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Get Running At Lightning Speed

May 14, 2020

Get Running at Lightning Speed 

 

Pricefx Lightning is your fast track to pricing excellence. Designed to supercharge your implementation, Lightning delivers a full suite of standard pricing analytics, management, and CPQ tools through our exclusive Accelerators. 

It’s all pre-configured to get you live in just six weeks. 

Introducing Accelerators

Many companies want to leverage pricing best practices that will help them to reach their goals with speed. To provide even more value to our customers and enable faster time-to-value, we have developed standard, out-of-the-box pricing capabilities for our customers – we call these Accelerators. 

Accelerators encapsulate years of expertise and learnings condensed into a flexible, robust set of standard pre-configurations that allow companies to leapfrog overpricing basics so that they can focus on enabling their pricing competitive advantage in Pricefx. 

We’re not saying this is the only way to set up, manage, or realize pricing. However, for the vast majority of companies, this provides the right framework to start with since it can be further enhanced and extended as business and market needs change.  

We’ve developed Accelerators across our Insights, Manage, and Price Realization pillars, providing industry-agnostic pricing capabilities. This offers a great starting point while also providing the ability to further refine your pricing capabilities for your industry as well as specifically for your company. 

Getting started with Accelerators is easy, simply load your data and start seeing new opportunities for growth and improvement. Then let us help you enable your pricing competitive differentiation inside Pricefx 

Out-of-the-Box Power

Lightning comes outofthebox with a subset of our exclusive Accelerators, namely our Accelerate Sales Insights, Price Setting, Price Flexibility, CPQ, and Approval Workflow Packages. These are described in further detail below. 

Accelerate Sales Insights Package comes with nine dashboards (or pre-defined analyses) that virtually every company needs and 13 additional standard analysis templates. 

This package includes: 

  • Revenue and profitability over time & by geography 
  • Highest and lowest performing products and customers 
  • Price waterfall analysis and comparisons per time, product and customer 
  • Revenue and margin breakdowns 

These analyses can help you to recognize trends so that you can adjust strategies to reflect opportunities or challenges in the marketOf course, companies will want to go further, so that’s where the additional ad-hoc analytics capabilities come into play.  

The outofthebox standard analysis templates enable pricing analysts and pricing managers to drill deeper into their company’s data (across productscustomers, and transactions), uncovering hidden insights and validating what they see on those nine dashboards.  

Accelerate Price Setting Package and Accelerate Price Flexibility Package include a price setting and management framework powered by eight distinct pricing strategies that pricing managers can use to create list pricesapplying different strategies to different parts of their product portfolio as appropriatePrice Lists can be easily assigned to customers within their market. 

This package includes: 

  • Gross & Net Price Lists 
  • Standalone or independent and dependent Price Lists (e.g., National & State or Global & Country, etc.) 
  • Dynamic pricing (e.g., automated price changes based on an underlying product or competitor changes) 
  • 8 distinct pricing strategies like attribute-based pricing or competitive based pricing 
  • Approval workflow through the Accelerate Approval Workflow Package 

This is a game-changer. We’re giving pricing managers a framework that allows them to creatnew list prices quickly, which they can then communicate to their sales teams or customers immediately. 

Accelerate CPQ Package provides sales representatives with the latest product and customer detailsdiscount guidelines, recommended target, stretch, and floor prices, and other relevant details to help them negotiate the right price with their Customers. 

This package includes: 

  • Customer discounting at the Customer and/or item level 
  • Product configuration 
  • Excel/Word/PDF based quote templates 
  • Email quote to Customer capability 
  • Approval workflow through the Accelerate Approval Workflow Package 

Accelerate Approval Workflow Package provides management teams with the ability to set approvals for Price Lists and Quotes. For instance, a sales or pricing manager can approve quotes over a certain discount threshold at the click of a button, which the salesperson can easily see when negotiating a quote with their customer. 

This package includes: 

  • Approval workflow for Price Lists, Price Grids (dynamic pricing), and Quotes 
  • Ability to set any number of approval steps 
  • Ability to set simple approval conditions 
  • Ability to set approvers on a user, user group, or business role level 

So now you can uncover insights, adjust pricing strategies in real-time, update List Prices, and immediately see those new prices come to life in the field. 

Addressing Change Management Challenges

While the enablement of new pricing capabilities within Pricefx is not a big challenge for most companies, it’s the change management that comes after the pricing platform is live that often gets overlooked. It can be quite a challenge to get buy-in across the organization and to get salespeople to embrace the new capabilities and ways of working.  

Lightning allows pricing leaders to move faster, to keep the focus on the change required within the organization and to be able to collaborate with relevant stakeholders early so that they feel like their input is incorporated as things develop.  

They can more easily express the value of the Pricefx software by showing them how automated processes and a closed-loop from analysis to execution creates enormous Return on Investment for the company.  

Not Just Another Pricing Platform

The robustness of our platform and strength of our technology stack combined with the business logic layer of our software, are what makes us unique. The platform’s core design and cloud infrastructure allow incredible scalability and flexibility, meaning it can be the starting point for any company in any industry of any size.  

All clients need provide is their product, customer, and transaction data, and then Pricefx has the tools and methodologies to help them get their analytics, price setting and quoting implemented in six weeks or less.  

No other pricing software company can get you live in production that fast.  

By partnering with Pricefx and leveraging the Lightning approach, companies can focus on what’s important to them and on creating their pricing competitive advantage. Meanwhile, they benefit from faster timetovalue, greater ROI, and lower total cost of ownership. 

Like Greased Lightning

The insight gained from the Pricefx Lightning initiative is twofold.  

The super-fast sixweek activation helps companies quickly understand how Pricefx can be used as part of their current pricing and business processes. It allows pricing teams to learn more about how our pricing platform works, to consider their current and to-be states, and how they want to transform pricing within the company. Having a more frameworkdriven approach for the foundational elements, in the form of Accelerators, gives pricing leaders insights into how they could adjust their business processes to be more efficient and effective, and then move them forward fast. 

Secondly, but no less importantly, it allows companies to focus on change management – something we believe companies should focus on earlier in their pricing journey. This Lightning activation package not only provides out-of-the-box analytics but also baseline for price-setting and quoting. You can get buy-in where it’s needed and evangelize pricing where it’s appropriate. And you can get assurance you’re on the right pricing path and providing the right value to the company. 

By speeding up implementation time and shortening timetovaluewe’re helping our customers to start the race from the half-way point and to achieve and maintain their pricing competitive advantage. 

 

Are you ready to have the Lightning experience? Click below to learn more.

 

Billy Graham & Martin Wricke / Chief Customer Officer & Chief Product Officer

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