In today’s competitive business landscape, success isn’t about the size of the company but the crucial need to move quickly. Whether launching a new product or creating a new promotional campaign, staying ahead of the competition requires agility to keep up with the fast-paced market.
This urgency underscores the significance of Revenue Growth Management (RGM). It is a strategic approach that drives businesses forward. Additionally, many Industries have already started or about to start the journey of optimizing their revenue growth strategies through integrating different AI tools offering a myriad of benefits to maximize business profitability.
Also, 69% of what a manager currently does will be automated by 2024, requiring a complete overhaul of the role of the manager in 2024 (Gartner). Accordingly, it is important to know now
Why businesses are using AI tools, driving their revenue growth journey internally:
- To receive at the palm of their hands ongoing detailed consumer behavior insights and to help them build and track brand value. This is measured through the product quality, relevance, value perception, brand assets, media sufficiency, effectiveness and others depending on the company’s KPIs.
- To monetize trade decisions down to the retail level to help marketing and finance teams reach conclusions concerning: shelf price, pack price architecture, pack price architecture, while reaching strategic decisions for promotions and their portfolio mix in the different retail channels. In addition, to evaluate the effect of trade visibility on sales.
- To ensure return on investment for any new decisions whether it is a new product, price or package. Furthermore, to understand the effect on purchase decisions with current competition; a critical step for saving cost and minimizing risk before any existing product change/ new launch.
- Enhancing forecasting accuracy, aiding informed decisions on inventory and financial planning.
- Driving market share growth, adaptive pricing, with a competitive edge to foster strategic expansion.
- Boosting revenues, cutting expenses, and enhancing profitability for a quantifiable impact on business strategies.
Wait for part 2 to know How businesses pave the way for effective AI-driven revenue growth management strategy
