Pricing Approvals and Requests
Integrify makes it possible to support rapid turnaround of pricing approvals in any environment.
Pricing approvals and requests can become both a choke point and a risk factor as your organization grows more complex.
Anytime a salesperson wants to offer a prospect a discount and requests a pricing approval the process can stagnate for a variety of reasons:
All these roadblocks can lead to a delayed answer, and in the worst case, a prospect being given time to change their mind or go to a competitor that has their act together.
When the idea of an improperly-approved pricing request comes up, many sales leaders might wish there had been a choke point to prevent it.
When there is no consistent, audited process, policies are useless. Salespeople tend to look for the least amount of resistance when it comes to getting approval for discounts. They want to close the deal. By making the discount process opaque and manual, you risk salespeople sidestepping policies.
What is the risk of an improperly-approved pricing request? Since discounts hit gross revenue the risk can be significant and eat into corporate profits. Imagine a 10% discount getting "approved" by the wrong person in the chain when the policy states that the maximum allowed discount is 5%. How much lost revenue does that represent in your environment?
Approval processes, especially your pricing approval request process. Responding to pricing requests in an efficient and timely manner is critical to meeting customers' needs and to grow your customer base. Maybe your offices span several locations. Employees send pricing requests by email, phone, and various other means, creating confusion. Sales support teams then must evaluate and forward the request to the right group. Each location may have a unique set of service offerings, making pricing requests difficult to assign to the proper party. The process is slow, inefficient, prone to mistakes, and hard to track.
When there’s revenue on the line, an outmoded workflow for marketing and sales means poorly processing requests can jeopardize the level of service provided to the customer. These time pressures from deadlines and bottom lines can be alleviated when Integrify accounts for every process and customer need.
With a dedicated approval management system running behind the scenes to manage discount approval processes:
We have a variety of resources to help you on your journey to an automated pricing approval workflow.
To see how quickly you can begin automating your processes, request a demonstration or trial of Integrify.
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