In order to maximize revenue and market share, pharmaceutical manufacturers require automated, flexible contract authoring capabilities that slash contract cycle times, enhance productivity, and improve compliance to established guidelines
Redwood Shores, California (PRWEB) July 28, 2010
Model N, Inc., the leader in Revenue Management solutions, today announced that a global specialty pharmaceutical and medication delivery leader has purchased and is implementing Model N's Contract Authoring application to help it improve revenue recognition and automate the key aspects of the contract creation and assembly process. Contract Authoring will seamlessly integrate with the company's existing Model N Pharmaceutical Revenue Management Suite implementation, which includes Model N Contract Management and Contract Compliance.
With Contract Authoring, the customer will significantly reduce contracting cycle times while ensuring standardized processes and terms to mitigate risks, ensure proper approvals, and enforce contract compliance policies. A key financial benefit is that the solution will replace highly manual and complex revenue recognition processes. By integrating to the customer's SAP CRM system, the Model N solution will drive 100% revenue recognition automation. When a contract is implemented, Model N Contract Authoring automatically pushes the contract and all associated clauses to SAP CRM. Contract Authoring facilitates the identification and dynamic auto-inclusion of required parent and product clauses and negotiated terms, replacing manual, error-prone clause management. Automated rules prevent revenue from being recognized until all conditional or compliance-type clauses have been fulfilled.
"In order to maximize revenue and market share, pharmaceutical manufacturers require automated, flexible contract authoring capabilities that slash contract cycle times, enhance productivity, and improve compliance to established guidelines," said Steve Zocchi, Senior Vice President, Global Sales at Model N. "With Model N Contract Authoring, the customer will be able to rapidly develop contract documents and templates and sync them with downstream applications to significantly reduce manual workloads and improve revenue recognition accuracy."
Model N Contract Authoring
Model N Contract Authoring is a highly collaborative solution for creating and managing agreements that delivers enhanced capabilities for building customer and deal-specific pricing strategies. Key contract data and terms are automatically synchronized with other Model N applications, ensuring seamless integration of transactional, legal, and financial information in the revenue life cycle, from contract management and compliance to rebate management and regulatory reporting. This seamless approach ensures that customers accurately capture contract terms and consistently track milestones and compliance measurements, while streamlining all aspects of the contract life cycle, including offer development and approvals as well as contract execution, amendment, and renewal management. The solution is available in Pharmaceutical, Medical Technology, and High Tech manufacturing versions.
About Model N
Model N is the leader in Revenue Management solutions, offering an integrated suite of applications for analytics, pricing, contracts, compliance, and settlements optimized for the industry practices of Life Science and High Tech companies. Enabling the creation of a seamless, end-to-end process from price setting through settlements payment to analytics, Model N's uniquely integrated approach eliminates revenue leakage and delivers the visibility and controls needed to avoid the risks of non-compliance to government reporting regulations such as Sarbanes-Oxley and government pricing requirements. Customers include: Atmel Corp.; Boston Scientific Corp.; Bristol-Myers Squibb Company; Cypress Semiconductor; Medtronic, Inc.; Microchip Technology Inc.; Ortho-Clinical Diagnostics, a Johnson & Johnson company; Pfizer, Inc.; and STMicroelectronics. Model N's worldwide headquarters are located in Redwood Shores, California. http://www.modeln.com.
Model N is a mark of Model N, Inc. All other company names mentioned are the property of their respective owners and are mentioned for identification purposes only.