The company is a global leader in providing technology solutions, specializing in data security, privacy compliance, and tailored software solutions for various industries. As the business operates across multiple regions, it recognized the need to enhance its pricing strategy to stay competitive and maintain operational efficiency.
The company wanted to address the challenges of handling multiple pricing models for various markets while preserving data integrity, optimizing internal workflows, and providing customers with the best value through tailored pricing.
The company was struggling with the complexity of applying the right price for customers in different regions, such as emerging market. Pricing for each market was different, and manual assignment of the correct price book was prone to errors. Moreover, the pricing had to reflect not just the geographic location but also the evolving market demands. This resulted in delays and a lack of consistency in offering accurate pricing to customers.
Some customers required non-standard price books, such as those with special discounts or bundles. The challenge was managing these pricing exceptions and ensuring that deviations from the standard price book were approved by higher management before progressing. The manual approval process was cumbersome and often led to delays, affecting the customer experience and sales cycle time.
To remain competitive, the company regularly updated its pricing models, which led to frequent changes in pricing. However, this created a significant issue: historical pricing for previously quoted opportunities had to remain unchanged for auditing purposes. The company needed a solution that could support dynamic pricing updates without affecting ongoing negotiations and past agreements.
When a main product was added to an opportunity or quote, it was necessary to ensure that the correct support products were included automatically. Manual processes led to mistakes, with support products either being left off or incorrectly added. This not only caused errors but also created inefficiencies in the sales process and delayed the preparation of accurate quotes.
Occasionally, customers required additional discounts or special pricing for certain products, such as free support products. To maximize value, the company sought to incorporate upsell strategies, ensuring that tiered support offerings provided additional benefits to customers. In these cases, approval from higher management was required, which slowed down the process. The manual approval process created bottlenecks and negatively impacted the speed and accuracy of responding to customer requests, ultimately affecting customer satisfaction.
Prior to the implementation of the new system, quotations were manually prepared, leading to a higher risk of errors in calculations. With pricing frequently updated and complex product configurations, the manual methods for creating quotes increased the chance of mistakes, such as incorrect discount applications or product configurations. This error-prone process made it difficult to maintain accuracy across the sales team and increased administrative overhead. Additionally, the manual quoting process lengthened the sales cycle, causing delays in finalizing deals and impacting overall efficiency.
For multi-year contracts, the company needed to apply automatic price adjustments each year to account for inflation and market changes. Without automation, manually applying uplift fees was time-consuming and error-prone. Automating this process ensured consistency, reduced administrative work, and eliminated the risk of human error.
The company implemented dynamic, market-specific price books tailored to each geographic region, such as emerging market, enabling sales teams to easily assign the appropriate pricing for each customer. This ensured that the right price book was applied automatically based on customer geolocation, while preserving historical pricing for existing quotes. This solution not only reduced errors but also improved overall operational efficiency.
To resolve the inefficiencies caused by manual approvals, the company introduced an automated approval workflow for non-standard price books. This automated the review process, significantly reducing delays. Sales reps could now request approval through the system, which was tracked and managed seamlessly, ensuring pricing deviations were handled efficiently and transparently.
The company automated the process of adding support products when a main product was included in an opportunity. The new solution allowed for automated product bundling, ensuring that sales reps no longer had to manually check for support products. This reduced errors, improved sales efficiency, and guaranteed that all quotes and opportunities included the appropriate support coverage.
A new, dedicated price book was created for emerging markets, which included customized pricing across multiple product families and currencies. The solution also incorporated automated updates to pricing and minimum order quantities (MOQ), ensuring that sales teams in these regions always had access to the most accurate and up-to-date pricing information. This flexibility was key to addressing the rapid pace of market changes in emerging regions.
The company automated the approval process for discount requests. With this solution, discount approvals were handled quickly and automatically through an approval hierarchy, removing the need for higher management intervention at every stage. This streamlined the sales process, allowing for faster pricing decisions and reducing the time it took to close deals.
The company introduced an automated quotation template that dynamically generated accurate pricing, taking into account the correct product configurations, discounts, and additional services. By eliminating manual errors, this solution ensured that quotations were consistent across the sales team, improving both accuracy and efficiency. The result was faster quote generation, fewer errors, and a more professional presentation for customers.
An automated solution was introduced for applying uplift fees to multi-year contracts. This system ensured that price increases were applied accurately to each subsequent year of the contract without manual intervention. This solution streamlined the pricing process for long-term agreements and eliminated the risk of human error, ensuring that contracts were consistent and accurate.
Managing multiple price books across different regions created a significant operational burden. The company needed a scalable solution that would streamline price book maintenance and allow for seamless pricing updates without bottlenecks. Without automation, updating and managing multiple price books required extensive manual effort, leading to inefficiencies and delays in pricing adjustments.
To support global operations, the company implemented a Multi-Currency CPQ solution, enabling seamless transactions across different markets. The system was configured to handle multiple currencies, including USD, EUR, GBP, AUD,SGD and CAD, ensuring accurate pricing conversions and compliance with regional financial requirements. This allowed the sales team to generate quotes in the appropriate currency without manual conversions, improving efficiency and accuracy.
By implementing tailored market-specific price books, automating approval workflows, and enabling frequent price updates, the company achieved significant improvements in its global pricing management. The new system allowed the sales teams to efficiently tailor pricing to specific regions while maintaining historical data for compliance. The automation of support product inclusion, discount approvals, and multi-year contract pricing further streamlined operations, reduced manual errors, and enhanced efficiency. The solution provided greater flexibility, accuracy, and responsiveness, ensuring the company remained competitive while optimizing pricing for customers globally.
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