Model N Inc (NYSE:MODN) reported the launch of the next-gen of its Revenue Cloud platform. As per the update, revenue Cloud had become the preliminary end-to-end platform to support digital reinvention for firms in these industries.
Digital disruption has already lowered the average tenure for firms on the S&P 500 list to 12 from 33 years, and merely 8% of firms consider their business models will continue to be viable through digitization. Medical Device, Pharmaceutical, Manufacturing, Semiconductor and High Tech firms face a stark choice: perish or reinvent. Bold digital reinvention plans commenced with placing consumers at the center of firms’ digital activity.
Instead of analyzing themselves through the core lens of functions, processes and products, firms now view themselves via the lens of their consumers. These strategies need an extensive understanding of innovative consumer segment needs, revenues, profitability and business models and more. Firms that board on digital reinvention plans must do – redefine the operational business; redefine their customers, reinvent their products to those consumers; delight consumers in each interaction; place themselves in the digital setup and realign businesses with intelligent internal procedures.
While an offensive platform plan emphasized on the demand-side is shown to yield the best outcome, only 1.5% of firms have adopted one, primarily following the lack of a Digital Reinvention setup. Revenue Cloud of Model N marks as the initial Digital Reinvention platform, intended particularly for Life Sciences, Manufacturing and High Tech firms.
This launch of Revenue Cloud comprises several highlights: launch of Model N CPQ, which is the next-gen of Configure, Price and Quote, which allows firms to reinvent their offerings as well as their business models; release of Model N Channel Cloud, which is an end-to-end offering to manage the omnichannel and digital ecosystem; release of Revenue Cloud for Manufacturing as well as Revenue Cloud for Semiconductors.