The 6 Best Predictive Pricing Analytics Software in 2022
Although big data and analytics have become common catchphrases in the modern business world, many companies still fail to implement practical pricing uses for the plethora of data they have available at their fingertips. The chances are you have all the sales and transactional, product and customer data you could ever hope for stored in your CRM, ERP, Qlik, Power BI, Tableau or Excel spreadsheets. It’s wonderful to have all that data available, but if you’re not using it to analyze what are most profitable pricing your products, then your optimal pricing efforts are simply guess work. If that’s where your organization is right now, then the time has come to consider your pricing analytics software options.
Whichever pricing system you are currently using, to maximize the use of the data you already have, augmenting it and powering up that data with smart technology will be key to your organization’s future profitability.
At Pricefx over the last decade, we have helped companies across all ranges of industries to dramatically improve profitability and market share by defining optimal prices and pricing strategies with pricing analytics software. The software helps companies understand what drives their customers’ buying decisions and integrates this knowledge to meet the company’s pricing needs and business objectives.
To get us started, let’s dig down into what pricing analytics software is and what it does before we move on to discussing the best 6 pricing analytics software to consider in 2022 (other than Pricefx of course).
Reviewed: 6 Best Predictive Pricing Analytics Software Vendors
Here are the Top 6 price analytics software vendors that pitch themselves as solutions for larger, enterprise businesses (although some of the solutions may also suit smaller national and regional companies).
Please note, this article concentrates on the analytics functions of pricing software, not that of business intelligence software.
To learn more about the differences between these two different types of analytics software, check out this recent article:
Note, most of these pricing analytics software vendors mentioned in this article do not publicly advertise their prices, however, many vendors set up a free demo upon request to learn how the tool can act as your analytics solution, identify the use cases for your organization’s pricing needs and arrange your unique pricing from there. If you’re interested, you should reach out to the applicable vendors to discuss demos and pricing.
The reviews in this article are based upon publicly available information, including information gathered from reviews, rankings, and testimonials from pricing analytics software comparison sites, G2 and Gartner.
Undertaking your own pricing analytics software research to combine with the information we supply below is recommended to reach your own independent pricing analytics software decision.
Please be aware that any other company trademark is owned by those companies and not by Pricefx. Nothing that appears in this article is intended to suggest any affiliation with or sponsorship by companies other than Pricefx.
1. Vendavo Profit Analyzer
Price: N/A – Pricing information can be obtained directly from Vendavo.
Description: Profit Analyzer delivers in-memory analytics to assist in identifying profit trends and opportunities for improvement. It allows for understanding of the true profitability of customers, products, market segments, or channels over time and find out what drives bad deals.
The root causes for margin leakage can be identified painlessly and corrective improvement actions are quantifiable. Revenue or margin changes from one period to the next in terms of price, volume, mix, win/loss, or cost can be tracked to take improvement actions.
- Develop, direct, and organize target analysis, shareable to relevant decision-makers via dashboards.
- Develop charts and tables, compare data across multiple data sources.
- Review and update opportunities and track price compliance through configurable dashboards.
- Execute comparative analysis and view groups with highest and lowest margin contributions.
- Run break-even analysis of products and customers.
- Observe the relationship between volume, price and mix across multiple business dimensions.
Unique value: In-memory data analytics that power a handy risk management feature that can identify past trends to avoid bad deals.
2. Zilliant Price IQ
Price: N/A – Pricing information can be obtained directly from Zilliant.
Description: Zilliant Price IQ® supplies price optimization that accounts for all the factors that drive price and rationally align price/customer/order/product relationships simultaneously. The tool also allows you to statistically measure what drives your price responses, all while enforcing the necessary guardrails and producing price guidance for the diverse ways price can be expressed in your B2B organization.
- Changing business dynamics and market change responses
- Price elasticity measurement in microsegments
- Constraint-based price optimization
- Simulation of revenue and margin impact of price changes before implementing in the marketplace
- Control and execute optimal pricing strategies to achieve competing profit-and-loss objectives
Unique value: Zilliant’s talent pool of ‘front office data scientists’ problem solve directly with their clients on an ad-hoc basis while driving improvement. The Price IQ product offered by Zilliant drives their price optimization model and their scientists are good at interpreting customer needs.
Price: N/A – Pricing information can be obtained directly from PROS.
Description: PROS is a great price optimization and analytics tool and a well-integrated software system. A friendly, knowledgeable and customer-service oriented support team takes the place of the encouraged self-sufficiency of some of the other pricing analytics vendors on our Top 6 list.
With the PROS analytics solution being part of a wider pricing management software solution, it allows organizations to consolidate all relevant pricing information across their business in one location. Pricing teams can create and manage pricing strategies using user-configurable rules. Thie analytics component allows users to scale across their product catalogs, regions, countries and channels, as well as customers, to ensure that the prices are optimized is always correct, regardless of context.
- AI-informed Price Optimization
- Pricing strategy automation capabilities
- Comparative analysis and identifying groups with highest and lowest margin contributions.
- Analyse which products and customers are the most profitable and why
- View volume, price and mix relationships across multiple business dimensions and set prices accordingly
- Demand Forecasting
Price: N/A – Pricing information can be obtained directly from Syncron
Description: Syncron manages fluctuating market conditions and supply issues to provide pricing transparency where a lack of visibility into pricing data exists, enabling businesses to optimize their service parts and or manufacturing industry pricing strategy with an automated pricing analytics tool, aligning prices across regions, product relationships and customer types and to maximize their margins.
- Price Optimization & Execution
- Automated Item Segmentation
- Price List Management
- ‘What-if’ Price Simulations
Unique value: Great User Interface invites Syncron users into the platform. Ease of use and an inviting platform lends itself to strong user adoption of the pricing analytics tool in many manufacturing organizations.
5. Omnia Dynamic Pricing
Price: N/A – Pricing information can be obtained directly from Omnia.
Description: Omnia’s Dynamic Pricing module is the home of pricing analytics for this unashamed retail industry expert pricing vendor. It boasts at its core a 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 Omnia pricing analytics offering generates optimal pricing for retailers specifically. 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.
- Dynamic Pricing
- Price Rule Implementation
- Competitor Price Tracking
- Elasticity-based pricing
- Market Data Analysis
- Predictive Pricing Models
- Price Forecasting
- Price List Management
Unique value: Omnia offers users handy insights into their own prices and strategies, simultaneously providing information on competitor pricing. However, the Omina system can be difficult to understand, and it has been stated in several independent reviews that the pricing formulas can be difficult to discern when you first begin using the Omnia platform. Perhaps understandably then, 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.
Price: N/A – Pricing starts from $99 per user per month. Full price information can be obtained directly from Prisync
Description: Prisync is a price optimization and merchandise management tool primarily pitched at Ecommerce businesses. The solution helps track competitor prices, optimize your prices against them, and track your stock levels. The solution aims to help businesses set pricing strategies in order to increase profits and has different pricing plans in place depending on the number of SKUs to be tracked within an account and the feature set required by the user.
- Dynamic Pricing
- Competitor Price Tracking
- Market Data Analysis
- Predictive Pricing Models
- Price List Management
- Profitability Analysis
According to the reviews on G2, Prisync is the hands-down champ when it comes to customer service for reviewed pricing analytics tools, scoring a whopping 9.6 in that category.
Slow onboarding and implementations have been reported, but are counter-balanced by the level of support to help ease customers through the extensive set-up process.
Why is Pricefx Writing About Its Competitors in the Pricing Analytics Software Space?
Pricefx has been an innovator in the pricing analytics software space since it was founded in 2011 when our CEO and co-founders discovered that the traditional pricing analytics software options were not as good nor as customer friendly as they should be.
Fast forward to the 2020’s and Pricefx has become an industry leader in the pricing analytics software industry and has become known industry wide for our fast, flexible and friendly pricing solutions that puts our clients at the center of everything we do.
A unique approach to price optimization to monitor and optimize your prices in real time sets Pricefx apart. The holistic Pricefx approach to pricing unlocks your data trapped in disparate systems and supplies your sales team with the required transparency and information to defend the prices you have set to both your existing customers and new prospects alike.
Empowering the easy flow of data from multiple sources to your pricing analytics set-up, Pricefx allows you to access the deepest and most accurate insights you possibly can, to make better and faster decisions based on the largest and cleanest data set possible. Informed by artificial intelligence (AI) and machine learning (ML) with a “clear box” approach, our Pricefx analytics allows you to define pricing strategies that both your sales team and executive-level decision-makers can get behind while simultaneously measuring the value of your pricing with the solution.
Those sales insights can be easily and intuitively displayed in a selection of flexible and easily customized dashboard displays. What’s more, a one-of-kind KPI benchmarking system is the only solution of its kind in the pricing world. Pricefx Plasma gives it users a unique business advantage to improve their pricing strategy and execution. Users can leverage an unprecedented set of more than 20 pre-defined market-relevant performance KPIs to reveal insights into pricing across their industry and to measure their pricing performance against their competitors. To learn more about Pricefx Plasma and how it can potentially provide unique benefits to your business, see the video below.
As one of market-leaders in the pricing analytics category (The Gartner Review Site gives us with a score of 4.4 out of 5 and we also boast a high ranking of 4.4 of 5 with G2), we would like you to know from our position as a leading pricing expert and multiple award-winner about the pricing analytics choices that you are considering for your organization.
And that is precisely why we are writing about our pricing analytics software competitors. We want you to be armed with the best impartial information you need to choose which is the analytics software that your business requires for your unique needs.
Learn About Pricefx’s Recent Award-Winning Exploits Here
Now That You Know Your Options, How Do You Choose the Best Pricing Analytics Software for You?
Outside of Pricefx, now you know the next-best pricing analytics software tools that are in the marketplace today. We trust by reading this article you now have all the information you require to choose the right pricing analytics software that best suits your organization’s unique needs and business objectives.
If you’re interested in securing a pricing analytics software solution that you can combine with a total price management, CPQ software and rebate/channel management that is future-proofed and native-to-the-cloud to truly optimize and modernize your pricing efforts, then you will want to go with us here at Pricefx.
To assist you in making up your mind on the total pricing software solution that you require for your company, please check out these following head-to-head comparison articles:
If you are still unsure of the pricing analytics and other software needs that you require to keep on top of your pricing then, check out our recent blog article below;