The digitalization of business and sales operations has been largely beneficial – but it has created pesky roadblocks that are difficult to overcome. Scattered and inaccessible data is perhaps the most prominent issue for any professional team, as it fosters a breeding ground for miscommunication and inconsistency across a business. Luckily, there’s a solution: revenue intelligence.
In this blog, we’ll define revenue intelligence and outline the ways that it can benefit your business when implemented.
Revenue Intelligence Defined
Revenue intelligence is an AI-driven technology that gathers and manages sales-driven data to increase revenue. This type of intelligence is used to develop a business platform that drives productivity and efficiency for the purpose of accelerating the sales process.
It’s benefits aren’t exclusive to sales. Revenue intelligence can enhance all business operations, from marketing to ensuring omnichannel consistency.
5 Reasons to Implement a Revenue Intelligence System in Your Business
Not convinced? Here are 5 reasons you should implement a revenue intelligence system in your business operations.
1. Revenue Intelligence Streamlines Data
Data, data, and more data – it’s what drives any business operation. When there’s too much of it, it can get messy. Unorganized data means that some of it will remain uncaptured, and some of it will become outdated. Revenue intelligence systems solve this issue by streamlining data and keeping it relevant and up to date.
A revenue intelligence system automatically captures all contact and activity data throughout the sales process, eliminating manual entry and creating a dependable CRM. Furthermore, it automatically updates changes in this data – like customer contact information – in real-time.
2. Revenue Intelligence Saves Time and Money
Corporate sales and marketing executives reported that at least 50% of their sales effort and 50% of their lead generation budget is wasted on poor-quality or hard-to-reach leads.
Because revenue intelligence systems streamline data, the sales process becomes simpler and more effective. A salesperson can find accurate information on their CRM in seconds, which saves time and effort. In turn, they are able to spend more time nurturing relationships with potential customers and less time gathering information, making it more likely that they will make a valuable sale.
3. Revenue Intelligence Promotes Sales and Marketing Alignment
Sales teams and marketing teams have different responsibilities – but they still share some common grounds. Customer trends, for example, can be consistent across sales and marketing channels; but if sales and marketing aren’t collaborating, neither team will use the same data in their decision making process.
Revenue intelligence keeps sales and marketing teams on the same page about customer trends, potential customers, and the best means of customer interaction. It eliminates any confusion surrounding how to approach customer relations.
4. Revenue Intelligence is a Marketing Team’s Best Friend
From account management to prospect contact information, revenue intelligence ensures that sales professionals have the information they need to carry out a successful sale – but its benefits aren’t exclusive to sales teams.
Revenue intelligence systems allow marketers to understand the true nature of customer relationships. In other words, these systems show them who interacts with their business and how engaged they are. In turn, marketing teams are able to develop a dynamic plan on how to best approach them.
5. Revenue Intelligence Can Handle Conversation Intelligence
Perhaps one of the most unique properties of a revenue intelligence system is its ability to use Machine Learning (ML) to handle conversational AI. Conversational AI refers to the ability of an intelligent technology to assess the direction and potential outcome of a conversation as it unfolds. Revenue intelligence systems can use conversational AI to streamline the lead-to-customer process, allowing employees to make the most of conversations with customers and, in turn, generate revenue.
For example, a salesperson can use conversational AI to identify positive and negative verbal cues in a recorded phone call with a client. They can then use a revenue intelligence system to determine the best line of contact in future calls with customers.
Bottom Line
By leveraging predictive analytics, revenue intelligence can increase productivity by analyzing customer behavior to create a perfectly tailored sales playbook. Still not sure if a revenue intelligence platform is for you or need help getting started with your revenue intelligence strategy? Aragon Research is here to help. Consult with an Aragon analyst today or start your free 45-day trial to gain access to research that will help guide your business decisions.