What Is Revenue Intelligence?

DEFINITION
Revenue intelligence is the process of using artificial intelligence to analyze the metrics of every revenue-generating operation like sales and marketing. It identifies trends and opportunities to maximize revenue.

💡Understanding Revenue Intelligence 

Sales have always been considered an art, and sales personnel relied heavily on intuition. While this is still partly true today, data gives insights that can be visualized and acted on. It tells you how you can move forward based on past trends and future predictions. 

Revenue intelligence helps you transform data into actionable insights. It collects and analyzes data across multiple teams and activities and arranges it in a single location for you.

For example, your customer support team can determine the customers not using your product properly and customers who are likely to upgrade. On the other hand, your marketing team can access metrics like open rate, bounce rate, and conversion rate to create strategies accordingly.

The result: Every possible opportunity is utilized as there are no blind spots with the integrated data.

Hence, revenue intelligence is a crucial element of revenue operations too. It’s one of the tools that the RevOps team can’t work without. As revenue intelligence integrates siloed data across departments, it helps achieve the goal of revenue operations of bringing every revenue-generating department under one umbrella. 

The RevOps team can then leverage it to visualize past trends and performance, which helps the team set specific goals and create strategies. They can also automate time-consuming tasks like data analysis and can spend more time identifying problems that move the business forward.

With revenue intelligence, it’s not about how hard your team is working. Instead. it helps you tweak things so that you can achieve your goals faster. 

🖋 Takeaway 

Revenue intelligence is a critical tool for the RevOps team and benefits all the teams across your organization. Sales and marketing leaders can use revenue intelligence to visualize past trends and make predictions to keep the business growing. Sales reps and customer executives use the same tool to understand the customer better with data, resulting in better communication.

Revenue intelligence takes away the need for manual data entry and maximizes the productivity of your teams as their actions are data-backed. This leads to accurate reporting and forecasting, higher work quality, and consistent growth.

What Is Revenue Intelligence?

Revenue intelligence leverages the power of artificial intelligence to show you how your business is working by collecting data across different teams, from sales and marketing to customer support. You get a single source of truth for every revenue-related data, which multiple teams can use.

Manual data collection is also prone to errors and consumes a lot of time. Revenue intelligence helps free up time for your team which they can use for other strategic tasks. 

The Benefits Of Revenue Intelligence

Revenue intelligence has an overarching benefit of driving revenue growth. Here’s how that’s made possible: 

Transparent And Integrated Data

Revenue intelligence integrates and gives access to all the important data to different teams involved. For instance, in the sales team, both leaders and reps can access the in-product and marketing data. This leaves no blind spots for anyone. The sellers know the exact problems and activity of users to identify and pitch new leads.

Clarity About Leads

While a CRM collects data, it remains scattered and difficult to make conclusions. As revenue intelligence integrates the data scattered across the company, the sales team can now pursue leads and customers with better clarity. Plus, it gives you deeper insights into sales opportunities and trends. With the advanced data, sales personnel can understand prioritizing leads and communicating better.

Increase In Productivity

With revenue intelligence, the sales pipeline moves at a rapid pace due to the increased quality of leads and sales communication. Plus, any of the operating teams don’t have to work with manual data collection or analysis, which can free up to a quarter of their time. Hence, revenue intelligence not only maximizes revenue but also makes the work much more enjoyable for your team.

Better Team Coordination

Without a common goal and integrated data, the marketing team, sales team, and customer success teams work in siloes. The problem arises when a team member gets inter-department tasks assigned. For example, when sales reps have to work on tasks like customer onboarding or customer support, they might face difficulty in providing the ideal experience to the customer because of the absence of access to past interactions and customer data. With revenue intelligence, every team can get a hold of customer data like communications with the customers. This reduces friction across teams.

Accurate Forecasts And Goals

Revenue intelligence isn’t just a data collection tool. It gives you the past trends and helps you make better forecasts. It’s no longer about fearing to set goals “too high” and settling at a low number. You can create your processes and strategies based on a realistic number concluded from data.

A revenue intelligence tool like Breadcrumbs helps you turn your siloed data into actionable insights. Try our demo to understand how.