Hurricane release also includes updated agreements and promotions, custom forms, and access to PricefxPlasma™ dashboards with KPIs and metrics for industry benchmarking
Pricefx, the global leader in cloud-native pricing software, announced it has added Sales Compensation to its product line-up as part of the latest release. Pricefx Sales Compensation increases efficiency and transparency, reduces disputes and payout errors, and lowers administration costs. As a result, businesses can more effectively manage compensation and enhance profitability.
Research firm Gartner reported that B2B companies are paying 5% in hidden incentive compensation overpayments annually and 40% are working to solve sales compensation challenges through analytics and automation. With Pricefx Sales Compensation, customers can reduce commission overpayment and improve transparency for both salespeople and sales leaders.
Part of Pricefx’s Hurricane release, Sales Compensation includes predefined or custom compensation plan types, agreement result simulation, approval workflows, incentive tracking, accruals and pay-outs calculation, dispute management and audit tracking. Pricefx enables strategy alignment between pricing and sales teams and creates a single source of truth across all departments.
“Our award-winning pricing platform delivers real solutions for our customers’ business challenges, driving more revenue and accelerating profit growth. Hurricane extends our leadership position in pricing optimization, which is becoming a critical tool for companies navigating today’s economic climate.”
“Manually managing complex compensation plans for large sales organizations is a nightmare; it’s resource-intensive, error-prone, opaque, and often leads to a lack of trust between sales and management,” said Toby Davidson, Chief Product and Technology Officer for Pricefx. “Companies are investing in automating this process to save time, money and provide greater transparency to their teams. With Pricefx, businesses can quickly implement predefined compensation plans, gain access to transparent dashboards, trust in error-free calculations, reduce overpayments and get full visibility into compensation level at the time of quote, leading to higher quota attainment and improved profitability. Now all the key players are working together to achieve the company’s objectives.”
Within the Hurricane release, Pricefx has also added new Agreements and Promotions capabilities that provide faster results with fewer clicks. Multiple ways of viewing agreements and promotions have been consolidated into one streamlined experience with improved organization of agreement details and calculation results.
To help customers make more informed business decisions, PricefxPlasma™ is now included in the core product enabling opt-in customers to get immediate access to standard pricing KPI dashboards. These out-of-the-box pricing KPIs and metrics help pricing leaders measure and compare pricing process performance with other companies in the industry, including price realization and quote velocity, as well as identify market trends to improve decision making on future strategy and direction of growth.
Pricefx also has unified the user experience across various Optimization use cases and all optimization flows and steps now intuitively follow the business problem to be solved. Customers can now efficiently reuse related model definitions across multiple use-cases and business situations. Pricefx customers can also now leverage custom forms to develop their own new functionalities with data inputs, outputs and customized calculations within the application.
“With the Hurricane release, Pricefx has once again demonstrated continued innovation in the pricing industry,” added Davidson. “Our award-winning pricing platform delivers real solutions for our customers’ business challenges, driving more revenue and accelerating profit growth. Hurricane extends our leadership position in pricing optimization, which is becoming a critical tool for companies navigating today’s economic climate.”