Model N publishes its seventh annual State of Revenue Report, highlighting how executives in these industries are transforming their revenue operations. The report reveals that while 87% of industry leaders are shifting toward automated revenue management operations, nearly 60% still rely on multiple solutions. Additionally, 62% are using or planning to implement generative artificial intelligence (GenAI) for revenue optimization activities, including deal analytics, process automation and forecasting.
This gap between automation goals and system integration presents both a challenge and an opportunity. The research found that companies with more than 10,000 employees are 51% more likely than smaller organizations to use a unified revenue management solution.
“Life sciences and high-tech manufacturers are using advanced technologies to automate and optimize revenue operations with data-driven insights,” says Suresh Kannan, Model N chief product officer. “This year’s State of Revenue Report highlights the value of integrating GenAI for revenue management and transitioning to a unified solution. By harnessing AI and consolidating platforms, organizations can unlock greater revenue optimization opportunities, boost efficiency, and drive growth.”
Key Takeaways:
Pharmaceutical companies are modernizing their revenue management approach to navigate a complex regulatory landscape. Pricing strategy is pharmaceutical leaders’ highest priority for revenue management-related strategic investment over the next two years. Eighty-seven percent of leaders report that they have already adjusted their launch plans in response to the Inflation Reduction Act (IRA).
High-tech companies are advancing their use of channel data – in fact, 87% regularly use channel sales data to inform price management and optimization processes. This industry leads in applying new technology to business processes, with 74% of high-tech manufacturers planning to implement GenAI solutions – the highest rate across industries surveyed in the State of Revenue Report.
