Webster describes Rainmaker as someone who brings in new business. Another dictionary calls it – one who is known for achieving excellent results in a profession or field, such as business or politics.
Rainmaker 2014 was Model N’s 10th annual in a series of many successful ones, this one being in historic Savannah. It was my first and I was interested in learning more from the customers and about their thoughts about Revenue Management.
Attendees at Rainmaker have been the trail blazers in driving and executing Revenue Management strategies within their industries. Despite the clear risks and costs, most companies (not the attendees) have very little in the way of visibility and control of Revenue Management processes that could help reduce revenue erosion and prevent non-compliance. Many remain in the Dark Ages of Revenue Management, using spreadsheets and custom systems or no systems to manage their revenue, and leaving revenue on the table. In just one industry, Pharmaceuticals, $11B is lost annually in incentives and rebates per an IDC study. In stark contrast, the leaders at Rainmaker have effectively recaptured billions of dollars in lost revenues.
The over 200 Revenue Management leaders that attended this event were open and willing to share best practices, what worked, what did not, and there was a good, healthy debate on a number of topics. Overall, there was resounding agreement that transforming Revenue Management to a strategic end-to-end process is a clear competitive advantage. Remember I said Rainmaker attendees are trail blazers, leaders, innovators and are increasing revenues for their organizations, they were of course keen on how to take Revenue Management to the next level.
Revenue Management is a cross-functional business process that cuts across multiple-functions such as marketing, sales, finance, and legal. The revenue management process extends beyond the enterprise boundaries into the channels. The current revenue management process is broken. People in various functions in an organization throw things over the wall usually in spreadsheets and hope the other side of the wall will catch it.
At Model N, we thrive on bringing the voice of the customer into our organization and listening to our customers one common theme has been to drive a closed-loop system so that they can link sales and marketing dollars to maximizing revenues.
This requires that we need to think outside the traditional boundaries of Revenue Management. And indeed we have brought Revenue Management out of the Dark Ages and transformed it into a strategic end-to-end process introducing the notion of a single, integrated, end-to-end revenue management platform to integrate people, process, technology, and data. The platform enables sales, marketing, legal, finance, and the channels to collaborate and be on the same page with a single view of revenue.
It’s not about adding and integrating Customer Relationship Management systems and Revenue Management together, but about unifying and multiplying the outcomes. With this vision, Model N has formed a partnership with salesforce.com in which Model N will develop a set of vertical applications under the REVVY brand that are built on the salesforce1 platform, that outperforms traditional alternatives, delivering speed and simplicity and security.
With this partnership and the REVVY applications, we will help our customers maximize revenues for sales, both direct and channel, and achieve three important objectives:
- Maximizing sell time, enabling the sales organization to be in front of customers selling focusing on efficiency reducing administrative and non-productive time.
- Maximizing revenue per opportunity, enabling sales to be effective focusing on the right opportunity, right offering and right pricing.
- Maximizing the number of opportunities.
Our robust unified data platform and robust analytical capabilities enable companies to turn their data into information, insight, action, revenue and revenue growth.
Naturally, a few customers stood out this year for their accomplishments in their Revenue Management journey. Model N recognized these companies with the 2014 Rainmaker Award for their commitment, vision and execution in improving sales effectiveness and Revenue Management. Recipients included: Boehringer Ingelheim, AbbVie, Merck & Co., Micrel Inc., Janssen Pharmaceuticals and ON Semiconductor. You can read more about their achievements here.
I look forward to reconvening at Rainmaker 2015 to hear what you’ve learned, share what we’ve learned and discuss strategies to drive the next step in Revenue Management.