Provides a pricing system of record that can execute critical pricing logic to calculate and deliver prices in real-time to any commercial application
Zilliant, the industry leader in intelligent B2B price optimization, price management and sales guidance software, introduced the Real-Time Pricing Engine, a new product that enables business-to-business (B2B) companies to calculate and deliver prices in real-time to any commercial system.
“Harness the Core Capabilities of a Digital Commerce Platform”
Executing pricing logic and delivering prices in real-time to digital commerce channels is often beyond the capabilities of many companies’ existing pricing engines. The Zilliant Real-Time Pricing Engine™ meets the growing need for a faster, more robust way of handling the pricing demands of complex omnichannel B2B companies. The solution’s high-availability, high-performance REST API with 99.99% guaranteed uptime instantaneously executes complex pricing logic, and performs complex calculations, including external data lookups, to deliver prices to any ERP, CRM, CPQ, eCommerce platform or mobile application.
Latest Fintech News: Esker To Acquire Majority Stake In Market Dojo, Enhancing Its Procure-to-Pay Suite
“We set out to help customers power intelligent commerce in the digital age, and the Real-Time Pricing Engine™ is one of the most effective tools to accomplish that,” said Zilliant President and Chief Executive Officer Greg Peters. “Companies seeking to be more dynamic in their approach to pricing are no longer constrained by the limitations of legacy systems. With real-time pricing, they can execute complex pricing calculations in milliseconds.”
The Rise of B2B Digital Commerce Calls for Real-Time Pricing
Gartner has mentioned pricing as one of the core functional components of a commerce platform. In the report, “Harness the Core Capabilities of a Digital Commerce Platform,” Gartner states pricing “may need to be real-time if pricing is highly dynamic. Real-time integrations to ERP are fraught with performance risks, so often, caching layers or other forms of ERP protection must be in place. [The] interaction of pricing with promotional engines can be complex and must be approached with caution. Pricing management is an area of growing sophistication and disruption. Third-party point solutions are often required to take advantage of innovations.”
“36% of B2B buyers say an inability to get the best price online is a significant barrier to doing more business via the digital commerce channel,” stated Gartner Senior Research Director, Mark Lewis in a report.2 “To unblock those potential buyers, it’s essential to employ an AI-driven, real-time and value-based pricing engine, which can consider competition, customer profile, stock availability, etc. to come up with the best price for each buying situation. Not all customers have to see the same prices. This model is employed successfully to optimize the profits of airlines, hotels and car rental companies. In this situation, customers must understand that they are seeing a spot price that can go up or down. Most importantly, they must get the same spot price regardless of channel interaction.”
Latest Fintech News: California Mortgage Relief Program Accepting Applications
Zilliant Real-Time Pricing Engine™ ─ in conjunction with Zilliant Price Manager™ ─ meets the need for a third-party point solution to effectively manage and house pricing logic and reliably calculate and deliver the correct price for a customer in real-time. In practice, each transaction or quote request triggers a complex pricing build or look up to determine the right price, along with its attendant taxes, fees and discounts. Further, the proliferation of scenarios that require on-demand pricing is vast; it’s not uncommon for tens of thousands of pricing requests to flow through a company in various channels daily. Companies can significantly increase the speed, accuracy and consistency of pricing – as well as the pricing negotiation process – by using the Real-Time Pricing Engine™ and Price Manager™ to automate negotiations, counteroffers and approvals based on pre-defined parameters.
Latest Fintech News: Parthenon Capital To Acquire RSM’s Wealth Management Practice
[To share your insights with us, please write to sghosh@martechseries.com]
