SAN MATEO, Calif.--(BUSINESS WIRE)--Model N, Inc. (NYSE: MODN), the leading provider of revenue management solutions for the Pharmaceutical, Medical Device, High Tech, Manufacturing and Semiconductor industries, today announced the release of the next generation of its Revenue Cloud platform. Revenue Cloud now becomes the first end-to-end platform to enable digital reinvention for companies in these industries.
About Digital Reinvention
Digital disruption has already reduced the average tenure for companies on the S&P 500 list from 33 to 12 years, and only 8% of companies believe their business models will remain viable through digitization. Pharmaceutical, Medical Device, High Tech, Manufacturing and Semiconductor companies face a stark choice: reinvent or perish.
Bold digital reinvention strategies begin with placing customers at the center of companies’ digital activity. Instead of seeing themselves through the internal lens of functions, products, and processes, companies now see themselves through the lens of their customers. These strategies require a deep understanding of unique customer segment needs, business models, revenues, and profitability, and more.
Companies that embark on digital reinvention strategies must do the following:
- Redefine the business they are in
- Redefine who their customers are
- Reinvent their offerings to those customers
- Delight customers in each interaction
- Position themselves in the digital ecosystem
- Realign operations with intelligent internal processes
The Platform for Digital Reinvention
While an offensive platform strategy focused on the demand-side is proven to yield the best results, only 1.5% percent of companies have adopted one, mainly due to the lack of a Digital Reinvention platform.
Model N Revenue Cloud is the first Digital Reinvention platform, designed specifically for Life Sciences, High Tech and Manufacturing companies.
This release of Revenue Cloud includes the following highlights:
- Introduction of Model N CPQ, the next generation of Configure, Price and Quote, which enables companies to reinvent their offerings and their business models
- Introduction of Model N Channel Cloud, an end-to-end solution to manage the digital ecosystem and omni-channel
- Introduction of Revenue Cloud for Semiconductors and Revenue Cloud for Manufacturing
- New versions of Revenue Cloud for Pharma, Revenue Cloud for MedTech, and Revenue Cloud for High-Tech
Introducing Model N CPQ
Model N CPQ is the end-to-end, enterprise-grade platform that bridges the gap between Salesforce and SAP with robustness, performance and scalability that meet the needs of enterprises.
Model N CPQ enables companies to:
- Reinvent their offering to their customers by configuring solutions that are tailored to unique customer needs that include products, software services, data and other elements.
- Align their business with those of their customers’ by leveraging new models such as subscription, outcome base and risk-sharing among others.
- Delight their customers by digitizing their experience with new capabilities, such as self-service.
- Transform internal operations into intelligence processes with new Intelligent Approvals, guided selling, and business intelligence, cutting the process cycle-time to a bare minimum hence significantly enhancing the customer experience.
- Drive business expansion through digital ecosystems and omni-channel.
- Rapidly deploy and execute digital reinvention strategies by interoperating effectively with SAP and SAP Variant Configurator (VC). Marketing and Sales can now start with SAP VC KMAT models as a foundation for new offerings that are tailored to unique customer needs.
- Understand the profitability of a deal, a contract, customers and customer segments with insights that help them understand thoroughly the economics of their digital strategies. Model N CPQ now quotes based on net-price including rebates, Market Development Funds (MDF), and other incentives, not just gross-price.
“Model N next-generation CPQ enables companies to leverage their SAP and SAP VC infrastructure as a stepping stone for their Digital Reinvention strategy.” said Neeraj Gokhale, SVP and Chief Product Officer at Model N. “Creating a new value proposition for customers and aligning the business models with Model N CPQ is enabling companies to grow their top line.”
Introducing Channel Cloud
Embracing the digital ecosystem and omni-channel are paramount to Digital Reinvention. McKinsey research demonstrated that an emerging set of digital ecosystems could account for more than $60 trillion in revenues by 2025, or more than 30 percent of global corporate revenues. In a world of ecosystems, as industry boundaries blur, strategy needs a much broader frame of reference. Current point channel solutions fall significantly short of meeting the sophistication of the ecosystem.
Model N’s new Channel Cloud enables companies to leverage a wide ecosystem that includes global, multi-tier, sophisticated channels as part of their Digital Reinvention. Channel Cloud combines intelligent processes, visibility, sophisticated rewards to align business models, and a comprehensive data platform.
Channel Cloud enables companies to mesh with the digital ecosystem by:
- Driving their channels’ marketing execution to meet their revenue goals with Market Development Funds (MDF) Management. It is the first MDF solution in a fully integrated end-to-end channel solution.
- Establishing a digital ecosystem for channel collaboration with Channel Management. Companies can maximize revenue by avoiding channel conflict and flawlessly executing with the ecosystem.
- Incenting the channel to drive revenues with Rebate Management. Companies can balance discounting decisions and post-deal rebating based on results to optimize revenues.
- Ensuring a single source of truth with Channel Data Management (CDM), putting the entire digital ecosystem on the same page. CDM delivers real-time, accurate, complete channel data, including sales and inventory, enabling transparency and channel performance.
Channel Cloud is offered as part of Revenue Cloud for High Tech, Revenue Cloud for Semiconductors, Revenue Cloud for Manufacturing, and Revenue Cloud for MedTech.
Revenue Cloud Strengthened
In addition to Model N CPQ and the new Channel Cloud solution, Model N is announcing a completely new Revenue Cloud for Semiconductor and Revenue Cloud for Manufacturing suites, and new versions of its Revenue Cloud for Pharma, Revenue Cloud for MedTech, and Revenue Cloud for High Tech suites, to enable Digital Reinvention in those industries. Full details of each new Revenue Cloud solution are available at www.modeln.com or through the media contact listed below.
For more information on Model N Revenue Cloud, please visit modeln.com/products/revenue-cloud.
About Model N
Model N is the leader in Revenue Management solutions. Driving mission-critical business processes such as configure, price and quote (CPQ), contract and rebate management, business intelligence, and regulatory compliance, Model N solutions transform the revenue lifecycle from a series of disjointed operations into a strategic end-to-end process. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in life sciences, technology and manufacturing across more than 100 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology and ON Semiconductor. For more information, visit www.modeln.com. Model N is a registered trademark of Model N, Inc. Any other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.