Quote Pricing: Bringing game-changing AI to CPQ softwareBy Chris Billingham on January 18, 2024
The price is right. Or is it?
The world of sales can be a tough place, particularly in the B2B space. It can be tricky for salespeople to find the time to fully understand the needs of their customers and prospects so that they can give them the best price on the basket of products they’re looking to sell, whilst also looking to land that sale.
This is often done on the fly — based on gut feel and intuition — with pricing decisions being made in client warehouses or offices. The humble salesperson may often be spotted frantically trying to edit spreadsheets, attempting to decipher often-incomprehensible product codes and hoping that the price they’re quoting isn’t riddled with potentially-damaging errors.
Configure price quote (CPQ) software was created to streamline that process, ensuring that teams can coordinate the complex dance between configuring products, calculating prices and providing accurate quotes that will win business. However, traditional CPQ software — whilst undoubtedly a vast improvement on manual quoting — still relies on rigid, rule-based systems and often static data. This can lead to errors, missed opportunities and provides quotes that can feel a bit like putting a square peg in a round hole.
Quote Pricing in the AI era
Peak’s latest AI application, Quote Pricing, takes all of that guesswork and uncertainty away. As a salesperson, Quote Pricing means that you can be sure that not only are you maximizing your chance of winning the quote, but that the prices you provide are fully optimized — both in terms of a specific customer’s needs and your overall business goals.
Access AI-powered dynamic pricing
Static pricing rules are out the window. Quote Pricing leverages your sales and customer data in real-time to generate dynamic pricing that meets your overarching business objectives. This can be customized to a number of options, such as margin or revenue, whilst maximizing the likelihood of a sale converting. It’s also constantly updated to ensure that your sales team has the right price information at their fingertips at all times.
Quoting just got personal
Say goodbye to generic, one-size-fits-all quotes. Quote Pricing personalizes every single proposal based on historic customer sales, individual product attributes and overall business goals. This is calculated on a per client basis, ensuring that each customer and prospect is given the right price at the right time in order to land that all-important sale!
AI-driven pricing insights
Peak’s Quote Pricing AI application is always improving — and the learning doesn’t stop with the sale. It continuously analyzes the results of the quotes it is raising, allowing it to further refine and fine-tune its algorithms and identify new opportunities. It’s like having an AI coach by your side, constantly optimizing and developing your quoting game!
Quote Pricing solves a fundamental problem for B2B organizations by providing the perfect price that finds the sweet spot on pricing for high margin vs. sale likelihood across a sales team. I'm really excited to see our customers deploying this at speed with this new out-of-the-box application; we've seen massive business benefits achieved already, with ROI typically delivered in weeks and high margin gains for manufacturers and builders’ merchants.
Senior Product Manager at Peak
What’s next for AI-powered Quote Pricing?
Our Pricing Intelligence team are already busy working on the next updates to the Quote Pricing application, bringing additional game-changing developments to improve and enhance the full quoting experience.
Every business is unique, and we believe that a business’ AI should be unique, too. In a future update we’ll be providing users with the ability to continually reconfigure business-specific guardrails as and when your sales and pricing strategy changes, allowing access to even more AI algorithms to ensure that your own AI is driving your CPQ processes.
This improved functionality, combined with deeper integrations into your business systems such as SAP, ensures that real-time, personalized quote prices are easily and readily available for your sales team to access, whenever and wherever they need them.
If you’re looking to find out more about Peak’s Quote Pricing AI application — one of the many apps on offer from Peak — head to the Quote Pricing page to arrange a quick demo or speak to one of our AI for pricing experts 👇