The practice of gathering sales and product usage data across current customers and the prospects and further analyzing it with artificial intelligence to identify metrics and trends to maximize the end revenue can be described as Revenue intelligence. Revenue intelligence platforms are incorporated into a company with the main goal of maximizing future revenue. The concept of revenue intelligence has not yet been normalized, and not many companies know about it. The integrations of AI-generated solutions with other applications and tools which are facilitated to collect data are the fundamentals of revenue intelligence platforms. The Data-first approach is involved in revenue intelligence, meaning; it gathers data from all business-like sales, marketing, HR and further integrated them into a single source. This combined data provided can then be used to maximize the future impact.
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Important Aspects of Revenue Intelligence Platforms
The sales team is benefited from revenue intelligence as it provides them with insights tied to sales opportunities. This data includes advances buying signals, targeting data, and forecasting information. This enables the sales representatives to filter their efforts to attract leads and personalize communications to ultimately generate more return on investments. Not only this, but the sales team can also increase their efficiency and fuel productivity. It can also save them a lot of time since the AI-powered solutions take the filtering process care. The best part of this being, sales representatives can finally predict which customer is likely to respond well with the help of AI-powered tools and can put in more effort for them.
Revenue intelligence platforms aim to solve numerous problems, one of them being, Uncaptured data. If not for technology, it is the sales and marketing team’s duty to record all their contacts, engagement data, and activities into the CRM. Meaning, after every call or interaction, the representative must feed all the details into the computer but technically speaking, this is not always possible. Analysis suggests that representatives spend about 30% of their time each week entering data. These manual errors and negligence can lead to the loss of a good amount of revenue. They also give rise to abnormal sales forecasting and incompetent capacity planning. A revenue intelligence platform automatically captures all contacts leaving behind no-uncaptured data making it an exceptionally reliable source.
Following are the top revenue intelligence platforms to look out for: –
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Gong:
Gong is an award-winning revenue intelligence platform specializing in modifying the sales team to make them perfect for companies who are not following the traditional trends or those who had to shift to work from home. Gong holds expertise in taking advantage of the collected data to gain insights into the rapidly changing market. It also focuses on the evolving customers and the team’s talent. It captures data and various teams of the business and captures phone and video calls, emails, and bits of face-to-face meetings and makes the entire process more personalized.
It does not stop here; Gong also uses this data to keep a check on the competitors and analyzes their deals and trends based on three categories: people’s intelligence, deal intelligence, and market intelligence. All these insights are delivered in real-time, and Gongs data play a huge role in customer retention and maximizing the current customer base. Gong is trusted by over 1,000 companies like LinkedIn, Pinterest, AutoDesk, Hubspot, etc.
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scale Matters:
It is a data analytics company that leverages both structured and unstructured data with which further identifies friction or waste, hindering the sales and marketing team. Low-yielding strategies, broken processes, underperforming representatives, or even a weak product can be identified via this software. This modification made based on this data holds a possibility to reduce the customer acquisition cost, which saves a company a good amount of money. They follow a three-step process, i.e., first, a data integrity model is fixed in the client’s sales and marketing technology. This model then collects high-performing data and all kinds of data required. Second, the data is used to visualize what is working and what’s not; analyses and allocation of resources are done properly here. Lastly, they provide the client with insights that can be worked on made by actual business analytics. This way, the client knows what the best way to maximize revenue is. scales matter is also cost-friendly.
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Canopy:
This platform focuses on providing the sales managers with the clarity they require to track pipeline activity and the team performance to maximize future revenue. An important thing to note here is that Canopy is the only platform that uses the augmented revenue analysis, which can provide insights and answers that have proven to be greatly beneficial for the frontline sales and marketing representatives. This platform stands on four main pillars, namely, signals, forecast, coach, and analysis. This helps the sales manager get a deeper view of what is working and what is performing. These tools help get the best out of the sales team.
With such efficient revenue intelligence platforms available, enterprises seriously need to contemplate investing in the most suitable option. This will allow them to leverage the benefits of technology to address all issues about revenue management.
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