The two sides had been locked in an end-to-end battle until the final minutes, but the Pacers proved to be more profitable with their chances as George Hill, Paul George and David West helped push the away side to victory.
"Our group competed and put themselves in a position to win," Budenholzer told reporters.
"Our execution wasn't where it needed to be. If we keep competing like we competed tonight, that's what we're looking for."
The series is currently tied at 2-2, with Game Four getting underway on Monday.