Convin's Research Room

Features Of Revenue Intelligence For A Growing Business

Abhishikha Chatterjee
August 18, 2022
10
 mins read

Last modified on

August 18, 2022
Table of Content:

If your business were a smartphone, revenue intelligence would be its notification— to grab your attention, convey reminders, and alert you when needed.

The same goes between revenue intelligence and AI (artificial intelligence), where AI collects, streamlines, and manages data across all customer-centric platforms and teams. 

An AI-driven system is a game-changing secret to scaling up opportunities, processes, and results. It provides real insights into your sales operations, checkpoints to work upon, and potential things that need to be weeded out to smooth the flow. 

What is revenue intelligence?


The advancement of technology has given birth to revenue intelligence tools. These tools organize data - centralized and confidential - related to the business. 

Data sharing is enabled in the organization and outside with prospects. The collected and analyzed sales data through revenue intelligence gives important insights to interested groups. The information about trends, performance, calls and other sales KPIs helps generate revenue.

Revenue intelligence emerged from an AI solution that tracks and records all customer engagement to uncover crucial revenue-driving data and is embedded with the CRM software system. Its needs become even more important in the data-driven world. Successful businesses have a strong data backup to speed their processes. 

Revenue intelligence benefits all the departments of the organization. Integrating them into a single source of truth (SSOT) ensures that all decisions are based on the same data and that the information provided is authentic, updated, and useful. 

For example,  you collect a massive amount of data in a day. But, your human brain cannot process a large chunk of data daily. The sales team can trace the sales and systematically measure the performance through the central repository.

Why does your sales team need revenue intelligence? 

Revenue intelligence is a one-stop solution for your sales team. If you want your business to remain focused, you need a path for faster growth. That is only possible with revenue intelligence software.

Here are the five problems that revenue intelligence platform can solve -

1. Missed sales opportunities: When you're occupied, it's quite possible to miss out on sales opportunities. Revenue intelligence software solves your problem by setting things right. 

You need clarity about what you’re doing. But working with old and inaccurate data can mislead you from your work. If you want to extend your CRM, you need a system that supports your data.

The clarity in the process grants a wholesome experience to the sales team. Revenue intelligence tools ensure you don’t miss a golden opportunity and rely on inappropriate data. 

With outdated data, you can’t match market standards. If the data becomes obsolete quickly, and all the other things remain the same, your rivals will gain an edge over you. 

The ever-changing nature of business calls for the relevancy of data. Revenue intelligence provides the in-depths of the related sales opportunities, predictions, cues for growth, and potential targets that will keep you ahead of your pack.

Sales reps are grinding their lions with better pitches and accurate data and ultimately closing deals with successful revenue generation. 

2. Slug control: Every sales rep has a way of working, but when they are working together as a sales team, they are synchronized. 

You generally share the system and process the same data. The revenue intelligence platform can reach you and impact your workflow regardless of which corner of the world you're operating.

As a sales manager, you can identify which prospects are most likely to close and which are frittering the time away. Remember, you’re not selling to the slugs. 

Having data about prospects’ personas are important to your sales process. You can easily slug control and optimize yourself to reach your sales goals. 

You can forecast the thought process of the prospects. These revenue intelligence tools give more time for accurate entry by eliminating the manual data entry process. 

3. Incomplete data entry: You can’t rely on manual sales reporting in a fast-paced business world. It will leave you incomplete, and you have to forecast based on what you have.

Revenue intelligence automatically records the sales process and saves time. The data tool can eliminate the need for manual data entry because it automatically captures all activity in the sales process.

Since the data is well-timed and precise, you can make better sales decisions. The right sales report makes a difference.

4. Desynchronized teams: You're always on the go when you sign into a sales team. Every step you take toward selling, the main task requires wearing more than one hat. But manually, you can't sail in two boats at a time. You need support to do the tasks in less time.

The manual task can be a daunting task. It might pull you off your primary objective. How do you keep your efficiency constant?

By making the data visible and accessible to other departments, you can effectively do what you do. Instead of being all over the place, you can share your information with the related departments to take it forward.

Single-handedly, you cannot manage a whole lot of things. You need data distribution via a revenue intelligence tool for each department — from marketing to customer service.

Let the source of truth be the central touchpoint for each team to access as and when they need it. 

Revenue intelligence software prevents unwanted rifts in the team relationship and smoothens the work process. 

5. Isolated data: When the data is collected and controlled by one department, and there’s transparency, it can delay the process. 

The data silos can happen in companies where the data repository is isolated from the rest of the organization. It creates a delay in the sales process, and you have to wait until you get the information to make a decision. 

The reason for data isolation is the absence of well-planned data strategies. Without an “SSOT,” you can miss out on valuable customer and market insights. 

But revenue intelligence captures all data across departments in real-time and pulls it into a central location that everyone can access.

Your goal is to make your team understand how important it is to have revenue intelligence solutions and speed up the work. 

How is revenue recorded and implemented?

At first, revenue intelligence may sound like a daunting thing. But once you get the hang of how to use AI-powered revenue intelligence, everything will look like drawing a doodle.

Learning and implementing artificial intelligence revenue management can boost your business. For example, you can track the money coming in and going up and scale up your business.

The revenue intelligence platform ensures every team is on the same level. When the teams are grounded in one place, it’s easy to keep a real-time workflow update. For the company, it’s important to know what the individuals are up to to measure productivity and performance.

Slowly, you can create a blueprint of the sales process, how to let the revenue flow, source of incoming data, and quantify them.  

There are many revenue intelligence tools in the market, using which you can take actionable steps. Find the one that suits your company and use the tool best.

Impact of revenue intelligence on sales generation:

There is more than one-way revenue intelligence that can impact sales lead generation. It helps companies be well informed and make the right decisions for skyrocketing the sales process. 

Real-time data creates relevancy in the decision-making process. Instead of assuming, you can be assured of your data.

In short, revenue intelligence allows all sales reps to be on the same page. The sales team represents the company to the prospects. It becomes important for them to know they have the right data to share. 

Two ways it impacts your everyday sales process:

  • Spot new opportunities: Many companies fail because they forget what differentiates them. They fall into the rut of doing what everyone else is doing. 
    AI-driven revenue tools help you spot new opportunities that make you stand out. You get the chance to compete with other brands holding onto your unique brand identity.

    AI taps into the hidden potential for more effective sales and marketing, which is what you need to make your brand's face known to the people. Remember, doing what others are doing isn't marketing.  
  • Stay up-to-date: The changing atmosphere of the market calls for you to stay aware of customers’ preferences. Knowing the timely demand of the market trend can lead you ahead of time.

    Your prospects will keep changing in terms of taste and preferences. You can assume them to be static. As they evolve, so should you. With time people change, and so do their needs and wants. You need to get used to the moving technology and changing people's behavior. 

    Study the shift in the trend to spend on your marketing and sales budget wisely. Do enough groundwork to know how to get effective results in the changing market sphere. 

    You'll spend more if you lack an understanding of the market. 

Effectiveness of revenue intelligence in sales:


Nobody does business for the heck of it. When you’re into sales, you aspire to make the most of the opportunities that come your way.

How can you incorporate the effectiveness of revenue intelligence in sales? If you’re gearing to implement revenue intelligence in your sales strategy, here are a few things you must know -

  • Allow automation instead of manual data entry: The manual data entry process doubles your workload. There are high error rates, slow turnaround, more paperwork, and chances of missing out. 

    Revenue intelligence is the only way to a systematic organization of data entry. The data collected comes with a guarantee of authenticity and clarity.
  • Keep the departments on the same wavelength: To do something big, you need support and uniformity. While you have a unique goal for your business, don’t lose it in translation.

    Introduce clear key performance indicators to track the performance of the team members. Your KPIs will ensure they are on the same page.

    Creating this level of transparency in the team will boost morale and is the need for an hour.
  • Look at the bigger picture: You have no idea what you’re doing until you look at the bigger picture. Within the team, you’re like a drop in the ocean. 

    You might be right with your data, but you still need to have a hold of the bigger picture. Always analyze the insights from revenue intelligence as it shows a holistic view of your sales strategy.
  • Use revenue intelligence for your company: Change is scary, but that’s the only way to grow in business. Even if you’re resistant to change, make it your job requirement to learn and use the software.

    When you make revenue intelligence your everyday requirement, it’s easy to speed up your work. You will know what changes you need to match the market demand using the tool.

    For example, when the prospects put objections while doing sales calls, you can back yourself with revenue-intelligence-based reasons to make your proposal worth seeking.

    Making this a mandatory requirement is for solving bigger problems - you don't miss out on crucial opportunities and have track of the monetary process.
  • Right to access: When it’s about revenue intelligence-based operation, there’s a right to access facility for everyone. Everyone in your company can easily access the information unless you're a siloed company that tends to be much less effective in communication.

    Limiting the information will curb the opportunity to learn within the organization. One team will not be aware of what's happening in another. 

    You should encourage the flow of revenue intelligence data to build better sales strategies. 
  • Put the right people in place: By analyzing the performance of the sales reps, you can know if you need to hire the right people. 

    People are the important assets of the company. If they are incapable of using data and creating compelling stories, you need someone who can make the best use of the technology.
  • Be open to optimization: Revenue intelligence software isn’t just about collecting and organizing data. It's much more than that. Tracking and optimizing are as important as other roles. 

    Your first sales plan may not be the best. Keep practicing until you nail the process perfectly. Always have an eye on the effectiveness and efficiency of your organization.

    Working with revenue intelligence is real-time fun when you know the A-Z of getting started. Once you know the basics, nothing can stop you from reaching your targets. 

Starting off with revenue intelligence the right way:

Following are the sure tips to start off with revenue intelligence:

  • Bring your team together and explain to them the need for revenue intelligence integration. Be clear about the benefits before implementing to bring everyone in accord. 

    When every member is stretched and working from different places, a tool like this can bring them together.
  • Break the large chunk of data into different categories - sales or marketing to make the work process easier.
  • Select the best revenue intelligence software from the pool of softwares. Not every tool is meant for your business. You have to find the one that fits you.
  •  Organize online demo classes/workshops/training to coach the sales reps to get familiar with the new technology. 

Signs you have the best revenue intelligence software:

How do you know you’re using the right revenue intelligence tool? Here are the sure signs your tool is transforming your business -

  • Pipeline visibility: You can track sales pipeline shifts, the sales reps' work, engagements, risks, positive deals, turning points, blindspots, strength, and much more.
  • Guidance: Based on the insight, you can prepare your team to focus better. You can create conversions by framing the right pitch message.
  • Revenue signals: The signals help you make the right choices. You follow the flags to seal the deal carefully. The revenue signals keep you safe from making a mistake.

    For example, if you know what’s working for you in the sales call, you do it to increase engagement. If the prospects aren’t getting excited, you know how to approach them.
  • Team analysis: You can find out how well your team is performing. If the sales reps aren’t, you can leverage data to give them the sales training they need to ace their skills.

You're one step closer to supercharging yourself with revenue intelligence. Revenue intelligence is the proven step toward data collection, and it's right here! You can shift your sales team to result-proof software by connecting them with a revenue intelligence platform. 

Enhance the efficiency of revenue management systems with timely data processing, automation, and customization. 

You can get the software in your tech stack and see your business transform and generate the leads you want. 

Let artificial intelligence-based revenue management take over your human intelligence-based business for guaranteed success!

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