“Organizations consist of two things. People and everything else.” It is people in organizations, that drive revenue. With this bedrock and belief that our customer are heroes in their [...]
“Organizations consist of two things. People and everything else.”
It is people in organizations, that drive revenue. With this bedrock and belief that our customer are heroes in their organizations, we established this year’s Rainmaker 2015 theme as “Revenue Champions”.
Over 300 attendees swarmed the historic Westin St. Francis HOTEL IN SAN FRANCISCO, a record growth over last year and participated in a symphony of information, insights and innovation.
The roster of attendees represented a cross section of the world’s leading and innovative brands. Bristol Myers Squibb, Baxter Pharmaceuticals, CirrusLogic, Microchip Technologies, Johnson & Johnson, Pfizer, ON Semiconductors, Intel, Fairchild, Microchip, Corning, Abbot Labs, Maxim Semiconductors, Novartis, Astrazeneca, Deloitte, Covidien, Highpoint, etc. were amongst the few, represented by their Presidents, CIO’s, Division CIOs, heads of pricing, contracts, finance and sales leaders.
Experts, thought leaders, industry practioneers, sports champions, business champions, revenue champions were amongst the many, that shared ideas on transforming businesses, maximizing revenue and impacting the top and bottom line.
Roger Craig, the only running back ever to record more than 100 receiving yards in a Super Bowl, was a key member of three Super Bowl Champion teams for the 49ers (1984, 1988, 1989) and a four-time Pro Bowl player. Roger shared insights on how to change the game, how to persevere and how do you transform from being at the bottom to reaching new heights.
Mark Garrett, SVP and CFO at Adobe shared insights on business model innovation, a revolutionary transformation of Adobe with three key insights around reading the tea leaves correctly, burning the boats and having utmost transparency.
Ron Huddleston, SVP of AppExchange and Channels at Salesforce.com shared insights on trust and security in the cloud, data integrity and what companies need to consider when transforming to the cloud.
Attendees at Rainmaker have always been the trail blazers in driving and executing Revenue Management Cloud strategies within their industries. Revenue erosion, poor contract management, compliance risk, poor price optimization – contains seeds of business contraction. With $42M lost in the Pharmaceutical Industry per day ($11B per year per IDC) and $16B lost in the Semiconductor industry ($50M per $1B in sales per Aberdeen, Accenture, AMR Research Surveys) – Revenue Management Cloud applications are mission critical to maximizing revenue. In stark contrast, the leaders at Rainmaker have effectively recaptured millions of dollars in lost revenues.
In a recent survey by Model N, 95% of executives surveyed said that Revenue Management — an end-to-end strategic approach of managing every dollar that impacts the top-line of the business — is critical to the growth and success of their company.
There is a renaissance in Revenue Management and several organizations are moving away from the dark ages of using spreadsheets and custom systems, or no systems to manage their revenue, thereby leaving money on the table.
1. Revenue Management Cloud solutions are mission critical to these businesses.
2. Current state is an illusory advantage. Your business will be transformed, read the tea leaves correctly and join the transformation.
3. Model N provides Revenue Management Cloud solutions but also a path, ie Revenue Management as a Service, to get to a fully deployed cloud solution.
4. Platforms, not point solutions are needed do drive the holistic view required from otherwise disparate, disconnected systems.
Perhaps one of the most important takeaways that inspired, energized and excited the audience was that – Rainmakers are Revenue Champions, the lifeblood of their organizations.
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 [...]
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, 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.