Growing revenue is a top priority for all business leaders. Yet many need help with issues like lack of alignment between sales, marketing, and customer success; inaccurate data; and siloed workflows.
Enter revenue operations (or RevOps). It unites teams to deliver visibility, accountability, and efficiency with a unified revenue process.
Automated Data Capture
Often, revenue teams have to input information from unstructured documents or forms manually. This is time-consuming and needs to scale better. The revenue operations software uses automation to collect information from documents and forms and convert it into a digital format that can be used for business processes and analytics.
This process may take multiple steps, including OCR, machine learning (ML), and natural language processing (NLP). The software analyzes the content of a document to understand its context. It then identifies the relevant data and extracts it. It can also read handwritten or scanned text and translate that into a structured format. The data is then uploaded into the revenue operations system for processing and analysis.
These systems can be integrated with CRM software and other sales tools to streamline the process. They can help forecast customer churn and identify opportunities to grow relationships. They can also highlight real-time activity data on a dashboard to keep critical stakeholders current.
A unified contact and activity capture solution is essential to revenue growth. The best revenue operations platforms will sync all data across the tech stack to give teams a clear picture of their pipeline. This allows revenue managers to prioritize their efforts and make strategic decisions based on live data. These tools can help increase revenue and improve efficiencies by plugging gaps and uncovering hidden revenue. They also provide a platform for revenue intelligence and automation that can transform businesses.
Automated Pipeline Management
Keeping track of all the data points and processes involved in revenue operations can be overwhelming for even the most organized team. Many companies use revenue operations tools to help them manage and optimize their sales pipeline.
As part of a RevOps system, these tools are designed to automate as much as possible and provide a single source of truth for a company’s key revenue metrics. By doing so, they can help businesses save time and effort while also ensuring that all of their essential data is accurate and up-to-date.
Aside from helping revenue teams streamline their processes and reduce friction, a good revenue operations platform will help them forecast future revenue. This is crucial for a business to be able to budget and make strategic decisions for its future growth. With the help of revenue operations software, forecasts are more accurate and can be delivered in a shorter period.
These systems can also inform where deals may be stuck and how long they’ve been in a particular process stage. This can help sales managers prioritize their efforts, close deals faster, and increase overall revenue. This is all possible because these revenue operations tools can collect and analyze a company’s data across every touchpoint of the buyer journey and the business’s internal processes.
Artificial Intelligence (AI)
Artificial intelligence is a critical component of revenue operations software and can be used to enhance several business processes. AI tools can process large amounts of data at much higher speeds than humans and identify patterns and anomalies that would be difficult or impossible for a human to recognize. This information can then inform targeted marketing strategies and sales funnel refinement initiatives.
Using AI in revenue operations is critical for businesses to streamline their approach toward strategic goals and drive revenue growth. Incorporated into a RevOps framework, AI is a powerful tool that can help companies save time, cut back on manual processes, and provide more apparent context around their business forecasting models.
AI in DevOps can also reduce the marketing credibility gap by helping teams determine personas, content, and touchpoints that are major in revenue-generating activities. This allows the team to develop more effective campaigns based on real-world data that are more likely to result in successful outcomes.
As an example, Unily adopted an AI-powered solution and experienced a significant improvement in its overall performance. Previously, the company needed more efficient reporting and a need for deep insights into its sales opportunities. However, after implementing BoostUp, they saw a significant increase in their forecasting accuracy and improved ability to convert qualified prospects into customers.
Automated Reporting
A revenue operations platform makes it easier to create and deliver reports for critical stakeholders on a cadence that’s right for them. This allows for greater productivity, transparency, and knowledge-sharing across the business.
Manual report generation can be tedious and time-consuming for the individual creating the report and the recipient. For instance, preparing an in-depth revenue forecast for the future can take hours of staring at spreadsheets, double-checking data, and moving charts around before it is finally ready to send off.
Automated reporting eliminates these problems. Once the software has been programmed to generate a particular report, it will automatically be created on a predetermined schedule without human input. This removes bottlenecks and reduces reliance on expensive employees.
In addition to giving revenue managers and execs an accurate view of the current state of their pipeline, a robust revenue operations platform also helps businesses understand how much it costs to acquire customers. This information is critical for budgeting resources, planning marketing campaigns, and understanding which products or services are the most profitable to sell.
Companies can quickly identify bottlenecks in their sales processes and improve efficiency using the best revenue operations platforms. These platforms can be used on a real-time basis by operational business users (such as sales reps, equipment inspectors, and marketing specialists) or on a weekly, monthly, or quarterly basis for key decision-makers.
