Ratings and analytics technology specialist Hyperexponential has found an overwhelming 96% of the market see room for improvement in the pricing technology they currently use. The consultancy’s “2024 State of Pricing” report also found that almost half of respondents (47%) had bought pricing platforms that hadn’t delivered what they promised.

The percentage of respondents who feel there is room for improvement was up from the 89% recorded last year.

The report stated: “It seems unlikely this dramatic increase is due to a decline in the actual performance of pricing technology—although this can happen as legacy systems age. A more plausible explanation is a shift in expectations.

“Other sectors are embracing a slicker and more digitized way of working. The buzz around machine learning and AI is inescapable. When that rapid advancement is visible, encountering outdated processes and limited insights feels particularly frustrating.”