Tech businesses turn to AI to improve revenues and compliance

Process efficiency and cost-saving are top priorities for life sciences and high-tech executives, with greater emphasis placed on advanced analytics and artificial intelligence (AI) to achieve these priorities according to a new report.

The study from Model N shows three-quarters of executives say their current approach to revenue optimization needs improvement, and survey responses show plans to bolster revenue operations by incorporating advanced analytics (68 percent), AI (59 percent), and robotic process automation (46 percent).

"AI and analytics are ushering in a new era of revenue optimization and compliance across the life sciences and high-tech industries," says Rehmann Rayani, Model N's chief strategy and marketing officer. "Outdated, manual, and/or patchwork sales and revenue processes can undermine profitability for even the most innovative companies, and new technologies will unlock data-driven insights that manufacturers need to maximize revenue and remain compliant."

Interestingly 60 percent of executives do not consider their organizations very data-driven today, yet nearly every executive surveyed uses external data resources from a variety of sources to inform business decisions. To augment these data sources, 94 percent of executives are open to anonymously contributing data to create industry benchmarks that can help inform revenue strategy.

"Life sciences and high-tech manufacturers rely on complex, multi-stage revenue processes. Failing to consistently monitor, analyze, and optimize these processes is a recipe for increased risk," says Suresh Kannan, chief product officer at Model N. "This year's State of Revenue Report underscores how existing business practices must evolve and harness the power of data and advanced analytics to overcome industry challenges, optimize revenue, and meet critical business needs."

The full report is available from the Model N site.

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