• About
  • Subscribe
  • Contact
Friday, March 24, 2023
    Login
FutureCFO
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
FutureCFO
No Result
View All Result
Home Business Insights

How organisations can enhance revenue management strategies

FutureCFO Editors by FutureCFO Editors
November 5, 2020
money

Photo by GeorgePeters on iStock

There is a six-step process that management accountants can adopt to improve organisations’ revenue management strategies, said the Institute of Management Accountants (IMA) recently.

In its new Statement on Management Accounting (SMA), “Revenue Management Fundamentals,” the IMA describes the key ways management accountants can strengthen and accelerate the revenue management strategy and systems across all types of competitive organisations and industries.

“Organisations can use the methodology outlined in this report to develop a revenue management approach where management accounting is an effective partner with other business functions,” said Raef Lawson, Ph.D., CMA, CPA, vice president of research and policy at IMA.

According to the report, the six-step process is as follows:

  • Do a quick assessment of the organisation’s use of the four revenue management levers (pricing-basis, inventory allocation, product configuration and duration control)
  • Review levels of revenue management details to determine current practice and understand different intensities of practice
  • Analyse the organisation’s business strategy and business environment to find issues that can assist or hinder revenue management improvement
  • Evaluate revenue and cost driver importance in the organisation’s strategy, and identify gaps in current managerial and accounting attention
  • Design the appropriate level of revenue management and driver attention for the organisation, consistent with its strategy
  • Establish a cross-functional team to implement new revenue management practices, supported by management accounting skill and tools

“In partnership with marketing and sales functions, accountants can use this SMA to lay out a management model and causal driver approach that can be used to evaluate the sophistication of an organisation’s revenue management system and then redesign that system with optimal analytics and metrics that support the organisation’s strategic objectives,” Lawson advised.  

Related:  Firms need to embed finance business partnering further into strategy
Tags: IMArevenue management
FutureCFO Editors

FutureCFO Editors

No Result
View All Result

Recent Posts

  • HKTDC: Hong Kong Export Index rebounds sharply
  • China's reopening will boost earnings but risks remain
  • Payment behaviours likely to deteriorate in 2023 
  • Jason Ang Interview: Agile companies
  • CFOs: What’s your plan to mitigate risks of bank failures?

Live Poll

Categories

  • Artificial Intelligence
  • Audit and Compliance
  • Automation
  • Big Data
  • Blockchain
  • Business Applications
  • Business Insights
  • Case Studies
  • Cloud, Platforms and Ecosystems
  • Competencies and Capabilities
  • Digital Transformation
  • eBooks and eBriefs
  • Finance Accounting and Reporting
  • Future Technology
  • General
  • Infographics
  • Leadership and Roles
  • Mergers and Acquisitions
  • Operational Accounting and Control
  • Operations
  • Polls and Surveys
  • Resources
  • Risk and Regulation
  • Strategies and Tactics
  • Tax Management and Optimization
  • Technology
  • Treasury and Cash Management
  • Videos/Tutorials
  • Webcasts/Podcasts
  • White Papers

Strategic Insights for Finance Executives

FutureCFO.net is about empowering the CFO and the Finance Team to take on the leadership position in the digitalization of the enterprise. It's more than just a portal for the exchange of industry best practices, it is about creating and growing a community of finance professionals able to share learned experiences, providing a platform for the current and next generation of finance leaders and professionals.

Quick Links

  • Videos
  • Resources
  • Subscribe
  • Contact

Cxociety Media Brands

  • FutureIoT
  • FutureCFO
  • FutureCIO
  • Privacy Policy
  • Terms of Use
  • Cookie Policy

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
Login

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Login to your account below

or

Not a member yet? Register here

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In