Here's a test of whether your pricing tool is overly complex or requires too much manual effort to get the job done efficiently.
If you were handed the basic information needed for a ballpark price quote, how long would it take to draft the quote in your pricing tool?
I've found that if it takes more than 15-20 minutes, then one of the more of the following is happening in your pricing tool:
The forms and templates used to communicate quote specs don't align with the key drivers in the pricing tool.
Users have to enter too many "setup" fields that don't actually affect price
Users have to enter data manually into fields that should provide preset defaults.
Setup work is spread across too many pages.
Too much price configuration occurs at the line item level instead of the driver level.
Excessive file size drains performance.
Background macros interrupt the user's workflow.
Groupings of services or products can't be turned on/off with a single switch.
Algorithms don't account for common factors that affect complexity, mix, quantity, location, etc.
Geographic and job level resourcing is manual and overengineered.
Lack of checksums makes QC a time-consuming process.
Exporting outputs is a manual process.
I could probably write 10 more but this should make the point. If your team has to take a deep breath and gear up for battle every time a simple ballpark quote is requested, your pricing tool is doing them a disservice and distracting them from your most important opportunities that actually require in-depth customization of quotes.
Does your pricing tool pass the 15-minute rule?
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I provide total pricing benchmarking to clinical research service and technology providers. Book a meeting or contact me for details.
