product for Strategic Pricing

Knowing your average cost per product empowers you to make informed pricing decisions. Here’s how:

  • Set Competitive Prices: With a clear understanding of your production costs, you can price your products competitively while maintaining healthy profit margins.
  • Identify Cost-Saving Opportunities: The detailed breakdown of costs per product can reveal areas for improvement. This could be negotiating better bulk discounts with suppliers or exploring more efficient printing techniques.
  • Develop Accurate Quotes: Providing accurate quotes to potential clients becomes easier when you have real-time data on average costs. This builds trust and strengthens your reputation for reliability.

Beyond Average Cost – Print Procurement Software

While average cost per product is a powerful tool, print procurement software offers additional benefits:

  • Streamlined Ordering Process: The software automates workflows, saving you time and minimizing errors.
  • Improved Inventory Management: Track your stock levels and reorder supplies efficiently to avoid stockouts and delays.
  • Vendor Comparison: Easily compare quotes from different vendors to ensure you’re getting the best deals.

Investing in Your Bottom Line

Print procurement software is an investment that pays off in the long run. By providing valuable insights like average cost per product, it empowers you to make data-driven pricing decisions, optimize your printing processes, and ultimately, increase your profitability.

In conclusion, if you’re looking for a comprehensive print procurement software solution, look no further than PrintGizmo.  PrintGizmo goes beyond basic order placement, offering in-depth cost analysis tools that reveal your average cost per product. This valuable data empowers you to price competitively, identify cost-saving opportunities, and ultimately, maximize your profit margins. With its user-friendly interface and robust features, PrintGizmo can be the key to unlocking a new level of efficiency and profitability in your printing business. Don’t wait any longer! Take control of your printing costs and boost your bottom line. Visit eLynxx.com today to learn more about PrintGizmo and request a demo.