Profitable Growth Just Got More Profitable with PROS Next Generation of Pricing AI
PROS takes pride in its pioneering role in intelligent pricing and selling, and we are excited to announce the availability of our next generation of Price Optimization powered by PROS Gen IV AI. Based on years of experience and cutting-edge innovation, this next generation leverages advances in Artificial Intelligence (AI), Machine Learning (ML), and Neural Networks to improve modeling techniques and prediction accuracy. PROS next generation of AI helps businesses adapt their pricing strategies to account for current economic environments, which allows organizations to optimize revenue and margin based on changing market conditions.
Based on neural networks which are a series of algorithms that mimic the operations of a human brain to recognize relationships between vast amounts of data, PROS next generation of pricing AI allows you to use all available attributes that contribute to the willingness to pay, not just a subset or segment of data. Where traditional algorithms may struggle especially in today’s fluctuating market conditions, PROS newest AI is engineered to engage with and use your data in the most effective way possible. Price Optimization powered by PROS Gen IV AI offers:
- Significant improvement in prediction accuracy from deep Neural Network AI capabilities
- Ability to bypass data sparsity especially for highly configurable products, since the AI models leverage a higher number of data points from multiple sources such as competitive information, product configurations and not only relying on historical data
- Improved ability to price during inflationary and volatile environments
- Specific prices for any combination of product, customer, attributes, and market conditions, even when information may be absent or not available previously
- Ability to use numerical features with a large number of values as well as considers seasonality and trends
- Explainable AI and transparency for users to understand and interpret information, and pricing recommendations.
Don’t just take our word for it, click here to learn more, and see PROS next generation of pricing AI in action.
In addition to our next generation of pricing AI, the following new capabilities are also featured in the Winter 2023 release:
Delivering Integrated End-to-End Rebate Management
PROS Rebate Management powered by Enable now delivers a fully integrated solution for you to administer rebate management programs from start to finish across the organization. With the new enhancements, your pricing teams are now able to easily build rebate programs, pricing analysts can view rebate program status, and your finance teams have increased visibility into overall program performance, compliance, and forecast reporting. Directly integrated with Smart Price Optimization and Management, the solution offers:
- Centralized entry point to capture transactions and use real-time data for new rebate or pricing programs
- User-friendly reports including an Extended Waterfall with a price breakdown of Actual, Accrued, and Forecasted rebate amounts
- Visibility into overall program profitability and performance to ensure margins and forecasting are on point.
Click here to learn more.
Optimizing the User Experience for Smart Configure Price Quote
Several new enhancements to Smart Configure Price Quote are now available, improving overall user experience and ease of use.
- Line Panel – Users can get more information on one-line thanks to the new Line Panel widget. Admin users can set different tabs in the panel to customize the display of the column values. End-users can "deep dive" and look at different aspects of the line item, improving efficiency while setting values.
- Column Grouping – Users can now create several column groups in the Quote Model. This new feature will allow users to easily switch the columns displayed in a grid to focus on a particular group of columns. Selecting a preset won't affect other users. Also, users displaying the same grid widget will be able to select different presets.
- Conditional Formatting - Users can visualize conditional formatting in the quote cells and fields to quickly identify important information.
Learn more here.
PROS thrives on driving continuous innovations that help you outperform and achieve profitable growth. We’ll have more exciting new features and capabilities in our Spring 2023 Platform release, so be sure to check back then.
For further details on the latest PROS Platform release, view the specific product highlights and release notes here.