Revenue growth management is a pertinent issue in today’s world. The modern chaos the pandemic unleashed has profoundly impacted consumer preferences and buying patterns. There is more demand for products than there are physical products to sell.
The car industry is the paragon of this dilemma. Everyone wants to buy a car right now. The microchip shortage has drastically slowed production, which has contributed to the imbalance between supply and demand of cars; demand is high and there are simply not enough vehicles to sell. To combat this problem, car manufacturers and dealers are allowing customers to pre-order and put down deposits for cars that they won’t receive until a couple months later as they’re still in production. This is a form of revenue growth management where dealers and manufacturers are implementing assortment optimization to discover products that customers want. Well, according to McKinsey & Company, revenue growth management is “the discipline of driving sustainable, profitable growth from your consumer base through a range of strategies around assortment, promotions, trade management and pricing.”
Data41 is here to help you predict the demands of your unpredictable consumers to favorably assort, promote, manage, and price your products, thus optimizing your resources to maximize your revenue without constraining your business.
Real-time insights are imperative to revenue growth management – it’s how companies remain competitive and grow. Cutting edge software like IBM Planning Analytics and Jedox support revenue growth management through real-time insights, which allow companies to identify problems and opportunities, giving them ample time to address them and measure their impact instantly. These solutions can help your organization manage demand with the input of all the critical constituents to produce the maximum sustainable revenue.
We can take it a step even further by pairing your real-time insights with historical data from past performance evaluations to aid in your budget forecasting and pricing strategies. But, the real cherry-on-top is that we’ll make it pretty and easily consumable through colorful, narrative dashboards and intuitive data visualizations.
Data41 wants to help your company prosper. We want people to want your product as much as they want cars right now. We also want you to optimize your revenue and seize opportunities for expansion. Revenue growth management is just first gear – we can expand your gearbox to accelerate your sustainable growth!
Related resources:
https://www.accountingtools.com/articles/what-is-the-difference-between-a-budget-and-a-forecast.html
