Top 5 Most Used Pricefx Capabilities in 2024 and Why

Here at Pricefx, as a leading pricing software vendor, we operate in an industry where features and functions are emphasized over how real users interact with these tools. By pulling back the curtain and getting transparent about the relevance of our own key capabilities, such as Price Setting or Quoting, with the help of usage data, we hope to provide readers with more tangible clarity on their impact.

In this article, we’ll dive into the numbers and rank our key capabilities in order of customer usage, calling out capabilities within each that received the most attention this year.

So, let’s jump right in.

How We Measured It and What to Keep in Mind

To compile results, we used analytical tools to understand how our users interact with our platform every day and took note of the key capabilities with the highest usage levels on average over the year. But before calling out the results, here’s how we suggest you think about them.

Higher or lower usage doesn’t imply better or worse. Usage level reflects several factors, such as the number of people in an organization that need a tool to do their jobs, or the nature of the capability itself.

For example, in a typical scenario, a company might have 3 pricing managers and 2,000 salespeople. Pricing managers primarily use Price Setting and Optimization, while salespeople primarily use Quoting. So, while our data may show significantly higher Quoting usage than Price Setting, this disparity simply reflects organizational needs.

Also, usage levels are tied into a capability’s function; some are more “set and forget” while others require more attention, for example, defining the parameters for global pricing versus generating daily quotes.

With that in mind, let’s begin!

Top 5 Pricefx Capabilities in Order of Usage

Here we’ll break down the top 5 most utilized Pricefx key capabilities, and within each, spotlight the more specific capabilities that have seen the highest traffic.

1.  Quoting

Our numbers show that our Quoting consistently brings the most user activity month after month, which underscores just how integral the tool is for sales professionals to do their jobs efficiently every day.

Our CPQ (Configure, Price, Quote) software is designed to help sales teams quote better and faster with automated quoting and approval workflows, as well as break down siloed knowledge and processes with centralized pricing guidance.

Most Used: Quote Lists / Workflows

Why quote configuration, including automated approvals, are the most popular features of our Quoting capability is largely self-evident. Some standout opportunities in Quoting to call out include quote integration with price waterfall charts, automatic price records creation after quote approval, and no-fuss quote template utilization.

2.  Analytics

Analytics are the omnipresent “layer” lying on top of data-driven pricing processes, so it comes as no surprise that they come second on our usage list.

Pricefx’s analytic capabilities provide users with a deeper understanding of customer behavior and sales performance, as well as greater visibility into pricing processes, enabling faster, more informed pricing decisions.

Most Used: Dashboards

Dashboards are the most widely used visualization tool, and that’s likely due to their universality, offering tailored insights from any element of the Pricefx platform and flexible configuration options for any user role. The capability offers a host of other ways to view your data, including price waterfalls, which provide transparency into hidden costs across the journey to pocket price.

3.  Price Setting

The Price Setting capability is the executive pricing center of our platform. Here is where you define your calculation logic, pricing policies and guidelines, as well as any special pricing (including those driven by AI algorithms). Most notably, this is where price lists live.

Most Used: Price Lists / Live Price Grids (LPG)

Standard Price Lists and Live Price Grids, both price lists, received similar levels of user attention, but for different reasons due to their distinct benefits.

Live Price Grids offer the ability to rapidly adjust prices in response to dynamic (live) data, perfect for environments requiring frequent or real-time pricing, like online shops. In contrast, Price Lists remain relatively stable over time because their calculation logic is valid for longer periods, so this type serves as the backbone of global and local pricing strategies.

The Price Setting capability’s reach extends far beyond these two, though. For instance, users can easily trigger a simulation of pricing scenarios to arrive at the perfect price, or modify their pricing strategies in an easily digestible visual format.

4.  Agreements & Promotions

Agreements and promotions, while crucial for driving sales and building customer relationships, typically require less daily upkeep than capabilities like Quoting, so we find them on the lower end on our list.

Our Agreements & Promotions capability focuses on customer-specific agreements, discounts and promotions; powerful but complex on-invoice incentives that are made straightforward to manage with our easily configurable calculation logic and discount types. It’s here where marketeers can set up their promotional campaigns or salespeople can create customer contracts in one place.

Most Used: Contracts

Naturally, all things involving contracts take the lead as the most frequently used features of our Agreement & Promotions capability. Given they’re the cornerstone of pricing agreements with clients and partners, it makes a certain degree of sense, right?

5.  Rebates

Coming afterwards on our list is our Rebates capability, which takes center stage where any off-invoice incentives are concerned. With this capability, users can create rebate types, calculate rebates based on actual sales performance, automatically trigger payouts, and even forecast based on past performance.

Most Used: Rebate Agreements

Not unlike contracts in Agreements & Promotions, Rebate Agreements get the most user attention in the Rebates capability.

In the meantime, less-clicked but still-integral elements in the Rebates capability include Rebate Types, which determine each agreement’s calculation logic, and Rebate and Payout Records, which act as a central repository for enhanced visibility and data transfer to other IT systems.

But Wait…What About Price Optimization?

You’ll notice that Price Optimization didn’t make it on our top 5 list. Don’t worry! This doesn’t mean it isn’t used often. On the contrary, Price Optimization is everywhere; in Quoting, in Price Setting, you name it, it works together with other capabilities to enhance what they already do on their own with the power of artificial intelligence (AI) algorithms.

So, why is it missing, then? Optimization gets significantly less user attention than the others because it runs in the background of our other capabilities, so to speak. In other words, it’s a capability you set up and then let work its magic.

How to Get Started with Pricefx Capabilities

Now that the secret’s out on our most popular capabilities by usage, a crucial next step is deciding which ones your company should start with. To help, we’ve prepared a handy guide that matches pricing capabilities to the pricing pain points they address.

Consider heading over there afterwards in the link below: