During the pandemic, it became quite obvious that you cannot scale your business without considering the costs of achieving it. Many business leaders globally had to re-think how they were generating revenues, and how they could maintain consistent growth irrespective of the situation.
However, there were a few who were able to navigate the ups and downs quite seamlessly, and they all had one thing in common: they had adopted ‘Revenue Intelligence’. They did this to better align their operations, generate better revenue and promote positive outcomes in the future.
This blog explores the concept of Revenue Intelligence, its benefits, challenges and ways of implementing it in a sales organisation.
What is Revenue Intelligence?
Revenue intelligence is a data-driven method to drive sales. It employs artificial intelligence and automation to provide visibility across the revenue lifecycle — from marketing to sales to finance — and deliver actionable insights.
Revenue intelligence is used by sales leaders to track pipeline health, direct sellers to the best processes, and promote predictable revenue development. By leveraging revenue intelligence, both productivity and sales efficiency can be improved by analysing a buyer’s behaviour.
With a Revenue Intelligence platform you can:
- Track pipeline shifts in real-time to see which deals are active, which opportunities to focus on, and what communication should be used to take conversations forward.
- Leverage AI to analyse information from multiple sources, and identify decision makers across different opportunities.
- Delivers insights to drive accurate sales forecasting.
- Captures and connects all customer-related activities — from the first contact all the way through to product delivery, to provide a 360-degree view of the customer.
- Identifies buying groups and coalitions to enable guided selling.
- Track and compare your sales team’s performance on crucial sales metrics. Optimise your sales cycle.
Major pain points resolved by Revenue Intelligence platform:
We live in a data-driven world! Organisations recognise the importance of collecting data and analysing it, but not all of them know how to effectively use analytics to increase revenue. Most business leaders recognise the value of missed opportunities and feel the pressure to evolve.
- Uncaptured/ unstructured data:
When we think of data, we think about it in terms of information that can be easily classified and organised. This “structured” data has been proven to provide valuable insights for better decision making. But this is just half of the entire data available!
A lot of valuable data remains uncaptured and fairly unstructured, and can prove to be equally (if not more) valuable when harnessed properly.
A revenue intelligence platform can assist in capturing these data from a sales process, and automatically populate them across other CRM and marketing automation platforms — so you never have to worry about missed opportunities.
- Siloed data:
Most organisations are sitting on a gold mine of untapped data — either left untouched or only accessible by few members in the organisation. This is mainly because the systems are disconnected and aren’t passing key information back and forth.
This lack of collaboration causes a company to miss out on customer trends, opportunities, and doesn’t provide a ‘single source of truth’ thereby making the data unreliable.
A revenue intelligence platform can eliminate silos by capturing all the data across functions in real-time. You then access this data on one single platform that acts as a single database for your entire organisation. This means every member of the organisation is on the same page, and is empowered to make better decisions that ultimately drive revenue.
- Outdated data:
In today’s world of hyper-personalisation, customers are ready to jump ship if companies don’t meet their expectations and provide them with a unique personalised experience.
Using outdated data to develop your sales strategy will leave you struggling to keep up with buyers’ needs in real-time. The bottom line is that this affects your ROI.
A revenue intelligence platform can automatically track and update changes to your data in real-time, using the power of AI and automation.
How does Revenue Intelligence work?
- Record all customer data.
- Analyse the interactions and deliver insights to various departments.
- Deepen your understanding on what drives high performing talent, resonate with the market, and win more deals.
- Derive intelligence through automation.
Who can benefit from it?
A number of roles and departments within your organisation can benefit from a revenue intelligence platform and gain a distinct competitive advantage. Here are a few of them:
- CXO’s can generate higher values by focusing their sales, marketing and revenue teams around prospects that are more likely to become customers. Additionally, revenue intelligence can help leadership teams eliminate revenue leakage throughout a customer’s journey.
- Sales Directors/ Executives can manage performance of an individual rep or a team more easily, focus their time and efforts more efficiently, and also develop sales forecast reports more accurately. They can derive information and insights to drive higher revenue attainment through every team member.
- RevOps can view bottom-up forecasts, identify high revenue opportunities, and measure team’s performance against defined KPI’s. They will be able to accurately forecast revenue streams to drive business growth.
- Marketers are also on the hook to generate leads that can convert as customers. Having insight into an entire customer journey can enable marketers to target the right personas and create personalised sales collaterals to move customers through their sales journey efficiently.
Accelerate your revenue growth with Mitibase:
If your business is a machine, then you need revenue intelligence to keep it well-oiled and running
Mitibase, a relationship intelligence platform, combines AI driven technology with your expertise to uncover greater revenue opportunities and untapped avenues
If you are evaluating the potential of revenue intelligence or relationship intelligence platforms, book a demo with Mitibase and our team will be happy to walk you through.