6 Best Price Management & Optimization Software for Enterprise Businesses
July 15th, 2022 (Updated 03/10/2023) | 11 min. read
As a pricing professional, no doubt you understand your products well, keep informed about industry trends and your customers, and what your competitors are doing in the market. You have a sound understanding that pricing is a key lever in planning your company’s success. Great, but using your Excel spreadsheet pricing system, there is a limit to the magic tricks that you can take advantage of in using your pricing to empower your organization’s profitability. You have spent days of hard Excel labor working out where you might be able to raise prices and now, you are finally ready to do it, but oops! – the market has shifted again. Yes, it is time to consider real-time pricing with modern price management and optimization software.
At Pricefx, we’ve spent the last decade in the price management and optimization space. So, who better to briefly outline what it is and compile a list of the leading pricing software vendors available.
So firstly, let’s dig into what price management and optimization software is and what it does as well as list out options for you to use.
Reviewed: Price Management and Price Optimization Software Tools for Enterprise Businesses
Here are the Top 6 Pricing Software vendors that are designed for larger, enterprise businesses (although some of the tools may also suit smaller national and regional companies)
Note, many of these pricing software vendors do not list their prices on their website, but they do offer you a free demo to learn how the tool can help you.
And of course, please note that the reviews in this article are based upon information available to the public, including information gathered from publicly available reviews, rankings, and testimonials.
We suggest you also undertake your own research in order in combination with the information supplied below to reach your own decision.
Please also note that any other company trademark is owned by those companies and not by Pricefx. Nothing in this article is intended to suggest any affiliation with or sponsorship by companies other than Pricefx.
1. Zilliant
Price: N/A – Pricing information can be obtained directly from Zilliant.
Description: Part of the first-generation of pricing software with roots in on-premises pricing solutions, Zilliant provides price optimization and price management software for a range of large enterprise companies. The company’s pricing software enables its users to adopt an approach to price analysis, optimization, price list management, quoting, and negotiation. It offers the Zilliant Precision Pricing Suite (ZPPS), an enterprise software that combines price segmentation and price optimization science with analytics and process automation software for price management.
Functionality:
- Price Management & Administration
- Price Optimization
- Deal & Agreement Management
- Rebate Management
- Market Pricing
- eCommerce
- Predictive Sales Analytics
- AI & Data Science
- Visual Analytics
Unique value: Zilliant has a great user interface that is easy on the eyes and intuitive to navigate. On G2, they have a rating of 8.1 in the ‘Ease of Use’ category.
In April 2022, Zilliant released their Next-Generation price optimization software (Yet to be reviewed).
Learn more here about the pure AI offered by Next Generation pricing software providers and the limitations of first-gen machine learning-informed pricing software.
2. PROS
Price: N/A – Pricing information can be obtained directly from PROS.
Description: PROS is a great price optimization and analytics tool and a generally well-integrated software system. A knowledgeable and customer-service oriented support team takes the place of the encouraged self-sufficiency of some of the other vendors on this list. PROS can assist in making sense of big data and help to eliminate reliance on spreadsheets in addition to supporting communication of opportunities/challenges across the different sectors of an enterprise business organization.
Functionality:
- Omnichannel price management
- Customer-specific price optimization
- Pricing governance and transparency
- Real-time price delivery
- CPQ
- Price Optimization
- Dynamic Pricing
Unique value: PROS takes the lead among first-generation on-premises pricing vendors in data science capabilities due to their sophisticated segmentation engine (science algorithm). The PROS gen-one approach enables them to combine attributes and the partitions between those attributes to create very meaningful predictive segments and leading methods of calculating guidance values (e.g., stretch, target, and floor).
3. Vendavo
Price: N/A – Pricing information can be obtained directly from Vendavo.
Description: Originally a first-generation on-premises pricing solution, Vendavo has transitioned to become cloud-based pricing platform. Vendavo assists enterprise businesses by guiding them towards an eCommerce-driven approach to price optimization and profit. AI-enabled processes help deliver product configurations, real-time business insights, increased win rates, and more. Vendavo offers a profit analyzer, margin bridge analyzer, deal price guidance and business risk alerts.
It is a suitable tool for enterprise organizations with complex business operations and multiple product offerings and various pricing strategies.
Functionality:
- Deal Price Optimizer
- Price Management
- CPQ (Configure Price Quote) Software
- Sales Optimizer
- Margin Bridge Analyzer
- Profit Analyzer
- Business Risk & Sales Alerts
Unique value: Vendavo has an excellent risk management tool will help you learn from historical pricing behaviors in your transactional data and calculate optimized prices that maximize margin and minimize the risk of losing customers during the sales negotiation process. When help is eventually required by the suite of Vendavo in-house data scientists, Vendavo has made recent strides to improve their customer support and currently boast a score of 8.7 in that category with G2.
4. Epicor (formerly KBMax)
Price: Epicor starts at $100 per user/per month, with volume discounts starting at 100 users or more.
Description: Another of the native-cloud pricing software solutions, Epicor began business life as KBMax until the name change in May 2021 following a company takeover. Epicor is primarily a CPQ pricing solution that is designed for e-commerce businesses, direct sales organizations, distributors, and dealers. The application is created for businesses of all sizes that are looking to improve their buying experience, streamline manufacturing processes, and expedite the sales cycle. The product configurator feature supports visualization, CAD automation, complex business rules, real-time pricing, and integration. To that end, the Epicor product comes with CAD automation and 3D visualization tools which empower users to make 3D drawings and models of their configured products.
Functionality:
- Dynamic Pricing
- Quoting
- Integrated CPQ Software
- Advanced Rule Engine
- 2D/3D Visual Configuration of Your Products
- Cloud-based Platform Management
Unique value: Epicor appears to be one of those products you either love intensely or not at all. Fans of Epicor are big fans, citing the software’s unique ability to produce their own engineering models and 3D product drawings to boost sales, while others clearly prefer a more user-friendly pure price optimization and CPQ tool.
5. Omnia
Price: N/A – Pricing information can be obtained directly from Omnia
Description: Omnia is a provider of integrated pricing and online marketing solutions specifically pitched at retailers, offering an automation suite of SaaS-based modules. Omnia’s software is designed to automate pricing and online marketing by acknowledging your existing business strategies to allow Omni to discover your company’s unique pathway to profit. The module boasts a core, self-learning algorithm built around price elasticity that utilizes internal product and sales data with that obtained from other sources such as Omnia Pricewatch and Google Analytics. By determining those products needing to attract larger volumes of sales i.e., “high elasticity” products, and products able to have a high margin i.e., “low elasticity”, the module generates optimal pricing, albeit almost exclusively in the retail sector. The Omina algorithm looks to reject pricing suggestions pitched higher or lower than the market rate and therefore ‘fixes’ any existing outlier prices of your products.
Functionality:
- Dynamic Pricing
- Price Rule Implementation
- Competitor Price Tracking
- eCommerce Management
- Elasticity-based pricing
- Market Data Analysis
- Merchandise Management
- Predictive Pricing Models
- Price Forecasting
- Price List Management
Unique value: Omnia does give its users (generally retailers) great insights into their own prices and strategies, keeping them abreast of what their competitors are doing. However, the Omina system does require some lengthy explanation at times, and it has been stated frequently in reviews that the pricing formulas can be difficult to understand when you first begin using the Omnia platform. Perhaps for that very reason, fortunately, Omnia has one of the best-rated customer support systems of all pricing software vendors, rating a 9.0 with G2 in the quality of support category.
6. Revionics
Price: N/A – Pricing information can be obtained directly from Revionics
Description: Revionics is originally a first-generation on-premises solution (recently switched to the cloud) that develops lifecycle price optimization software for enterprise-level retailers.
Revionics seeks to help retailers gain a competitive edge by optimizing and managing their pricing, promotions, markdowns, and space. It helps to turn customer data into actionable pricing strategies. Retailers are looking to Revionics to assist in the improvement of top-line sales, demand, and customer visibility.
Revionics provides online shoppers with offers that are relevant to them, all the while aligning your company’s business strategies and financial goals to maximize both sales and margin. Revionics can identify an action for increases in the return on inventory, margins, and sell-through while simultaneously delivering the discounts that customers are looking for leveraged by machine learning science.
Functionality:
- Profitability Analysis
- Forecasting
- Performance Analysis
- Channel Analysis
- Market Analysis
- Price List Management
- Price Optimization Automation
- Scenario Planning
- Pricing Analytics
Unique value:
The speedy and helpful implementation team at Revionics offers better than average pricing software implementation times for their customers leading to improved ROI times compared to many other companies in the same pricing software space.
Why Are We Writing About Other Price Optimization & Management Solutions?
To answer that, let’s take a walk down memory lane. Pricefx was founded in 2011 when our CEO and co-founders decided that the traditional price management software space was severely lacking.
- Prices were set with long contracts that didn’t give customers a chance to opt-out if the vendor-customer relationship didn’t go well
- Pricing was done mainly in Excel and was a very painful and manual error-prone process
- All the price management software on the market was on-premise even when it was obvious that the cloud was the future. It was safe, saved resources and gave clients flexibility
- Price management software took a long time to implement. At this point in time, we were hearing of implementation taking years. Something that a native-cloud solution would have been shorter.
So, we took a chance and created the first native cloud (fully built in the cloud), price management software. But we didn’t stop there.
The reason our co-founders understood that something was broken with price management software was that they listened to the market. Organizations like yours wanted flexibility and easy-to-use pricing software. As we built out our solution, we realized that something else was missing – a comprehensive suite of pricing solutions that supported organizations along the complete pricing journey. So, we built out a platform so that users did not need to jump from tool-to-tool to get a complete picture of their pricing but could feed into other solutions that were even (if not directly) only tangentially associated with pricing.
The result? The first ever native-cloud pricing platform. So, yes, we do offer price management solutions but also analytics, channel management, quoting, sales support, and optimization while connecting with other tools like CRMs, e-Commerce solutions like Magneto, Quote to cash software, and more.
Furthermore, what allowed us to innovate was our reliance on a broad network of pricing partners. This allowed us to focus on innovation and software delivery while trusting other pricing experts and frankly our customers to use our software to support their wildest business goals.
So, why are we writing about other Price Management Solutions? Because we created our own space category based solely on the needs of the customers and continue to innovate even today.
Not Everyone Needs a Cloud-Native Pricing Platform
We know that not everyone needs a comprehensive pricing platform. For some, it’s enough to manage prices, and fix the here and now. And if that’s you, then rather than turn our backs on you, we’ve listed other price management software that you might benefit from.
What is Your Enterprise Company’s Go-To Price Optimization & Management Software?
Now you have the lowdown on the top optimization and price management software tools for enterprise companies out there today, you have all the information required to select the best pricing software for your company’s needs.
At Pricefx, we have spent more than a decade listening to different enterprise companies about how difficult it can be to decide on a pricing software solution. And to that end, here are some articles that show you the difference between us and some other price management and optimization software listed here:
So, if you’re looking at anyone on this list, be sure to compare us against other pricing software companies:
If you are still unsure of the total needs that your enterprise business will require from your pricing software, check out our recent blog article that explains the best criteria to consider when choosing pricing software.
