Proprietary AI engine for pricing, deals and sales channels helps high tech and life sciences organizations grow revenue
SAN MATEO, Calif.–(BUSINESS WIRE)–Model N, Inc., the leader in cloud revenue management solutions, today announced the latest release of its revenue execution cloud offerings. This release has many new capabilities, including workflows powered by its machine learning/artificial intelligence engine. Deal management, deal intelligence and rebate management are also enhanced with new and improved functionality for growing revenue, improving margins and reducing risk.
With increased global pressures on revenue execution, high tech and life sciences organizations need to be vigilant about managing their contracting and pricing, as the chasm between gross revenues and net revenues continues to widen. This is challenging because many are often working with siloed systems, organizations and processes that lead to revenue leakage. Model N addresses these challenges with a holistic end-to-end solution that now includes artificial intelligence (AI) and machine learning (ML) to grow top line revenue growth while maximizing margins.
“With this latest release, Model N is the first revenue management provider for high tech companies to introduce AI-powered capabilities for end-to-end revenue management. This clearly differentiates us from the disparate and legacy solutions on the market,” said Suresh Kannan, Chief Product Officer. “For the life sciences industry, the gross-to-net bubble has grown significantly in recent years. The new features in our revenue management solutions allow these manufacturers to understand and plan pricing strategies that preserve and grow top line revenues while ensuring that rebates and chargebacks are paid accurately.”
New for High Tech
Model N’s latest release includes AI-powered functionality for quoting. Model N’s customers can now take advantage of AI applied to a large data set to determine the most optimized pricing based on a significant number of factors – something humans can’t do. This results in increased win rates, improved margins and higher revenue.
This release also provides support for linearity and multi-criteria rebates. Linearity is a tiered rebating program where partners receive increasingly higher rebate percentages if they meet revenue targets. Similarly, multi-criteria rebates allow for bundling products together to drive increased attach rates.
Release highlights include:
Deal Management and Intelligence
- New AI/ML-based insights provide in-context predictions for quote win probability
- Support for Linearity and Multi-criteria Rebates for rebates in quotes and contracts
Revenue Intelligence and Price Intelligence
- Additional insights in Business Cockpit generate alerts for customer churn, revenue churn and quote escalations
- Growth rebates can now be modeled in Rebate Management to reward partners based on increasing performance over the life of a rebate
- Users can now create rebates based on an attribute of a customer or product entity
New for Life Sciences
Model N’s latest release includes functionality that addresses a range of compliance, pricing, payment issues, and revenue leakage. These include regulatory requirements for both pharmaceutical and medical technology customers to help mitigate risk exposure to government fines and contract cancellation; government pricing, including 340B; bundled payments; GTIN capabilities; and improved usability and availability of data for reporting.
Release highlights include:
- Eliminate miscalculations and reduce compliance risk: release features include smart chargeback resubmission capabilities that automate workflows, alongside other user interface improvements
- Penalty protection for increasingly complex contracts: carryover price protection capabilities
- Intelligent best price estimates: best price initial estimating capabilities are enhanced to optimize performance and automate calculations while allowing for more validation
About Model N
Model N is a leading provider of cloud revenue management solutions for life sciences and high tech companies. Driving mission-critical business processes such as pricing, quoting, contracting, regulatory compliance, rebates and incentives, our software helps companies know and grow their true top line and maximize every revenue moment at speed and scale. With deep industry expertise, Model N supports the complex business needs of the world’s leading brands in pharmaceutical, medical technology, semiconductor, and high-tech manufacturing across more than 120 countries, including Johnson & Johnson, AstraZeneca, Novartis, Microchip Technology, and ON Semiconductor. For more information, visit www.modeln.com.
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Model N, Inc.