Keeping the focus in the face of new technologies
With new technologies such as AI and machine learning dominating the future of revenue management, it’s easy to feel overwhelmed by the various trends. It’s important to focus on the issues you are trying to solve. Does this trend align to my business goals? Will it help us achieve our top line objectives?
Change management remains a priority
Effective change management when it comes to implementing transformational IT initiatives is still as crucial as ever to embed the tool into your organisation. Elements of effective change management include sponsorship from the right people across the business, as well as avoiding the temptation to twist existing processes to fit your new tool.
Agility
Agility has become a buzzword throughout the pandemic for revenue managers across FMCG, as businesses able to adapt to the ever-changing retail landscape have shown significant success. Staying close to micro-trends and insights has allowed the most advanced in the industry to stealthily adapt.
Short and long term trends
Micro-trends aside, its also important to keep up with the long -term trends that are here to stay. The obvious being the rapid growth of e-commerce, an acceleration of an upward trend that existed prior to the pandemic. So, remain agile, and think carefully about which revenue management lever to pull before reacting to short and long term trends.
