PROS has traditionally been a leader of prescriptive pricing and revenue management software, allowing companies to improve financial performance and improve their entire business agility. The vendor is now shifting its strategy and diving into the big data apps business. See how PROS is leveraging its pricing expertise to help companies find new ways to turn big data into actionable insights and improved sales effectiveness.
Houston, Texas, might be well known for its cutting-edge space launch control center, cancer treatment facilities, oil-dependent economy, big food portions, seemingly never-ending highways, hot and humid weather, and whatnot, but not for being an enterprise software hub. PROS, Inc. is a company defying to change that notion. Since its founding in 1985, PROS has been a leading provider of prescriptive pricing and revenue management software—a still emerging category of business applications designed to allow companies to improve financial performance, defend and grow market share, and improve their entire business agility.
By using PROS software products and their own big data, customers can more quickly gain insights into their pricing performance for products, customers, and transactions, and rapidly identify opportunities for pricing and revenue improvements. In addition, they can efficiently automate and streamline complex processes for mass list price updates, deal price recommendations, and deal approvals, as well as effectively implement and enforce global pricing policies. PROS’ software products incorporate a sophisticated pricing optimization science, including operations research, forecasting, and statistics to analyze, execute, and optimize pricing strategies using data from traditional enterprise applications, while augmenting it with real-time and historical data.
For nearly two decades, PROS had only offered the PROS Revenue Management Solution Suite for airlines, hotels, car rental agencies, and other similar travel and entertainment companies that needed help in pricing their services for consumers. PROS’ business-to-consumer (B2C) yield management solutions have helped the hospitality and travel industry identify hidden revenue leaks and opportunities, manage passenger demand with either leg- or segment-based revenue management, or with passenger name record (PNR)-based revenue management, determine optimal prices based on real-time evaluations, manage revenues related to group requests and bookings, perform network-oriented fare class segmentation, understand consumers’ price sensitivities, track competitor behavior, and quickly set prices and availability, and much more. At that time, even the company’s name was PROS Revenue Management, to better delineate its focus.