CubeRM: Revenue Management with Machine Learning
Having already an active user base exceeding 1,400 in more than 20 countries in Europe, Cube RM, a 2-year old venture, offers a unified environment of software solutions for the next generation of Revenue Management & Optimization.
Focusing on large global corporations of the Life Sciences, FMCG and Hi-Tech industries, that each loses more than $100M because they fail to address critical issues of Revenue Management, a group of savvy entrepreneurs is taking advantage of this evolving landscape. Cube RM is developing a Revenue Management & Optimization SaaS Suite, leveraging proprietary software technologies and sophisticated machine learning models. Cube RM helps enterprises increase their revenue by identifying key factors in order to forge a coordinated strategy that eliminates ineffective spending and maximizes impact. With so much at stake and the odds stacked so high, companies need to focus on managing critical pricing policies and data, while investigating the right marketing strategies and their impact on future business performance. Simply put, we’re talking about a software that can help enterprises optimize corporate strategy and everyday sales processes thus allowing them to significantly increase their revenue and earn thousands of productive working hours each year.
Fascinated with how some teams can work well together and get great results, let’s dig into Cube RM’s team that seems to excel. With more than 20 years of experience in creating and promoting successful business software applications and through their constant friction with the enterprise world, the founders of Cube RM spotted a gap in the market. Costas Economopoulos, CEO, George Boretos, CMO, and Philip Kytinos, CTO, started exchanging experiences and experimenting with ideas about addressing specific vertical markets while considering the value that industry-specific software solutions can bring to an enterprise. They joined forces and Cube RM was born, as a spin-off of BEL, a leading company in Print MIS software launched by Costas, and GFS, a new company launched by George offering sophisticated forecasting solutions using proprietary Machine Learning models.
Existing software solutions for Price Management & Optimization lack the predictive intelligence to be able to forecast the impact of price changes on business performance and need a lot of time and money for initial implementation. Cube RM’s solution helps organizations become more proactive in their decision making – cutting cost, reducing risk, increasing profitability, optimizing their business and driving new forms of competitive advantage. “We want to empower enterprises to accelerate revenue growth and be more productive in the process” highlights the founding team of Cube RM. “Businesses can increase their revenue by identifying the ideal mix of decisions, from a set of alternative future scenarios, while effectively managing critical business processes and data on a daily basis.”
Challenged to reach their full potential in the global market
While targeting large global enterprises, one of the most important challenges for the founders was international expansion. The team had to compete with much bigger companies with a strong global market footprint, in order to acquire customers that due to their size, were slower to respond to new software initiatives and technologies. This resulted in larger sales cycles. “We soon realized that the best way to overcome difficulties and move forward was to create an international network around our key markets that would enable Cube RM’s market penetration.”
Referrals from existing customers and international partners offered Cube RM new leads and helped expand their business globally at a faster pace, while key opinion influencers were there to spread the word and generate acquisitions. “At the same time great initiatives, like MIT Enterprise Forum Greece and Reload Greece that are encouraging innovation and nurturing bold ideas, supported us actively with mentoring and knowledge transfer.” Dealing with software developing resources scarcity and managing effectively the fusion of two companies into one for addressing specific needs and market segments, was managed more effectively.
Cube RM has already customers in five countries and 1,400 active users in more than 20 countries in Europe. They plan to expand their global reach with new customer acquisitions and targeted partnerships with key players in the market. “In that context, we recently joined forces with a well-respected organization, the European Pricing Platform, to launch the PRI index measuring pricing excellence for life sciences companies. Furthermore, we invest into our software to add more features that the market needs, like the new Strategic Product Planning software that we recently launched, helping large enterprises to manage market, product, and competition data & rules, including actual and predicted figures, to aid strategic product planning.”
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About the Author: Christina Kalli
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