PROS Smart CPQ
Company: PROS, Inc. Houston, TX
Company Description: PROS is a revenue and profit realization company. Our cloud solutions help B2B and B2C customers accelerate sales, formulate winning pricing strategies, and align product, demand and availability using data science-drive prescriptive analytics. Our customers experience meaningful revenue growth, sustained profitability and modernized business processes.
Nomination Category: New Product & Service Categories - Software
Nomination Sub Category: New Product or Service of the Year - Software - Electronic Commerce Solution
Nomination Title: PROS Smart CPQ
Tell the story about this nominated product or service (up to 650 words). Describe its function, features, benefits, and performance to date:
In today’s complex selling climate, the buyer has forever changed. Digital, social and mobile are the new front doors. Buyers flow seamlessly across multiple channels, starting the buying process in one channel and finishing in another. They want control over the buying experience on their terms, the ability to self-serve, with superior, frictionless interactions. It’s the “Amazonification” effect: B2C consumers expect instant pricing, relevant upsell offers, and quick and easy buying experiences. When B2C consumers engage in B2B buying, they expect the same experience in their roles as professional purchasers.
Sales teams face extraordinary pressure to serve these customers with consistent, personalized and timely experiences across sales channels. To respond to these changing expectations, PROS introduced new data science-driven cross-sell capabilities for its SellingPRO Smart CPQ solution. Real-time product recommendations are based on historical transactional data, powered by artificial intelligence and cognitive algorithms. Smart CPQ provides prescriptive intelligence that eliminates traditional manual, error-prone and difficult-to-maintain processes.
Forrester Research emphasizes this notion in Death of a (B2B) Salesman, stating, “in the age of the customer, B2B buyers are forcing B2B sellers and their ecosystem partners (such as resellers, distributors, service providers, agents, and manufacturer sales reps) to rethink traditional selling models and harness technologies, both to deliver a superior customer experience and to drive agility and operational efficiency.”
With B2C buying habits firmly entrenched in the B2B world, Smart CPQ enables sales reps to synchronize pricing strategies across channels in real-time, presenting the right price to the right customer at the right time. Smart CPQ solution turns CRM investments into a revenue and profit engine:
Captures lost revenue opportunities: PROS data science-driven prescriptive recommendations guides sales reps to provide customers with comprehensive cross-sell recommendations so they don’t miss opportunities. Sales teams leverage cross-sell to improve customer buying experiences, maximize sales performance and meet quota obligations.
Eliminates costly catalog maintenance requirements: Companies face burdensome and costly administrative processes to maintain product catalogs and ensure they have the most current and comprehensive cross-sell product relationships. Smart CPQ now automates cross-sell, intelligently creating cross-sell relationships for complementary products frequently purchased together, eliminating the need for costly and time-consuming manual updates.
Identifies cross-sell relationships: Sales reps spend untold hours searching product catalogs for complementary cross-sell offers or rely on rules-based recommended relationships that are typically incomplete and error-prone. Smart CPQ, powered by dynamic pricing science, analyzes customer purchasing behaviors based on prior buying history and customer segmentation. Customers receive tailored recommendations based on what similar customers have purchased, which improves the buying and selling experience.
Maintaining status-quo selling processes is too high to ignore. Many industries are being disrupted by the uneven pace of how to rise to the modern commerce challenge. Embracing dynamic pricing science as a foundation for selling enables reps to make speedy, financially-sound deals consistent across channels.
In an on-premise world, organizations couldn’t process data fast enough to derive these types of insights. In 2015, PROS moved to the cloud, shortening implementations to as few as 45, 60, or 90 days. Customers aren’t required to buy expensive hardware for heavy-compute environments, making implementations easier and delivering innovations faster. Smart CPQ customers have already seen the value and are placing expansion orders.
Smart CPQ is leading the pack in the new world of modern commerce, helping competitive enterprises create personalized, frictionless buying experience across every customer channel. Increased quoting speed and accuracy enables sales to now respond in minutes, not days or weeks, with no wasted time dealing with how to configure, price or quote even the most complex products. It combines analytics, automation and intelligence to deliver CPQ capabilities inside their CRM of choice, redefining what companies should expect from CPQ solutions. What makes Smart CPQ different is the unique combination of Dynamic Pricing Science with configuration and quoting capabilities. Now sales teams can instantly provide tailored solutions with winning prices to deliver an exceptional buying experience for each customer.
In bullet-list form, briefly summarize up to ten (10) of the chief features and benefits of the nominated product or service (up to 150 words).
•Modernizes business processes: Leverages constraint-based configuration engine to handle the most complex product catalogs and largest sales teams.
•Increases deal sizes: Develops accurate comprehensive quotes specific to each customer’s requirements in less time.
•Improves responsiveness to customers: Enables sales teams to negotiate from an informed position with integrated, data science-driven price guidance.
•Fast configuration: PROS data science provides reps with prescriptive sales guidance to quickly create optimized configurations with a single click to deliver personalized solutions for customers.
•Contract generation to renewal: Automates contract creation details in Salesforce or Microsoft Dynamics; generates product records and services purchased.
•Auto-identifies configuration incompatibilities and recommends alternatives: Provides real-time configuration adjustments if incompatible items are detected in a quote.
•Simplified line-item editing: Enables companies to confidently make deal-level pricing changes and ensure sales teams are selling profitably.
•Deal queue: Deal desk analysts can use PROS to highlight high-priority transactions that require immediate attention.