Model N Launches Price Management to Help High-Tech Companies Streamline Pricing
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Insights
The introduction of Model N's Price Management solution represents a substantial advancement in the field of revenue optimization for high-tech manufacturers. The ability to automate pricing processes and maintain consistency across global sales channels is a significant development. This automation can lead to enhanced business agility, as companies can rapidly respond to market changes without the delays inherent in manual or spreadsheet-based systems.
From a market research perspective, the demand for such solutions is driven by the high velocity of the high-tech market, where price volatility is common. The integration with Model N Deal Management suggests a comprehensive system that not only automates pricing but also ensures compliance with audit and regulatory standards, which is critical for publicly traded companies.
For stakeholders, the short-term benefits include potential cost savings from reduced manual labor and decreased likelihood of pricing errors. In the long-term, the system may contribute to sustained profitability through improved pricing strategies and execution. However, the adoption rate of the new system and its effectiveness compared to existing solutions will be key factors in determining its market impact.
Model N's launch of Price Management could have a positive impact on its financial performance. By offering a solution that addresses a clear market need for pricing efficiency and compliance, Model N may see an increase in demand for its services. This demand could translate into higher revenue streams and potentially improve profit margins if the solution delivers on its promise of reducing revenue erosion.
Investors should monitor the adoption rates of Price Management among Model N's existing customer base, as well as any new customer acquisitions attributable to this solution. It will also be important to assess the competitive landscape to understand if there are comparable offerings that may limit Model N's market share growth.
Furthermore, the integration of this solution with existing Deal Management systems suggests a strategy of cross-selling to Model N's current customers, which could lead to increased customer retention and higher lifetime value. The financial implications of this strategy will become clearer as Model N reports future earnings and provides updates on the solution's market penetration.
In the high-tech industry, pricing compliance is not just a matter of adhering to internal standards but also involves meeting external regulatory and audit requirements. The Price Management solution's promise to ensure compliance is a critical factor for companies operating in this sector. The ability to automatically align pricing with market conditions while meeting regulatory standards can mitigate risks associated with non-compliance, such as fines or reputational damage.
As a compliance officer, one would be interested in how the solution's robust pricing engine handles real-time data and the implications for audit trails and regulatory reporting. The system's capacity to maintain version control and provide seamless market execution may reduce the complexity and improve the accuracy of compliance-related processes.
Companies considering the adoption of Model N's Price Management will need to evaluate the solution's compliance features against their specific regulatory landscape. The long-term benefit of such a system would be a more streamlined compliance process, potentially leading to cost savings on compliance management and a reduction in the risk of compliance breaches.
New solution accelerates business agility and profitability by automating pricing processes
SAN MATEO, Calif., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Model N (NYSE: MODN), the leader in revenue optimization and compliance has launched Price Management, a new solution that enables semiconductor, electronic component, and high-tech manufacturers to manage price execution across direct and channel sales teams globally. Fully integrated with Model N Deal Management, Price Management streamlines pricing updates to reduce the effort required to keep prices current and consistent – enabling tight pricing control and seamless market execution.
The speed at which high-tech markets move today creates an urgent need for manufacturers to update pricing across regions and sales channels. While most organizations rely on manual spreadsheet-based or homegrown approaches, these methods lack an integrated approach, automated workflows, version control, and real-time pricing updates that impede deal desk approvals.
“Markets are changing faster than ever, which means the need for flexible price management is crucial,” said Mark Stiving, pricing expert and founder of Impact Pricing LLC. “It’s never just one price. There are many price lists for thousands of products in several channels across regions. Traditional solutions can work when prices don’t change often, but today’s reality requires efficient and automated tools to rapidly and effectively coordinate all changes simultaneously."
With Model N’s Price Management, high-tech companies can effectively manage all aspects of pricing across the product lifecycle. In fact, this end-to-end pricing system can easily publish a myriad of price changes annually in an integrated fashion, enabling tighter execution and control that ensures all audit and regulatory requirements are met. Price Management includes a robust pricing engine that provides real-time data to align with market realities—reducing revenue erosion and accelerating price setting. In turn, customers will have more time to focus on strategy instead of manual tasks since workflows are automated to enhance efficiency and accuracy.
“Model N has directly seen the challenges high-tech manufacturers experience in executing and updating complex pricing models across markets,” said Suresh Kannan, chief product officer at Model N. “Model N’s new Price Management solution fills a market gap by equipping our customers with greater pricing control, speed, and flexibility that leads to revenue optimization and profitability. Integrated with Model N’s Deal Management, Price Management distinguishes Model N as the leader in revenue cloud applications for high-tech companies.”
For more information about Model N's Price Management, please visit www.modeln.com/products/price-management/.
About Model N
Model N is the leader in revenue optimization and compliance for pharmaceutical, medtech and high-tech innovators. Our intelligent platform powers your digital transformation with integrated technology, data, analytics, and expert services that deliver deep insight and control.
Our integrated cloud solution is proven to automate pricing, incentive and contract decisions to scale business profitably and grow revenue. Model N is trusted across more than 120 countries by the world’s leading pharmaceutical, medical technology, semiconductor, and high-tech companies, including Johnson & Johnson, AstraZeneca, Stryker, Seagate Technology, Broadcom, and Microchip Technology. For more information, visit www.modeln.com.
FAQ
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