Patrick Moorhead, CMO of Pricefx, returns to share about the evolution of digital pricing software, and where AI may be leading the industry.
 

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Danny:
- Hello and welcome to today's IndustrialSage Executive Series. I am joined by Patrick Moorhead who is the chief marketing officer at Pricefx. Patrick, thank you so much for joining me again. This is a second—this is a follow-up interview from before, so thank you for joining me again.
Patrick:
- Thank you. It's my pleasure to be here. I'm glad to be here again.
Danny:
- Well I'm excited to jump into this because a lot has changed, like a lot a lot, not just Covid and all that good stuff. A lot has changed for you, and I'd love to hear that. But before we completely jump into this episode, for those who aren't familiar with Pricefx, just tell us, who are you guys? What do you guys do?
Patrick:
- Yeah, we are a cloud-native, SaaS pricing optimization and management platform. We sell to billion-dollar-plus-a-year enterprises as a B2B service. We are designed to drive profitable growth and efficiency within those large organizations by helping them better understand their transaction and customer data in the context of how they price their products helping them then implement those insights into flexible price management strategies that are executed within the software with a high degree of speed, accuracy, and flexibility and ultimately deliver the gains that you can get off of that into their distributed global sales organizations through profitability solutions like CPQ, like rebate management, channel management, et cetera, et cetera.

We've built what we believe is the leading SaaS pricing platform. We are one of the only companies that is a pure SaaS cloud offering. A lot of pricing software providers offer hybrid solutions that, at some level, require customers to install hardware in their facility that require custom coded, hard coded software solutions. Ours is completely configurable and 100% delivered online which makes it very flexible and speedy. And apparently the industry likes that because our growth has been significant. In fact, our growth has ranged from 70 to 80% year over year for three years running, even through Covid.
Danny:
- Wow, that's fantastic. It sounds like there's a win. As a follow-up to that real quick before we'll jump into a little bit more stuff here, but from a very basic, fundamental level, how does that work? Let's say from a manufacturing standpoint. Is it plugging into, like taking ERP data and customer data and looking at trends and whatnot?
Patrick:
- Yes, yes, that's exactly right. Another way to think about Pricefx is it's sort of a middle-office management layer. We're able to ingest a significant amount and variety of data, so we can ingest and do ingest ERP data. We ingest CRM data. We can ingest data from financial services systems. For some customers we ingest data from web scraping services. In the case of one customer in Europe we even ingest and interface weather data as relates to their lift ticket business. So we're very data-omnivorous, and then we're able to transform that data by pooling it into data marts or lakes as the industry would call them to generate insights that then can lead into centralized, flexible price management. You'd be surprised to find out that in our estimation somewhere between 30 and 50% of enterprises above a billion in revenue manage their pricing via spreadsheets.