A Top 5 Medical Devices Company

Cuts Product Catalog Update Time by 80% by Implementing CCX App

The past days have been very hectic, running against challenging timelines, but the CCX team proved they can deliver on their promises and achieve great results.

Business Transformation Leader, Philips Healthcare

Client Goals

  • Accelerate quarterly pricing update
  • Reduce price and discount configuration time

  • Improve contract pricing accuracy

  • Eliminate system crashes and freezes during pricing

  • Cut quarterly catalog update time from days to hours

Background

A good pricing engine supports a CLM implementation, making it easier and faster for companies to generate new contracts, update existing ones, and assign accurate country-based prices across international agreements. That’s exactly what Philips was looking for—and what they needed help with.

Philips’s pricing system took up to five minutes to generate contract pricing, with quarterly pricing catalog updates taking more than a day. Inconsistent pricing data sets created delays in price quoting, with sales reps needing to manually check prices every time to ensure accuracy. Often, the quotes would have to be redone, lengthening an already substantial process. Even accurate quotes sometimes caused freezes and crashing as the system struggled to cope with its massive amount of data, forcing the user to start over.

With new contracts coming in every day, Philips knew they had to improve their CLM implementation’s performance, or risk being outpaced by competitors with faster systems.

CommerceCX Comes Onboard

After working with Philips to reduce their pricing data load, CommerceCX turned attention to Philips’s pricing engine. Working together with Philips, CCX determined the issue lay with Philips’s pricing engine, which pulled pricing data from various sources to calculate a contract price.

To counter this, CCX proposed that Philips transition to the Pricing Operations Manager, which houses all pricing data in one central database. This database meant that every pricing calculation worked off the same information, ensuring consistent and accurate contract pricing. Implementing the POM helped Philips:

  • Bring down their quarterly catalog update time from multiple days to 8 hours.
  • Generate accurate Best Contracted Pricing in seconds, without freezing or crashing.
  • Guarantee contractual compliance by achieving 98% accuracy in contract pricing.
  • Prevent renewal leakage by accurately calculating refunds, rebates, commissions, fees, and accruals.

  • Monitor daily contract prices and on-demand prices, keeping pricing up-to-date and accurate.

Results of
CLM Solution

  • Reduced quarterly update time by 80%.

  • Achieved 98% accurate contract pricing.

  • Accelerated quoting process by 10x.

  • Ensured 100% accurate pricing compliance.

Success Stories

Medical Devices Company Achieved 100% Compliant Contract Pricing

Medical Devices Company Reduces Pricing Calculation Time by 85%

Coffee Company Fixed Lead to Cash Implementation in Under 12 Weeks

Propane Company Cut Catalog Update Time from Days to Minutes

Clinical Trials Company Revived a Stalled CLM Implementation in Less Than 60 days