When the first voice you hear on a B2B Reimagined cold open is that of Vice President of Products & Science Pete Eppele, it can only mean one thing: you’re about to learn about an exciting new market innovation from Zilliant. Pete’s last appearance came in August, when he introduced our powerful new Rebate Management capabilities.
On this episode, the topic is Zilliant Real-Time Pricing Engine™, a truly landmark product that is empowering B2B companies to solve ubiquitous commercial challenges in the age of digital commerce.
Pricing engines are not new. They are used by companies of all sizes to execute pricing logic and calculate the correct customer price at the time of quote or order. However, as the B2B world has rapidly digitized resulting in an explosion of eCommerce transactions, legacy pricing engines are having trouble keeping up with demand and customer expectations for speed. Those pricing engines must become dynamic, or real-time.
“Certainly, the initial price engines that were out there didn’t necessarily contemplate how much pricing was going to change and how dynamic it was going to become over time,” said Eppele on the show. “With eCommerce, what we see regularly is pricing engines are getting overwhelmed with requests. That kind of scale is not what most pricing engines were built for.”
While this problem is rampant, alarm bells tend to go off in IT and finance when the prospect of heavily customizing or replacing an entrenched pricing system of record is broached. It’s simply too labor-intensive and costly to go down that road. Thankfully, Pete’s team has created an alternative path for our customers.
Real-Time Pricing Engine is a robust API service that can serve as a company’s pricing system of record – or complement an existing one - with the ability to perform complex calculations on demand, including external data lookups and automated negotiation. It provides the flexibility, scalability, and dynamic throughput that legacy systems lack.
B2B companies that have been pricing and selling a certain way for decades know that buyer dynamics are changing, that omnichannel proficiency is expected, and that there’s a wide chasm between where they are now and what they need to become: truly dynamic. Pete recommends getting started now and building off quick wins rather than letting that knowledge deter action or overwhelm your team.
“This doesn't necessarily need to be an all-or-nothing proposition, but it's a good thing for people to think about,” said Eppele. “Is my price execution engine the weakest link for me in terms of taking the next step and unlocking the potential of price optimization?”