Pricefx Choices: The 3P’s, Accelerators, Plasma & AI Optimization

Now you have made the weighty decision to upgrade your organization’s business to a modern pricing software solution, you now have another important question to ask yourself – ‘Which of the Pricefx choices should I begin with?’  

Naturally, we would like you to get them all and put all the exceptional use cases of the best of Pricefx into your organization’s pricing practice. But honestly, there are also some unique business models that may not require you to have them all. 

At Pricefx, we receive inquiries every day from organizations considering which of our software packages and functionality best suits their unique business requirements, and we take pride in recommending the best personalized answer for every company.  

However, to help you know the top pricing functionalities we have on offer and help you self-sufficiently narrow down your pricing technology choices, we have compiled this article to help you discover the best of what Pricefx has to offer. 

Let’s dive straight right in and get started with ‘the 3P’s – the Plan, Price, Profit packages. 

The 3Ps Unveiled: Plan, Price, Profit – A Swift Overview  

Pricing plays a pivotal role in business operations, enabling optimal response to unique requirements and profit optimization. Pricefx three distinct software solutions, which can be seamlessly integrated or utilized independently based on your specific needs. In this article, we will delve into each package in detail. Here’s a brief overview: 

• Plan – Gain a comprehensive understanding of pricing in your business with Plan. Identify ideal margins and pricing opportunities through rapid analysis of your business data, obtaining actionable pricing insights in minutes. 
• Price – As the foundation of Pricefx, Price empowers you to establish price lists and optimize pricing across relevant segments of your business. Utilize existing data to embark on a journey towards profit maximization. 
• Profit – Harness Profit for swift and precise quote generation with an error-free quote configurator (CPQ). Identify underperforming products and customers, implement a streamlined ship and debit management process, and track discounts and rebates efficiently. 

What Does ‘Pricefx Plan’ Do? 

The Pricefx Plan Package main feature is: 

• Analytics  

The Analytics component of the Plan Package equips you with essential capabilities to gain real-time visibility into your pricing dynamics. Uncover valuable insights into your company’s pricing, margins, customer base, and product segments, enabling a comprehensive analysis of what is working effectively and what is not. Leverage this accurate information to identify pricing opportunities that will optimize your company’s returns and overall profitability. 

In today’s world, you are probably looking at various data sources from your ERP systems from CRM, pulling together different Excel spreadsheets and trying to make sense of that and gather insights.  

With “Pricefx Plan,” pull that together in a more seamless way so that instead of focusing on the tedious part of bringing data sources together, you can focus on the business impact. You can see various out of the box and ad hoc analyses, you can better understand the macro issues and really find point solutions for some of those issues that you’re seeing in your business in your data, and ultimately drive more revenue and more margin for the business by focusing on the insights instead of focusing on how that data is coming together.  

The Pricefx Plan package opens access to the “Actionable Insights” Accelerator, allowing you to continuously identify gaps and opportunities and allows your business to choose the optimal course of pricing action. Data-driven rules, alerts and follow-up actions are created from a selected context and subsequently, alerts are pushed to the Notification Center and your notifications are (recommendations) available from the homepage. (See more on Pricefx Accelerators below). 

What Does ‘Pricefx Price’ Do? 

The Pricefx Price package simplifies the management of complex pricing scenarios such as across multiple sales channels and countries. Instead of struggling to maintain numerous price points for various products Pricefx offers a centralized solution.  

With features like Price Setting, Agreements and Promotions, Optimization, and the industry-level benchmarking prowess of PricefxPlasma™ (which actually carries over all of the Plan, Price Profit packages) helping B2B enterprise companies develop strategic insights on their pricing processes and performance compared to similar companies (which we will discuss in greater depth later in this article), you can efficiently handle diverse pricing strategies and monitor key pricing metrics.  

Creating and maintaining price lists becomes effortless, allowing you to segment products based on geography or other criteria. The package also facilitates mass changes and automation, ensuring real-time updates to pricing based on market conditions and cost changes and simulate the business impact of intended price list updates before applying it to the market.  

With Pricefx, you can enhance pricing performance, drive efficiency, and protect your profit margins. 

What Does ‘Pricefx Profit’ Do? 

The Pricefx Profit package starts with Quoting, our CPQ solution, but that’s not where it ends. 

 It also includes: 

• Agreements and Promotions 
• Rebates  
• Sales Compensation 

• Channel Management (also known as ship and debit management 
• Deal Planning for large deals, and also includes: 
• The previously mentioned PricefxPlasma™, which is focused on benchmarking and pricing KPIs.  

The real power of our profit package comes when you start with quoting, add-in discounting and rebates and optimization, you combine it with sales compensation to make sure your sales reps are taking the best pricing decisions by seeing the impact on their commission , and you tie-up all of those aspects together to make sure that you create and maintain a competitive advantage in the market. 

To get a more detailed breakdown of the ‘The 3Ps’- The Pricefx Plan, Price, and Profit packages, check out this article below: 

What are Pricefx Accelerators? 

The flexibility of Pricefx Accelerators empowers customers to customize their experience effortlessly, leveraging predefined structures to incorporate customer data.   

With no coding required, with Pricefx Accelerators users can shape the solution to their specific needs, seamlessly integrating it into the comprehensive suite of Pricefx’s pricing software products.

This adaptability ensures a highly tailored and customizable solution that aligns perfectly with individual business requirements. 

The Value of Pricefx Accelerators 

The true value of Pricefx Accelerators lies in their ability to simplify the challenging aspect of implementing any application: architectural design and alignment with business requirements.  

By leveraging Accelerators, pricing application components can be swiftly deployed within weeks instead of months, delivering rapid and efficient results. 

 

However, many businesses do not desire a one-size-fits-all solution that forces them to conform to their processes. 

 

That’s where Pricefx’s secret sauce of flexibility comes into play.

The Accelerators are intentionally designed to offer customization without requiring any coding. By seamlessly incorporating customer data into predefined structures, users can effortlessly shape the solution to their specific needs. This adaptability ensures a highly customizable solution that seamlessly integrates with the complete suite of Pricefx pricing software products. 

Pricing Problems Solved by Pricefx Accelerators  

After extensive analysis of numerous customer pain points, Pricefx has developed a series of accelerator packages designed to swiftly and effectively tackle the most prevalent challenges encountered by large enterprise companies. These tailored solutions have been carefully crafted to directly address the pressing issues faced by businesses, ensuring quick resolution and immediate relief. 

The Accelerators currently available are: 

• Sales Insights Accelerator   
• Customer Insights Accelerator  
• Actionable Insights Accelerator 
• Price Flexibility Accelerator  
• Price List Impact Simulation Accelerator  
• Price Waterfall Optimization Accelerator  
• Shelf Price Optimization 
• Markdown Optimization 
• CPQ Accelerator  
• Negotiation Guidance Accelerator 
• Sales Compensation Accelerator  
• Rebate Management Accelerator   
•  Dashboard Library Accelerator   
• Approval Workflow Accelerator  
• Pricefx Plasma Accelerator 

How to Access Pricefx Accelerators   

Although each Accelerator has its own unique functionality and capabilities that are linked to pricing issues they are designed to resolve, their installation and deployment is quite easy.   

Access to specific Accelerators is based on the package/capability that your organization decides to purchase (see image above for which Accelerator fits into which package). For example, if your business purchases the Plan package (Analytics) you will have access to Customer Insights, Sales Insights and Actionable Insights Accelerators, but not the rest. 

That said, there are some exceptions. If you would like to learn more about the specific pricing capabilities of our Pricefx Accelerator options, check out the article below for full and expanded functionality details:

Or talk to one of our experts now if you are interested in a specific Accelerator option. 

PricefxPlasma™ Explained  

If you have been playing close attention above, you have probably noticed that PricefxPlasma™ appears as an Accelerator and in two more of the packages above – and it’s not for nothing- it is a powerful tool.  PricefxPlasma™ revolutionizes pricing analytics by harnessing vast amounts of anonymized transaction and quoting data from diverse industries. This comprehensive data, segmented by region, product type, and other factors, fuels a collection of over 20 pricing performance benchmarks. These intuitive visual outputs provide valuable insights into your company’s pricing analytics, addressing critical questions, and enhancing strategic decision-making. 

Utilizing transaction and quote-level data spanning 10+ industries and 100+ companies, PricefxPlasma™ delivers unparalleled benchmarking capabilities. By aggregating metrics from anonymized entities within each industry, you can analyze and filter data tailored to your specific needs. This industry-level benchmarking empowers you to compare your pricing processes and performance against market averages, driving strategic improvements in pricing strategy and execution. 

What sets PricefxPlasma™ apart is its commitment to eliminating anecdotal evidence, generic benchmarks, and guesswork from pricing assessments. With PricefxPlasma™, you gain a competitive advantage by relying on data-driven insights rather than subjective information. 

 Moreover, data confidentiality and security are paramount. Pricefx ensures customer data is anonymized through double blinding, preventing any traceability of individual data. Rest assured that only Pricefx has access to the unique customer identifiers within the Plasma system, guaranteeing the utmost privacy and protection. 

Check out the article below for details on the Top 5 business insights your organization can take advantage of with PricefxPlasma™:

Pricefx AI Optimization – Optimization That Makes Sense 

Pricefx AI Optimization is an advanced AI-powered and informed solution that incorporates your specific business goals at its core. Leveraging artificial intelligence and machine learning technologies, Pricefx AI Optimization seamlessly integrates your internal and external data to provide actionable insights across your entire pricing strategy. 

Pricefx AI Optimization is part of both the Price and Profit packages, and all the use cases are developed as Accelerators so they can easily be deployed. 

Experience complete scalability and customized modeling to cater to diverse business scenarios, with support for up to 15 distinct use cases. Our product team ensures that each use case is readily available, preconfigured, and regularly updated, allowing for further enhancements and modifications to meet the unique requirements of each customer. 

Pricefx AI Optimization brings together the best qualities of a strong price optimization tool. It’s practical, problem-based approach prioritizes impact, targeting the most use cases on the market in your industry: 

For example:

• In the Distribution Industry, enjoy an easy-to-understand discount structure eliminating complexities caused by complicated customer agreements. 
• Building companies in the Discrete Manufacturing sector can streamline price list processes to drive management decision making and align with business objectives and; 
• Chemical and Process Manufacturers can increase margin and quoting efficiency by leveraging product value for optimal price positioning. 

Click on the link below to learn more about Pricefx AI Optimization:

Put Your Strategy in Place First to Decide 

Now that you are familiar with the key pricing functions provided by Pricefx, it is important to assess your company’s specific needs and the reasons behind them. Depending on your requirements, you may find value in adopting the complete suite of Pricefx offerings, or alternatively, you may only require a couple of Accelerators or a combination of different packages.  

Determining your needs will largely depend on your organization’s overarching business objectives and the chosen strategy to achieve them.  

While Pricefx excels in developing pricing software solutions, we cannot define your business objectives or the pricing strategy that aligns with your company’s goals.  

However, we can provide guidance on creating a comprehensive pricing strategy. For more information, please refer to the article below:

On the other hand, if the information provided above has helped you determine which of the best of Pricefx your organization needs, talk to one of our experts today to get started in turning it into reality.