Navigating the Technical Stages of Implementing Revenue Growth Management (Part 2)

In Part 1, we discussed why businesses are driving their revenue growth journey using AI tools.

Therefore, now it is time to know How businesses pave the way for effective AI-driven revenue growth strategy implementation:

1. Analysis of Market Data (External Data):

The core of the RGM journey involves analyzing market data to understand trends, consumer behavior, and competitive landscapes, facilitating informed decision-making. This data can include your company’s KPIs vs market, the latest trends, and knowledge across the consumers’ value chain. This initial stage requires a thorough examination of relevant data sources to provide valuable insights guiding subsequent RGM efforts, ensuring a comprehensive market analysis and the collection of essential data to optimize.

2. Visualize with Power BI:

Visualization is a powerful tool for translating complex data into actionable insights. Power BI, a leading business analytics tool, plays a pivotal role in this stage. Through intuitive visualizations, organizations can gain a clearer understanding of market dynamics, enabling stakeholders to move to the next step smoothly.?

3. Integrate Other Data Sources (MR, Market & internal data):

To enhance the accuracy of the analysis, integration of various data sources is key. Integrating internal data like audit, financial, MR, and promo data with existing data and visualizations you already have, will provide a holistic view, offering a more nuanced understanding of the business environment. This stage sets the foundation of a large dataset needed for any future decision taken by different departments like finance, marketing sales, or innovation.

4. Build RGM Tool for Integrated Data Usage:

The heart of revenue growth management (RGM)? implementation lies in a dedicated tool, businesses now are realizing the value of using RGM platforms designed for sophisticated tasks using seamless integrated data. Utilizing a centralized platform enables stakeholders to effortlessly access and interpret data, focusing on a unified user interface, facilitating the adoption journey and supporting team growth and integration, ensuring agility in response to market changes to support managing pricing, analyzing competitive impacts, while presenting various scenarios for quick and informed decision-making, and delivering timely recommendations and insights based on consumer understanding.?

5. Build Prediction Models for Decision Optimization:

Leveraging AI and ML, the pivotal step of building prediction models in Revenue Growth Management (RGM) involves utilizing historical and real-time data to proactively adapt strategies for maximum impact. This empowers companies to stay ahead of market shifts and predict trends affecting revenues. The inclusion of a built-in Market Simulator and prediction tools enhance decision-makers' capabilities, allowing them to anticipate and optimize decisions by predicting consumer reactions, even after testing with the "What If" market scenarios tool.

6. Automate Processes:

Up from 1% in 2021, 60% of data used by AI is expected to be synthetic to mimic reality, project future events, and reduce risk. (Gartner). Accordingly, the last crucial step involves automating processes from data collection to analysis and reporting, streamlining operations and minimizing the risk of human error, ensuring seamless execution of RGM strategies, and providing a competitive edge in a dynamic market. With forecasts in hand, implementation may include price adjustments, new promotions, or product assortment refinements, all guided by a robust scenario planning component within your RGM solution suite. The final stage emphasizes continuous review and adjustment, recognizing that RGM is an evolving process that demands regular evaluation for sustained success.

In summary, the outlined technical stages provide a comprehensive roadmap for organizations venturing into Revenue Growth Management implementation. Leveraging advanced analytics, visualization tools, and integrated data positions businesses for success in a competitive landscape. To achieve sustainable revenue growth, staying current with technological advancements and embracing these stages is crucial as RGM evolves.

Start with where you are now; the data and its analytics, and grow RGM capability into prediction and automation through Smart Value? Platform adoptability and scalability feature. Request a demo now: https://marketeersresearch.com/smart-rgm/??