Oracle Advanced Pricing is a rules-based application with an engine component to service the pricing requirements of Oracle applications to price customer transactions. Oracle Advanced Pricing enables you to set up pricing actions such as price lists, agreements, formulas, and modifiers that the pricing engine applies to transactions.
Oracle Advanced Pricing also enables you to define a set of sophisticated pricing rules (and pricing controls that can be used in conjunction with the rules) to precisely govern how and when pricing actions are applied to transactions. The pricing engine is a software component of Oracle Advanced Pricing that is called by an application such as Oracle Order Management or iStore to apply pricing actions to transactions.. Applications make calls to the pricing engine when transactions need pricing services or need to be priced.
Following are the primary advantages of using Oracle Advanced Pricing over basic pricing capability included in Oracle Order Management: