Product Overview of PROS Pricing
PROS Pricing is a sophisticated price optimization and management solution designed to help businesses optimize their pricing strategies across various sales channels. Here’s a detailed look at what the product does and its key features.
What PROS Pricing Does
PROS Pricing is an AI-powered platform that enables pricing leaders to deliver tailored, market-relevant prices in real-time, ensuring personalized and competitive buying experiences for customers. It is tailored for businesses operating in highly dynamic marketplaces, where agility and precision in pricing are crucial.
Key Features and Functionality
Omnichannel Price Management
PROS Pricing allows for the creation, management, and harmonization of dynamic price strategies across all sales channels. This includes formula-based pricing, integrated approval workflows, automated price calculations, and real-time unit of measure (UoM) and currency conversions. This ensures consistency, agility, and transparency in pricing strategies, eliminating channel conflicts and discrepancies.
Customer-Specific Price Optimization
The platform uses AI to deliver personalized prices tailored for every unique buying interaction. It predicts expected demand response to prices based on historical buying behavior and other variables, enabling businesses to maximize margins or revenue through optimized, customer-specific pricing.
Pricing Governance and Transparency
PROS Pricing serves as a centralized source of pricing truth, providing comprehensive capabilities for price governance and compliance management. It offers smart, configurable analytics to ensure transparency in pricing and improved collaboration with other stakeholders. This includes dynamic price envelope recommendations and pre-approved prices for partners and sellers, which streamline the sales cycle and reduce approval times.
Real-Time Price Delivery
The platform is capable of delivering real-time prices to eCommerce channels, supporting high peak periods without downtime. Backed by performance and uptime Service Level Agreements (SLAs), it ensures that self-service buyers can browse and transact seamlessly, even during peak seasons in digital shopping.
Streamlined Sales Agreements
PROS Pricing includes a module for managing sales agreements and contracts. Sales teams and analysts can create, amend, extend, or end agreements using integrated workflows, facilitating seamless collaboration with pricing teams on any modifications to customer agreements.
Advanced Analytics and Insights
The platform provides actionable pricing insights for profitability and sales improvement. It uses advanced modeling capabilities to process data, predict demand response, and identify areas for improvement. This includes visibility into pricing and profitability, potential uplift analysis of segmentation-based price strategies, and attribute depth analysis.
High Performance Architecture
PROS Pricing is built on a high-performance architecture that performs price calculations in milliseconds, ensuring sub-second response times even with a high volume of transactions. This capability supports tens of millions of prices evaluated daily per customer, making it highly scalable and reliable.
Conclusion
In summary, PROS Pricing is a robust solution that empowers businesses to optimize their pricing strategies, ensure consistency across all channels, and deliver personalized prices in real-time, all while maintaining transparency, governance, and high performance.