Capability Level

Owned by Mike Deskis
Last updated: Jan 16, 2024 by Ioana Kocurova
5 min read

Overview

At the capability level, we are narrowing our context to focus on the core capabilities of the Pricefx solution that delivers value to our customers. Each of these has a significant value proposition in the capacities of analytics, price setting, quoting, actionable insights, rebates, contracts, channel management, price optimization, and sales compensation.

The information for each of these capabilities will include their capacity for customization, configuration, extensibility, scalability, security, and overall effectiveness in addressing our customer's pricing needs and business objectives.

Impact on GenAI

By structuring the knowledge base to focus on a specific product’s capabilities within the Pricefx solution, the chatbot can provide accurate, relevant, and targeted information to users (ie. including features and functionalities, usage guidelines, creation and maintenance processes, troubleshooting steps, and other relevant details.

It enables the GenAI chatbot to better understand and address product-specific queries about its capabilities (ie. add, delete, update, etc) and that will lead to a more detailed response from a chatbot.

Capability Level.jpg

 

At this level, we are focusing on the core capabilities of the Pricefx solution:

  • Analytics, examining and interpreting large amounts of data to gain insights and make informed decisions.

  • Price Setting, use of analytics and market insights to determine the optimal price for a product or service that balances revenue, demand, and competition.

  • Quoting, allows sales teams to quickly and accurately generate quotes, while also providing real-time visibility into pricing and profitability, enabling informed decision-making and efficient deal closure.

  • Actionable Insights, advanced analytics, and reporting capabilities empower businesses to make data-driven decisions, optimize pricing strategies, and drive revenue growth.

  • Rebates, creates, and manages customer-specific agreements for all off-invoice conditions and enables you to calculate and simulate rebates.

  • Contracts, create and manage both promotions and agreements, which are used to define special pricing and conditions for customers, products, or product groups, and to track the impact of these promotions on your revenue and margin.

  • Channel Management, manage and optimize your pricing and margins across multiple channels, including direct and indirect sales, e-commerce, and distributors, and track the performance of each channel in real-time.

  • Price Optimization, advanced algorithms, and machine learning to analyze market data and customer behavior, and automatically optimize prices and margins in real-time to maximize revenue and profitability.

  • Sales Compensation, provides a flexible and customizable framework for designing and managing sales incentive plans, including commission, bonus, and other forms of compensation, to motivate and reward your sales team and drive revenue growth.

GenAI Prompt Examples

Below are some examples of GenAI prompts that are operating at this Capability level of contextual understanding:

Capability Prompt: "Explain the role of a watcher in actionable insights"

This capability prompt asks the GenAI chatbot to provide information about the Watcher capability within the Actionable Insights. The response might look like this:

In the context of Actionable Insights in Pricefx, a Watcher is a user-defined alert or notification that is triggered when certain conditions or thresholds are met in the data.

Watchers play a key role in helping users stay on top of their pricing and sales data by automatically notifying them when something important happens, such as when a specific product's price reaches a certain threshold, when a customer's usage patterns change, or when a sales target is met or missed.

Watchers can be set up to monitor a wide range of data streams within Pricefx, including product pricing, customer usage, sales performance, and more. Once a Watcher is triggered, it can automatically create an Action, such as sending an email or Slack notification, updating a spreadsheet, or triggering an automation in another system.

This allows users to quickly identify and respond to important events or opportunities in their pricing and sales data, without having to constantly monitor the data themselves. By setting up Watchers in Pricefx, users can save time, increase productivity, and make more informed decisions about their pricing and sales strategies.

Capability Prompt: "How do we manage complex pricing conditions for promotions"