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Kansas City Southern market managers recently began using a new Price Management System (PMS) designed to eliminate redundant work, create a single pricing information source, and improve market intelligence and pricing accuracy.

Accessible via KCS' updated computer platform Management Control System, PMS enables market managers to electronically quote and charge prices for customers, providing managers more control over the railroad's proposal and pricing process.

In the past, market managers used two separate systems to quote a price, then commit to and communicate that price. Now, managers use the one system to transmit price proposals and publications to customers, other railroads and KCS' revenue accounting department.

Last fall, the Class I began developing PMS, which will be enhanced to support record-keeping and market analysis in the future.

Next, KCS plans to implement a Price Application System, which will be designed to automatically process more prices — requiring less human intervention — and improve revenue recognition.