In Model N’s 2024 State of Revenue Report, C-level executives indicated that data was currency for their organizations. Nearly all (98%) life sciences executives use external data sources to drive revenue management decisions, and 97% purchase benchmarking data other than market share data to support their revenue management processes.
While they understand the value of data, many organizations are continuing to struggle with integrating corporate data and transactional revenue management. Their revenue management processes are isolated. This lack of standardization leads to inconsistent, fragmented, and untapped data. And the absence of a set precedent on how to use revenue management data for decision making has led to its de-prioritization by IT and business intelligence teams.
To become truly data driven, organizations must make a change
Perhaps that’s why life sciences companies are seemingly shifting budgets away from legacy infrastructure, choosing instead to invest in solutions that will provide them with access to valuable insights. According to the 2024 Gartner® CIO and Technology Executive Survey, 79% of life sciences executives plan to increase investments in business intelligence and data analytics.
Model N understands the value that data and analytics can have on the journey to revenue optimization. To further support our customers as they transform from managing revenue to optimizing, our family of data and analytics solutions is about to get bigger. In the coming months, we will be releasing new solutions that are designed to accelerate time to insight and empower life sciences executives to make richer and broader decisions. These new offerings will be embedded directly into Model N systems to deliver data and analytics capabilities directly to stakeholders when they need them most.
To help you learn more about life sciences executives’ objectives and tech spending trends, Model N is providing complimentary access to the Gartner Infographic report: 2024 Top Technology Investments and Objectives in Life Sciences.
In addition, you can find the complete 2024 State of Revenue Report here. And watch for upcoming announcements about our new data and analytics-driven applications that will help you solve complex challenges associated with optimizing revenue.
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Gartner, Infographic: 2024 Top Technology Investments and Objectives in Life Sciences 27 October 2023 By Jeff Smith
