AI-fueled innovations deliver critical new B2B pricing insights and a new partner program drives expansion.
DENVER, Jan. 11, 2024 /PRNewswire/ -- Vendavo, the global market leader in B2B pricing, selling and rebate solutions announced a strong 2023 finish today, noting a 12% growth in annual recurring revenue and 43% growth in higher margin recurring services.
"As economic uncertainty persisted through 2023, global organizations increased investments in AI-driven technology to drive profitable growth, placing their trust in Vendavo," said Alex Hoff, Chief Product Officer, Vendavo. "While many predict stronger economies in 2024, manufacturers and distributors face a growing demand for agility in pricing, channel incentives, and commercial processes. We take pride in enabling significant revenue and margin growth for our customers."
Vendavo's products and services enabled a 1.5% margin increase for customers in 2023 through improved pricing over cost. On average, customers achieved $27 million benefit from price improvement.
To offer more features to customers, Vendavo's product investment increased by 21% in 2023. New AI product innovations have set the stage for smarter, more efficient commercial processes for customers. A new AI fueled Price Sensitivity metric was added to Vendavo Deal Price Optimizer, a solution that maximizes revenue and profitability through a better understanding of customers' willingness to pay. AI algorithms allow for more in-depth segmentation and analyses that deliver more precise sales guidance. AI now powers timely pattern detection for Price/Volume/Mix analyses in Vendavo Margin Bridge Analyzer.
Ranked a Strong Performer in the 2023 Forrester Wave for CPQ, Vendavo Intelligent CPQ now has new pricing capabilities within the solution's agreement's function. Sales teams can incorporate more accurate pricing from the onset for even the most complex quotes. Vendavo Pricepoint, the flagship solution for B2B price management, improved both pricing calculation speed and performance.
Vendavo's commitment to growing its partner ecosystem led to a doubling of partner-originated pipeline year over year. Notably, Vendavo's existing partnership with Oracle significantly expanded with the creation of new rebate and channel management incentives and the addition of support staff. In response to increasing market demand for rebate and channel management solutions, and following the 2022 acquisition of Market Medium, Vendavo integrated Rebate & Channel Manager into their suite of growth and profitability products. Many customers now effectively manage their rebate programs with the solution.
About Vendavo
Vendavo empowers global manufacturers and distributors to accelerate growth and profitability with leading pricing, selling, and rebate management solutions. Companies like Emerson, Medtronic, and GAF rely on Vendavo to manage, optimize, and digitize their end-to-end commercial processes. Vendavo's solutions, team of pricing and selling experts, and proven process accelerates value and outcomes that are not only predictable, but unrivaled. With Vendavo, the world's most ambitious B2B organizations can develop dynamic customer insights and execute optimal pricing strategies that maximize margin, boost sales effectiveness, and improve the customer experience.
Vendavo is headquartered in Denver, with offices in Czech Republic, India, and Sweden.
Logo - https://mma.prnewswire.com/media/1861298/Vendavo_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/vendavo-drives-strong-growth-in-2023-with-ai-powered-product-innovations-and-partner-program-302031916.html
