Solving Complex Oilfield Service And Rental Pricing Challenge
Pricing information and documentation management in riger® is organized through three distinct levels of documents that ensures flexibility and, at the same time, detailed tracking to capture and attribute to the source all changes made to the price documents by authorized personnel.
- Price Lists – set baseline pricing for rentals and services
- Price Agreements – a client-specific price agreement
- Rental Service Agreements (RSA) – a job-specific price agreement
Price List (PL) and Price Agreement (PA) are primary documents of the price management structure in riger®. The Rental Service Agreement (RSA), however, is a document that provides flexibility required to be competitive. RSA allows apply prices for a specific job that can be different from a standard price list or even a pre-agreed price agreement. The RSA picks up prices either from the Price Agreement (if it exists with a client) or the Price List (if no Price Agreement is available for the selected client). It also allows to manually edit/input the prices, thus having the highest priority of pricing by overriding the ones from PAs or PLs.
These are some of the main pricing mechanism features encapsulated in riger®.
Some of the key features of price management that users of riger® have been benefiting from include:
- Daily rate
- Periodic rate
- Service rate
- Sales rate
- Package pricing
- Standby rate
- Prices by divisions
- Volume-base pricing
- Dynamic discounts
They help sales teams to generate accurate quotes according to the client’s requirements and needs.
Here is a little more detailed information on the main documents involved in the Price Management life cycle.
This is a general list of prices for all the items that are available in riger® – be it Rental Units, Consumables, Packages/Assemblies or Combo Units, Services, etc.
Having general pricing available for items in the Price Lists allows to save time and avoid multiple manual price entries when creating new jobs, as prices get pulled into the Rental Service Agreements, or Sales Documents from the Price Lists.
Price Agreements are basically client-specific pricing for a predefined open-ended or fixed time period. This means that prices inside a particular Price Agreement apply only to the client that the Price Agreement is created for. It can be either open-ended, meaning it can have just a start date for the period and will be active until manually cancelled, or the time period can be fixed – allowing to set the start and end dates of the price changes indicated inside the price agreement.
Price Books are Price Lists for general rentals, which means that it is possible to indicate different rental period pricing inside a Price Book for any single line item. For example, as you can see in the screenshot below, we can setup a daily rate for an item, as well as a weekly and monthly rate. And, if all these values are in place, the invoicing mechanism will be able to apply the correct price calculations algorithms and come up with the correct amounts.
General Rentals Price Matrix
It is also possible to set up a very specific pricing mechanism for general rentals, which actually defines the rental periods as it is shown in the example below.
Dynamic Discount Agreements
Dynamic Discounts allow for additional flexibility when it comes to setting up the pricing mechanism for different clients. In a nutshell, the Dynamic Discount Agreement allows to set up a specific time period for which the specified discounts will be active; select a particular group of items – to which the discounts will apply and populate a list of clients with their corresponding discount % values to whom we would like to provide the discounts.
This is a solution that allows you to quote professionally, increase deal sizes, reduce errors, and drive better pricing decisions. Price management software gives you greater control over your pricing and allows you a distinct competitive advantage.
Features To Explore
Create quotes and convert them into agreements, manage client interactions with Oilfield CRM.
Track non-billable time – internal job tickets, repairs, maintenance and manage employee schedule.
Record and track all client requests to resolve issues fast, improve service quality, and add value.
See How With riger® You Can:
Manage Equipment Rental Operations
- Generate Oilfield Rental Invoices in 24 hours!
- Know Where your Rental Fleet and Field Team is
- Schedule Oilfield Service Instantly
- Dispatch Rental Fleet Faster
Be Always in Control
- See Full Picture and Make Data-driven Decisions
- Streamline Business Processes and Supporting Documentation
- Solve Business Challenges (Sales, Service, Revenue)
- Analyse Performance on Ongoing Basis