RevOps, or revenue operations, is a way of aligning marketing, sales, and customer success teams. It helps to break down departmental silos to ensure that everyone works together. This is a powerful framework for working with data, enhancing revenue intelligence, and, ultimately, generating more revenue for your business. RevOps is extremely useful for building AI applications that let you automate many functions and boost revenue intelligence.
WHAT IS REVENUE INTELLIGENCE SOLUTIONS?
There are several key qualities of revenue intelligence that businesses can use to increase their revenue.
- Hyper-personalization —Customers are expecting and demanding a more personalized buyer journey. To meet this demand, you need to optimize RevOps based on customer behavior. Customization includes showing different web pages to unique buyers and segmenting email lists.
- Forecasting — One of the most important functions of AI tools is to forecast future earnings and industry trends. It also can spot potential bottlenecks before they become problems. Effective forecasting helps teams shift from a reactive to a proactive approach.
- RPA — Robotic process automation is an emerging technology that automates business functions while improving efficiency, reducing costs, and meeting the needs of customers more precisely.
REVOPS & AI
Artificial intelligence (AI) is a crucial aspect of revenue intelligence and automating key business functions such as collecting and analyzing data and communicating more efficiently with customers. Tools that you can incorporate into RevOps include:
- CRM — This type of software can handle many tasks related to customer relationships.
- Sales forecasting tools.
- Marketing automation tools.
- Messaging applications such as chatbots.
Most businesses today use these and other automation tools. However, to get the most out of technology, you need a system for implementing actionable steps. The following are some key advantages of using AI in revenue operations:
Greater Certainty
Even though data is made up of numbers and charts, people often disagree about what it means. In a company, several departments may have their own idea of what works best or how to improve things. A rigorous AI approach can help prevent pointless discussions and debates by providing solid evidence. It's up to RevOps to interpret data objectively and make recommendations that support increased revenue.
Identify the Data to Track
In the age of big data, one of the challenges is to know what metrics are most relevant to your goals. Even the best AI tools have to be directed towards the right purposes. A unified strategy allows an organization to identify common goals, such as finding data most closely tied to revenue enhancement. It's also an advantage for each department to understand how its actions are contributing to the overall health of the business.
Use Data Holistically
AI tools for gathering and analyzing data are useful in a traditional framework where departments operate in a siloed manner. The problem with this approach is that departments may not share data or interpret it the same way. Incorporating AI into a RevOps strategy lets you overcome these limitations. The emphasis is on finding solutions that benefit the holistic goals of the organization rather than the more limited goals of a specific team.
KEY CONSIDERATIONS FOR IMPLEMENTING AI IN YOUR REVOPS
Here are some of the points to keep in mind for incorporating AI into RevOps in a way that enhances revenue intelligence.
- Effectiveness — If you're going to invest in AI, you want to make sure you're using a system with proven reliability and accuracy. They must be capable of analyzing all metrics and KPIs relevant to your results.
- Timeframe — You should have a schedule for rolling out the changes. How long implementation takes will depend on whether you create a custom system from the ground up or use an out-of-the-box solution.
- Adoption Rate —AI solutions will only reap benefits if teams are actually using them. It's important to provide ample education and make sure the system is user-friendly, so you have a good adoption rate.
- Cost —The cost of either building or purchasing an AI solution has to be considered. You have to balance the cost against the potential revenue enhancement the tool will bring.
THE FUTURE OF REVOPS & AI
Technology is rapidly transforming the way businesses in all industries function. There's solid evidence that RevOps is helping businesses increase revenue and accelerate growth. BCG, in their report Revving Up Go-to-Market Operations in B2B, reports that RevOps provides significant results for B2B companies, including a 100% to 200% increase in digital marketing ROI and a 10% to 20% increase in sales productivity. By integrating revenue-generating tasks across teams and automating data collection and other important functions, RevOps has the potential to improve businesses in many industries.
For many businesses, RevOps presents both a challenge and an opportunity. On the one hand, there's more competition than ever. At the same time, you have more automation tools at your disposal than ever before. By implementing the right AI tools along with a RevOps strategy, you can make the best use of data while aligning all of your revenue-generating teams. In the future, businesses will have to be discerning about incorporating the right AI tools and identifying the KPIs that drive revenue.
GETTING STARTED WITH REVOPS
Finding the right AI tools and RevOps strategy is integral to improving revenue intelligence and generating more revenue. At the same time, it can be challenging to start out. Aside from introducing new technology, there's also a process for getting everyone on board with RevOps. Existing teams such as sales and marketing may be initially reluctant to embrace a new approach. You need to map out a plan, one that works for your own needs and goals. One resource that can help with this process is the RevOps Checklist.
To learn more about what RevOps can do for your business, book a consultation with us.
