Product Overview of Model N
Model N is a pioneering and leading provider of cloud-based Revenue Management solutions, specifically tailored for the Life Sciences, High Technology, and Medical Technology industries. Here’s a detailed look at what the product does and its key features.
What Model N Does
Model N is designed to help companies optimize their revenue management processes, ensuring maximum revenue potential while maintaining compliance with regulatory requirements. The platform streamlines pricing, contracting, and compliance processes, leveraging advanced algorithms and machine learning to analyze vast amounts of data. This enables businesses to make informed decisions, drive growth, and enhance operational efficiency.
Key Features and Functionality
Revenue Management
Model N offers a comprehensive suite of revenue management solutions that include:
- Price Management: Allows companies to set, adjust, and monitor prices, ensuring compliance with regulatory requirements.
- Contract Management: Streamlines the contract management process from negotiation to execution, including tracking contract terms, managing rebates and incentives, and ensuring accurate billing and revenue recognition.
- Channel Management: Helps companies optimize their sales channels by managing channel partners, tracking performance, and ensuring compliance with channel agreements.
CPQ (Configure, Price, Quote)
Model N’s CPQ software is integrated into its revenue management cloud and allows sales teams to:
- Configure Complex Products: Quickly configure complex products, services, and bundles using programmable rules and AI/ML-driven product suggestions.
- Automate Pricing: Generate accurate quotes based on predefined rules and discounts, reducing quoting and pricing errors.
- Salesforce Integration: Seamlessly integrates with Salesforce Sales Cloud, providing a native and intuitive UI.
Analytics and Reporting
The platform includes robust analytics capabilities that enable companies to:
- Forecast Revenue: Analyze trends and identify opportunities for growth.
- Price Intelligence: Supports price waterfall, pricing trend analyses, price bands, and pricing scatter charts, along with pricing alerts for deviations from the norm.
Compliance Management
Model N ensures compliance with regulatory requirements, industry standards, and internal policies by:
- Monitoring Compliance: Managing audits and mitigating risks.
- Regulatory Mandates: Helping companies comply with regulations such as the Affordable Care Act, the Sunshine Act, and FDA regulations.
Deal and Territory Management
The platform includes features for managing territories and handling complex deals with sophisticated approval workflows, ensuring that only authorized personnel can access specific pricing information.
Integration and Scalability
Model N integrates with various platforms such as Salesforce, SAP, and ERP systems, and is built to handle enterprise-scale operations with global scalability. This ensures that companies can use their existing tools while enhancing their quoting capabilities.
Additional Features
Other key features include:
- Guided Selling: Assists sales teams in providing quotes that are both possible to meet and profitable for the business.
- Renewals Management: Manages contract renewals efficiently.
- Discount Management: Handles various incentive programs like ship & debit, rebates, and market development funds (MDFs).
- Mobile Accessibility: Provides access to the platform via mobile devices.
- Multi Currency and Language Support: Supports multiple currencies and languages, making it suitable for global operations.
Benefits
By using Model N, companies can:
- Optimize their revenue streams and improve operational efficiency.
- Enhance compliance with regulatory requirements.
- Drive growth and profitability through data-driven insights and process enhancements.
- Streamline the quote-to-cash workflow, reducing errors and accelerating sales cycles.
- Maintain control and consistency in pricing across different regions and customer segments.
Overall, Model N’s revenue management solutions are designed to empower businesses in highly competitive industries to maximize their revenue potential, stay compliant, and drive innovation.