Why are companies investing in Revenue Life Cycle Management (RLM) initiatives now?
By: Stephen Hurrell, Director of Research, Office of Revenue | Ventana Research (now part of ISG)
Revenue Life Cycle Management (RLM) is the grouping of business processes for managing revenue in a more holistic way across organizational silos to better encompass the modern mixed pricing models that enterprises are gravitating toward. The concept of generating complementary recurring revenue via digital products and services has been adopted across most industries, from manufacturing to automotive to health care.
This has resulted in a shift from the traditional transactional approach to managing revenue to one centered around the experience and sustained engagement across the entire customer life cycle. In addition, the growth of omnichannel buying and selling—including the increasing adoption of digital commerce in B2B—is encouraging enterprises to change their selling processes to better meet customer expectations…