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Salespeople spend over lot of time manually updating their Customer Relationship Management (CRM) system with data from different products to track and understand which product is performing well and where? But this data is limited and creates a false view of customer.
Revenue Intelligence provides solution for this, by combining sales, operations and marketing data into a single source.
The goal of Revenue Intelligence is to shift from making business decisions based on opinions and gut feelings to data and facts which reveal true customer reality.
Now, let's go through Revenue Intelligence briefly.
What Is Revenue Intelligence?
Revenue Intelligence is an AI-driven, data-centric process that gathers, syncs and manages data to drive revenue.
Revenue intelligence collects real-time data from different teams in an organization to build an overall viewpoint of their activity.
This view point provides an understanding of the “how, where and why” of the revenue generation processes and highlights what drives the growth.
By understanding this data companies gain actionable insights which can be used to change methods and implement new plans for growth.
Revenue Intelligence System Solves: -
1) Uncaptured data: -
Most organisations still rely on this incomplete data for sales reporting, capacity planning, and sales forecasting.
A revenue intelligence system automatically captures all contact and activity data in the sales process from customer-facing teams and populates the CRM in the right opportunities, in the right accounts. It eliminates manual data entry and creates a reliable, accurate CRM.
2. Siloed Data: - (Isolated data)
Data that is successfully captured is siloed in marketing, sales, or customer success. Data stored in different locations isn’t useful for organizational-wide analysis.
Lack of collaboration between sales and marketing means that company is missing out on customer trends, opportunities.
A revenue intelligence system eliminates siloes by capturing all data across functions in real-time and pulling it into a single platform that serves as a single source of truth entire organization.
3. Outdated Data: -
From time to time, CRM grows old with outdated data.
The average organization’s database doubles every 12 to 18 months, with critical errors, your CRM quickly becomes an expensive, unreliable mess.
A revenue intelligence system automatically tracks and updates changes in public data (email, title, phone, address) in real-time so that your CRM stays up-to-date and your marketing and sales reps can trust the data in the CRM.
Revenue Intelligence adds value by: -
· Accurately forecasting sales
· Optimising tactics and outreach
· Improving team productivity
In this year everything we thought we knew about managing your revenue operations was questioned.
Due to covid-19 Demos in person were cancelled indefinitely, people became virtual sellers overnight; the focus of your sales strategy was simply survival.
The truth is, COVID isn’t fully responsible, it only accelerated the pace of change. And it created an even greater need for Revenue Intelligence.
· Getting your business organized
· You need qualitative data to act
· Making the process repeatable
Instead of leaving everyone to focus on their own strategies, Revenue Intelligence brings revenue teams together with a unified view of the customer reality.
If an organisation has not optimized their Revenue Intelligence, it is missing the growth opportunities.
Revenue intelligence will help you invest more in areas that will lead to success and reduce the effort you’re spending on areas that won’t pay off.