The future of artificial intelligence (AI) is accelerating at lightning speed. Take ChatGPT. When it was launched in 2022, the generative AI chatbot created a frenzy, gaining a remarkable one million users in five days. Before the week was over, we saw how technology is fundamentally changing how we do things like accessing and creating information and servicing customers. According to Forbes Advisor, 97% of business owners believe that ChatGPT will benefit their businesses. AI’s transformative effects are impacting nearly all industries, and we’re only just now scratching the service of what is possible. With businesses pouring millions into tech startups and partnerships, it’s no wonder the AI market is projected to reach $407 billion in revenue by 2027.
When it comes to pricing performance, the impact of AI is profound. AI-powered profit optimization software is providing a big competitive advantage that business just can’t afford to ignore. At PROS, customers using our software have outperformed the market indexes by more than 20% in 2023 and the ROI is often in a few months. If you haven’t started your journey to better-performing pricing, keep reading.
In this blog, we explore three questions organizations frequently ask (and often get stuck on) as they embark on a digital pricing transformation.
What if our current systems aren’t ready to undergo transformation?
The worry that your systems are too aged, data isn’t clean enough or your processes aren’t streamlined enough is common. In pricing technology circles, this is an age-old debate like the chicken and egg. What comes first, the processes or technology? The process-first viewpoint is that the solution that fits your needs must fit how you want to run your business. That’s true, but you don’t want to get locked into designing unique workflows that require a lot of custom development or ignore new ways of working that haven’t been developed yet. The technology-first viewpoint is that the people who designed the technology should know best how the process should run. That’s true too, but you don’t want to buy solutions that include redundant processes with your existing systems or are not the right fit for the skillsets of your team members.
No matter what side of the debate you’re on, it’s best to start with these steps:
- First, identify the processes you are trying to fix.
- Second, engage key stakeholders to define the desired output.
- Third, document the process.
- Fourth, research best practices of technology providers.
At PROS, our data requirements are simple: a customer master list with attributes, product attributes, and transaction history. If you have this data, you can begin with PROS today—it’s that easy.
How will AI change our organizational structure?
We have seen many instances of AI increasing productivity. Tasks that would have taken hours or even days are reduced to minutes. This new level of productivity frees up their teams to work on priorities that they previously didn’t have time for, and it allows teams to grow and hire more pricing professionals to expand their organization.
Alistair Draper, Head of Strategic Pricing at Fonterra said, “We use the PROS toolsets within our business to enable pricing updates to be made much more quickly, with less opportunity for error- enabling our sales teams to trust the pricing data more and spend more time focused on the offer and final price negotiations with customers.”
It’s also exciting to see that many people who are PROS champions within their organization often receive promotions from the success they achieve by using our software.
How will we ensure our data and privacy are secure?
At PROS, data protection is a huge priority. Every day, we drive more than 400 million prices and 1.7 billion forecasts! Processing this much data requires an incredibly high standard for cybersecurity. Our world-class team of security experts ensures the highest level of data security so our customers can focus on growing profits without interruptions.
Our certifications include:
- Certified Ethical Hacker (“CEH”)
- Certified Information Security Manager (“CISM”)
- Certified Information Systems Security Professional (“CISSP”)
- GIAC Certified Intrusion Analyst (“GCIA”)
- GIAC Certified Systems and Network Auditor (“GSNA”)
- ISO/IEC 27001 Certification for Information Security Management
To learn more, check out our PROS Information Security Guide.
Optimize your pricing with the power of AI
With the PROS Platform, companies suddenly have an AI-powered way to optimize margins and drive profitable growth, while driving a better sales experience. And it’s easier to get going than you might think.
Contact PROS today to learn more.
To read more about transforming your pricing processes, check out: