Since the advent of the Internet, the entire world has changed and is changing. Due to this change, the dynamics of businesses have changed, and companies have made data their primary focus. Businesses having more information about their customers and using them in the right way can make a business more profitable.
Data intelligence is one of the words used for this purpose which is a process of collecting data, analyzing it, and making it useful for business use. It is a process of getting insights from data so that it can be used in a better way. Data intelligence is everything that a business needs if it wants to make it.
Data intelligence is the next big thing in the business world. These days businesses are getting more and more data, and all the data needs to be recorded, analyzed, and sorted. This is where data intelligence comes into the picture. Companies, which have data intelligence, have been able to make a huge impact on the market.
Having a data intelligence system can be a great help to any business or organization. This blog looks at why you might need a data intelligence system, how a data intelligence system can help your business and how Convin’s revenue intelligence can help.
There are many types of data intelligence software; in this blog, we will mainly discuss the revenue intelligence platform and how its data can help strengthen your business processes and decision-making.
What is data intelligence?
Data intelligence is the process of recording, cleaning, organizing, and analyzing your data. Once you can analyze and use your data, you can gain insight into trends and patterns and make smarter business decisions. Data intelligence is a set of processes, methods, and technologies that can be used to record, clean, integrate, store and analyze data in order to gain valuable business insights and improve decision making.
Businesses with data intelligence can predict market trends and customer needs in order to make better marketing strategies and increase revenue. To get there, you'll need more than just a basic data storage and data analytics platform. You need data intelligence or revenue intelligence software to evaluate your revenue-generating voice of the customer.
A revenue intelligence platform should be able to record and analyze crucial business data from your customer engagement to track changing customer behavior and trends.
Want to know more about the revenue intelligence platform?
Core abilities of data intelligence platform
As per Gartner’s 2021 Market Guide for revenue intelligence providing data intelligence, it listed the following must-have core abilities of any revenue intelligence platform.
Deal review
Revenue Intelligence tracks the activities of the deal by analyzing every deal conversation and classifies the health of the deal as good, bad, or average depending on the conversation sentiment, responses, opportunities discovered, etc.
Businesses can utilize this data to prioritize their efforts based on the priority of the deal.
Pipeline Review
Businesses can assess the pipeline's health depending on how the deal conversation is going and prioritize the accounts that need special attention. It gives an overall view of the deals in the pipeline to the entire business so that the sales and marketing team can take necessary actions.
Sales Forecasting
With pipeline review and deal view, it becomes easy for sellers and businesses to forecast the sales that they will be making and, in turn, the revenue they will be generating. This feature allows businesses to evaluate their revenue generating strategies and find go-to-market opportunities.
Sales performance coaching
Sales managers and auditors can track the seller’s daily activities and performance on the revenue intelligence platform. And even explore the weak points and training opportunities for the sellers to provide the sales training that actually shows results.
It even scores the seller's performance based on their response, knowledge, and custom parameters.
Activity Intelligence
Revenue intelligence tracks the seller’s daily activities, i.e., the number of emails that they are sending every day and the number of calls the sellers are making on a daily basis. A necessary parameter to assess the sales overall health score and provide incentives to the sellers.
Why the sudden surge of revenue intelligence solutions in the market?
“In the first half of 2021, 193% more client inquiries on the topic of revenue intelligence were made than in the preceding six-month period” - Gartner.
The archaic manual auditing, even though still present, is quite a time-consuming process. And by the time the calls and deal progress are audited, it is usually too late; the deal is either lost or has performed sub-par. Manual auditing of calls is even prone to error as it is based on the auditor's and manager’s perception of the call.
AI takes the human perception out of the equation and scores the calls and deals based on set industry standards so that you get the factual data of the deal and your seller’s performance. As businesses continue to get educated on the power of conversation intelligence is powering their revenue targets, the need for the solution also rises.
Organizations across the globe have been exploring newer ways to optimize their revenue generation process. They have been looking toward data intelligence solutions to help them overcome the challenges they face in terms of revenue generation. Data intelligence has been a much-talked-about topic in the industry space and is going to be a key driver for the next generation of IT solutions. If we look at the recent investments made by the leading industry companies in data intelligence, we can see that the interest in the area has gone up significantly. Companies such as Oracle, IBM, and SAS have made huge investments in data intelligence solutions. In fact, Oracle has invested around $400 million in data intelligence solutions, which is the biggest investment in the area in recent times.
Revenue intelligence is a term that has been used in the market for some time now. The reason behind this is the fact that these solutions have now become crucial to every organization. If you think that revenue intelligence is just a buzzword and nothing more than that, then you need to find out more about revenue intelligence and how it can help your business.
A revenue intelligence solution will act as your digital eyes and ears, and it will give you the information you need to make the right decisions for your business. The revenue intelligence solution will help you in making sure that your business is generating the revenue that you need it to. The revenue intelligence solution will provide you with the information that you need to make the right decisions for your business.
Conclusion
The purpose of data intelligence is to provide your company with information that allows it to make better decisions.
Data is a valuable asset that has the potential to be harnessed in a number of different ways, so it’s important to make sure that you are using it effectively and making the most of it. Data intelligence allows you to see patterns and trends in your data, and it can help you to make informed decisions that can help your business to continue to grow. It’s worth taking the time to find out more about data intelligence and how it can help your business.
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