Vendavo, a provider of margin and profit optimization technologies, today introduced a pair of prepackaged tools designed to help B2B sales professionals quickly give their customers the best, most accurate price quotes for their products and services.
The Packaged Solutions set includes Profit Insights and Pricing Guidance, cloud-based offerings that leverage machine learning, predictive analytics, and industry-specific segmentation capabilities to surface payment estimates and increase sales velocity.
Vendavo's technology harnesses Big Data to generate insights for businesses to act on. The new Profit Insights tool, for example, gives companies a deeper look at the factors leading to weak margin performances for their products and clients. The tool processes data from multiple sources, analyzes it, and serves up the findings on visual dashboards. The system then works to automatically pick up on the customer behavior trends that indicate risks and sends alerts to salespeople and other relevant account stakeholders.
The Pricing Guidance component can then figure out the ideal prices and subsequently integrate them into outside software, including configure-price-quote (CPQ), CRM systems, or homemade sales tools. With the offering, users can create custom segments to keep track of performance according to customer regions, product lines, or divisions. Similarly, they can leverage it to determine the effectiveness of their pricing strategies and see how performance compares with the goals and targets they’ve outlined.
According to Bruno Slosse, president and CEO of Vendavo, a key draw of the Packaged Solutions set is its speedy time to value. "Traditional pricing and optimization solutions were challenging and complex, with implementations taking more than 15 months," Slosse said in a statement. The release removes such complexities by placing together preconfigured capabilities, and implementing them for sales teams through its managed cloud hosting services. "As a result, our packaged solutions can usually be implemented in 16 to 19 weeks, and it’s not uncommon to realize 1 to 5 percent margin improvement."
Slosse's claim aligns with research from Gartner, which indicates that pricing optimization and management technologies can support margin improvements of 0.50 percent or higher, and lead to potential revenue boosts ranging from 2 percent to 4 percent.
Vendavo's Packaged Solutions are generally available today. According to the vendor's website, an additional offering, Deal Insights, will be available soon.