We've primarily used SmartRevIQ to better understand our pricing data. We had a lot of our pricing data scattered across different spreadsheets, so it was difficult to understand how our deals were really impacting our pricing. Being able to see it all in one place has definitely made a big difference.
One of the things that was useful was how it integrates with some of our existing systems, like our SAP system or our CRM. The fact that it’s based off real transactions makes it a little easier to understand pricing trends, as opposed to guessing at how customers might be behaving.
One of the other uses has been when looking at quotes or larger deals. There was one time when it pointed out some things that we might not have caught otherwise, like how much discounting was going on or how tight our margins were becoming.
I think for us, it’s just given us better visibility. Pricing conversations are a little more grounded in reality, as opposed to just relying on our spreadsheets. Review collected by and hosted on G2.com.
As is true of many enterprise systems, SmartRevIQ is best utilized when it is connected to quality, well-structured data sources like ERP and CRM systems. For certain organizations, in which pricing data, contracts, or historical transactions may be disorganized, there may be some upfront work needed to organize these data sources in order to fully leverage the capabilities of the platform.
Furthermore, as there is a wide range of capabilities available in the platform, including pricing analytics, rebates, and revenue optimization, there may be some initial education needed by new users of the platform in order to understand how to leverage all of these capabilities.
However, these are fairly normal considerations for an analytics or pricing platform, and these issues tend to improve as familiarity with the platform is gained. Review collected by and hosted on G2.com.
