World-class pricing is dependent on both automation and management by exception. In other words, the greater the level of automation you can drive and the more empowered your pricing analysts are, the more successful your overall fuel-pricing process will be. The daily minutiae involved in the pricing process will melt away in favor of new efficiencies fueled by a slick and effective process.
To create those efficiencies, you must first gather the right data. Whether information comes from your site managers, area managers, territory managers, third-party providers, scraping the internet or other means, you must be able to determine whether the data is valid.
You can’t just gather the data, enter it into a system and hope for the best. Indeed, validity of data is the crux of your successful process. Without that, you can’t trust any automated rules your pricing analysts create. They won’t be able to predict any future pricing behavior or debate the merits of a specific price tactic without trusted information. Your team should gather the data from valid sources, and then scrub it thoroughly to ensure there is no room for “garbage in, garbage out.”