Pricefx has released details of its latest release, Hurricane. The keynote feature of this release (version 9.0) is a sales compensation module. However, the release also has updates to agreements, promotions, and custom forms and gives access to the Pricefx Plasma dashboards with KPIs and metrics.
The Sales compensation module allows sales administrators to manage sales compensation plans effectively. Once created, the solution provides sales teams with real-time information about their progress, helping them obtain quota.
Toby Davidson, Chief Product and Technology Officer for Pricefx, commented: “Manually managing complex compensation plans for large sales organizations is a nightmare; it’s resource-intensive, error-prone, opaque, and often leads to a lack of trust between sales and management. Companies are investing in automating this process to save time, money and provide greater transparency to their teams.
“With Pricefx, businesses can quickly implement predefined compensation plans, gain access to transparent dashboards, trust in error-free calculations, reduce overpayments and get full visibility into compensation level at the time of quote, leading to higher quota attainment and improved profitability. Now all the key players are working together to achieve the company’s objectives.”
Gartner highlighted the challenge that Davidson noted. B2B companies are paying 5% in hidden incentive compensation overpayments annually, and 40% are working to solve sales compensation challenges through analytics and automation. Organisations need a sales compensation tool that tracks and manages plans, delivering visibility of progress on them in real-time to sales consultants. The new Pricefx solution aims to fill the gap.
Pricefx connects an organisation’s profitability goals with the Sales compensation plans. The solution delivers a range of capabilities, including:
- Implement compensation plans
- Handle adjustments and enquiries
- Push payments to payroll
- Make compensation visible in real-time
- Keep track of compensation plans
- Align company objectives with sales targets
Administrators can create plans for different products and/or salespeople. The created plans can be as complex as the administrator requires. Administrators can see a simulated result based on their plan. However, there does not appear to be any scenario planning or AI oversight that identifies any non-obvious weaknesses in the plan. Once complete, the administrator can submit the plan for approval by sales management or finance (it is not clear whether a multistep approval process is possible)
The solution also supports enquiries and disputes raised by the sales team. Administrators can reject or accept and modify the sales compensation appropriately. The system supports question resolution. Disputes will likely be minimised as salespeople can see the compensation they will receive as they enter quotations within Pricefx.
The seller can see how the current quotation maps against their quote and the company objectives. If they change price levels on a quote, they can see the immediate impact on their compensation, quota and company objectives. This helps guide them to an optimal amount for all parties. In addition, salespeople can view all their compensation plans over specific periods. Sales leaders are also provided with an overview of all relevant compensation plans and performance.
What else is in Hurricane
The release also includes several improvements to the Pricefx platform. Agreements and Promotions get a new look with additional views. Users can see Tree and Simple views combined on the same screen. There are also additional tabs for details, input parameters and calculations.
The folders capability has been improved, enabling users to group items based on each user’s requirements. Pricefx has also added some simple usability enhancements, such as the ability to rename a folder name with a double click. There is also support for drag and drop when uploading files.
Custom forms have been improved, enabling customers to create customised functionality for their Pricefx solution. For example, a form that helps create carbon emissions. Forms can gather data, attach forms and provide outputs, including presentations and email notifications based on workflows.
PricefxPlasma is now included in the core product with the Hurricane release. It will enable customers to opt-in and view pricing insights. PricefxPlasma delivers access to benchmarks and the ability to view market trends from which organisations can move to data-driven decisions for pricing.
Davidson added: “With the Hurricane release, Pricefx has once again demonstrated continued innovation in the pricing industry. Our award-winning pricing platform delivers real solutions for our customers’ business challenges, driving more revenue and accelerating profit growth. Hurricane extends our leadership position in pricing optimization, which is becoming a critical tool for companies navigating today’s economic climate.”
Enterprise Times: What does this mean
This is a major release by Pricefx and fills a gap for organisations that struggles with spreadsheets to manage compensation plans. Access to PricefxPlasma also enables organisations to better understand their pricing within a wider market context. In some ways, it is surprising that the company has not delivered a compensation solution earlier. However, it has now come to market with one that appears comprehensive, and customers will welcome it.