Issue link: https://pros.com/learn/i/1519905
Scan the code to learn about PROS Enterprise AI for the Chemicals Industry PRO TIP Forward-thinking businesses use AI, core to Price Optimization and Management technology, to determine the true cost of providing product to customers in real-time. Personalize Pricing at Scale More than 90% of B2B buyers desire personalized pricing recommendations. With so much information at their fingertips, today's buyer is increasingly in control (2019 Hanover Research Study, commissioned by PROS). Chemical buyers increasingly seek the kind of personalized buying experience they've come to expect in their B2C lives. Those businesses who strive to meet these changing standards will pull ahead in the marketplace. And it's not only about having a personalized pricing recommendation, speed matters. As many chemical companies understand, the first to deliver an actionable quote usually wins the sale. While traditional pricing categorizes customers broadly by factors like region, industry, and product, Price Optimization and Management (POM) solutions allow for deeper insights. These solutions enable the identification of unique drivers – whether it's your ability to formulate a top-performing specialty chemical product or your ability to deliver a commodity for a reasonable price quickly- POM solutions allow you to enhance your strengths and easily identify your weaknesses. 2 out of 3 B2B buyers would switch for a vendor that dynamically personalizes prices (2019 Hanover Research Study, commissioned by PROS). Embrace AI-powered tools like PROS Gen IV pricing, powered by Neural Networks, to dive into granular customer needs and willingness to pay, to optimize price according to your buyer. Optimize Margins in Real-Time As a chemical company, you contend with a host of price- altering variables, including the cost of raw materials, freight, supply-chain shortages, formulas, quality specifications, regulatory laws and packaging. Forward-thinking businesses use AI, core to Price Optimization and Management technology, to determine the true cost of providing product to customers in real-time. Adopting digital selling solutions, you can include real-time factors in your pricing calculations through a global, centralized database. POM software provides a system that inputs the most up to date data that you have while enabling your pricing strategy to be agile and move with the market. When you add in different data such as the currency exchange rate and the market value of commodities, you will be able to see a complex, time-sensitive picture that optimizes your price to fit your businesses pricing strategy. AI enabled technology can guide your sales team toward faster and more accurate conclusions related to pricing. Improve Your Time to Value Once you understand your customer base in fine detail, you can work toward building custom quotes that accurately reflect the market value of a customer's end product. With automated data analysis at the core of your pricing strategy, your team is equipped to deliver consistent, custom quotes across every channel – be it a live conversation with a sales rep or an online customer portal for product renewals. You can accelerate the creation and management of sales agreements with a Configure, Price, Quote (CPQ) solution that improves sales productivity allowing sales reps to spend more time building relationships. This powerful solution automates the quoting process — eliminating delays and errors which can occur from manual quote workflows. Also, the traditional quoting process can get mired in complex approval processes. However, a pricing process based on hard, value-driven data, eliminates the need for so many internal conversations. You simply set the parameters and let the algorithms deliver real- time pricing factors and accurate quotes. Specifically, PROS Smart Configure Price Quote supports multiple sales workflows, from creating and managing quotes for spot buys to managing the quoting process for complex sales agreements and contracts. The sales agreements functionality extends the standard quoting workflows for sales teams, providing them with additional capabilities to manage the complex workflows for sales agreements.