Manchester, NH: ITR Economics today announced a new service – the Custom Price Index. Each client-specific Custom Price Index is built by ITR experts and is specifically applicable to businesses during a substantial inflationary period. With the help of ITR Economics, companies can focus on remaining profitable throughout this decade.
ITR Director of Economics Grace Schatz introduced the idea of the Custom Price Index as a new tool to further support ITR Economics clients’ strategic planning.
“Businesses are contending with more inflation than they are used to, and they should have a pricing benchmark to help drive better budgeting, pricing strategy, and overall decision making,” Schatz said. “I suggested this new offering because it will allow us to help businesses develop a benchmark for prices that is customized to their needs and includes a four-quarter forecast that will help them make informed business decisions.”
The Custom Price Index will help businesses:
- Develop a profitable pricing strategy
- Gain an understanding of input cost trends
- Protect margins with proper pricing strategy
- Make informed purchasing and inventory decisions
- Engage in accurate cash planning with foresight into process and input costs
“I was so excited when Grace submitted this idea via our DRIVE program,” ITR Economics Vice President of Sales and Marketing Kimberly Clark said. “This directly reflects how our firm continues to seek new ways of meeting the needs of our clients. In [Brian and Alan Beaulieu's] book, Prosperity in the Age of Decline, they state that the 2020s will be a tumultuous decade in which using a price index to manage multiyear contracts will be the difference between profitability and losing money. With this new service, we’ve taken that responsibility off the business leader. Finding the right index, understanding how to use it, and applying it to their strategy – with the Custom Price Index, we can do it for them! Our team's dedication to supporting our clients both when the economy is strong and when it is uncertain is truly inspiring.”
ITR Economics' new Custom Price Index is available now, with an annual price of $13,500. To better understand how this new service will benefit businesses, watch the below video.
About ITR Economics: Since 1948, ITR Economics has provided the best economic intelligence to reduce risk and drive practical and profitable business decisions. With its 94.7% forecasting accuracy at four quarters out, the firm is "first in forecasts worldwide."