Three in five decision makers said automating channel data management would be valuable to optimizing their revenue processes
Model N, Inc. (NYSE: MODN), the leader in revenue optimization and compliance, today released a new commissioned study by Forrester Consulting that shows how improved channel data management (CDM) leads to better trust, collaboration, and bottom-line results.
The study identifies the need for improved data management solutions and uncovers the importance of studying channel revenue within the high-tech, semiconductor, and electronic component manufacturing industries.
“Viable channel revenue data is no longer a ‘nice to have,’ but instead, is a strategic imperative in today’s economic climate,” said Chris Shrope, associate director of product marketing at Model N. “Successfully leveraging data management enables suppliers to make informed decisions on partnerships, hiring, operations, and more – leading to the end goal of higher productivity, profitability, and performance.”
Key findings from the Forrester Opportunity Snapshot, “Leverage Data Management Solutions To Connect And Drive Channel Revenue” study include:
1. Firms are unaware of the extent of their channel data challenges. Companies operate with disparate channel systems and various manual processes, forcing them to make critical business decisions without complete, accurate, and timely data.
While 48% of respondents noted that making accurate decisions in real-time is very important, 2 in 5 respondents cited a lack of organizational recognition that sales data quality is an obstacle, signaling that channel data divides run deep.
2. Channel sales success requires a focus on data, analytics, and integrated end-to-end architecture. Firms benefit from automated platforms that collect, cleanse, enrich, and correlate channel data with channel management processes across the organization.
Of note, 3 in 5 respondents said automated CDM would be valuable to optimizing their channel revenue processes.
3. Improved channel data means better trust, collaboration, and bottom lines. Better data quality and processes improve decision-making, channel advocacy, and profitability across the business.
According to the snapshot, 63% of respondents said their company plans to increase investment in how they manage channel revenue processes over the next year. Furthermore, 72% of respondents expect significant to transformational benefits and greater organizational collaboration with a new process.
The survey indicates that few firms are content with how they deliver quality, accessible data, or their capabilities to leverage data for profit.
“Decision-makers need to implement systems to gather and manage channel and partner data,” said Shrope. “Channel data management is what connects everything in the portal and drives better quality data, partner trust, and revenue optimization. To stay ahead, investing in a CDM platform is critical to collect, clean, and aggregate data into your revenue and compliance operations.”
To access the full survey study, visit here.
This Forrester Opportunity Snapshot was commissioned by Model N. To create this profile, Forrester Consulting supplemented existing Forrester research with custom survey questions asked of 216 US Directors and above in channel management responsible for revenue management strategy and technology decisions. The custom survey began and was completed in October 2022.
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.