Knowledge Support Systems, a provider of rules-based pricing and analytics for wholesale and retail fuels, has signed a co-development agreement with SAP for its RackPrice and PriceNet solutions.
As part of the agreement, RackPrice and PriceNet, both of which are for the oil and gas industry, will be integrated with the SAP Business Suite applications to bring a new level of standardization, integration and control of price management and optimization processes to wholesale and retail fuels distribution.
RackPrice enables wholesale fuels distributors to meet their volume objectives at the maximum achievable margin by better managing price/volume volatility, defining and hitting price strategy targets more precisely, and applying price analytics and optimization to tailor pricing tactics to individual terminals, channels and customer segments.
PriceNet empowers fuel retailers to meet volume goals at maximum achievable margin by consistently applying pricing rules and optimization, responding more rapidly to market events and analyzing location and grade-specific price sensitivities to strike the optimum profit-volume balance.
Mark Hawtin, vice president of business development at Knowledge Support Systems (KSS), said: Our collaboration with SAP around KSS’s RackPrice and PriceNet solutions means clients can benefit from an unparalleled combination of the industry’s leading pricing systems for wholesale and retail fuels together with the assurance, solution breadth and innovation only an organization such as SAP can truly deliver.