Back office systems are not natively architected to quickly launch new products and services with multiple dynamic and adaptive business models. The result typically is unwieldy product catalog proliferation and too many SKUs to effectively manage. This can lead to customer confusion, missed cross-sell or up-sell opportunities, product cannibalization and ultimately missed revenue.
The product catalog is used to maintain all product and service information and define the relationships, dependencies and/or prerequisites between the products and services that determine how and what is sold as well as the pricing. TRACT® has a sophisticated and flexible product catalog that scales to support future products, services, technology standards and growing business volumes. You can quickly see all products available, not yet available and no longer available for purchase from a single view. TRACT manages the entire product lifecycle from market introduction to end-of-life.
The flexible product catalog in TRACT allows users to do the following:
- Set one-time and recurring prices per product, per period, per currency, etc.
- Create and manage multiple product configurations, services, terms, prices, discounts and usage charge rules including tiers, tapers and allowances
- Associate related products together for bundles or cross-sells
- Add agreements or contracts to each product
- Assign automated actions when user-defined thresholds are met
- Create marketplaces and price lists for various distribution channels
- Create time-bound discounts, promotions and free trials
- Set up additional fees and taxes as applicable
- Define custom fields such as license keys, 3rd-party service contract numbers, etc.
- Set multiple commercial price lists based on criteria (e.g., reseller, distributor, regional sales territory, country) from a single product catalog
- Synchronize product details across CRM, e-commerce suite or registration systems