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How predictable is your business’ revenue? How about revenue growth? If you don’t know the answer to these questions, then you need to prioritize revenue operations and use revenue operations software to continually improve the efficiency of your revenue-generating process and drive predictable growth.
How Can Revenue Operations Software Help Your Business?
Revenue operations software allows you and your employees to manage sales, marketing, and finance (i.e., all aspects of the sales cycle and revenue generation) in a more efficient and transparent way using a single platform.
Following are four key examples of the effects this type of platform can have on your business:
1. Consolidation
Chances are your sales, marketing, finance, and customer service teams all use different tools to do their jobs. Revenue operations software allows you to consolidate your software stack and bring data from across departments and your entire business into a centralized platform where everyone can get the information they need when they need it.
2. Collaboration and Alignment
When teams are integrated and everyone uses the same tool, there are fewer silos in the company, and collaboration naturally improves. Revenue operations software brings all revenue-focused teams together so they can work together toward common goals focused on revenue generation rather than number of website visits, number of sales calls completed, and so on.
3. Automation and Streamlining
Improving efficiency is a fundamental principle of revenue operations, and revenue operations software helps businesses boost their efficiency by streamlining and automating processes. As a result, team members have more time to focus on revenue-generating activities.
4. Intelligence
Revenue operations software is your business’ single source of truth. It provides deep insights into your business’ data so you can make better decisions that drive growth and predictable revenue. You’ll have visibility into a wide variety of critical metrics about sales forecasts, invoices, payments, and more. You’ll also be able to track your marketing and sales pipelines to identify opportunities and problems.
What Can You Do with Revenue Operations Software?
Revenue operations software gives your team members access to features that help them do their jobs better and work more efficiently, so they can focus more of their time on revenue generation activities and goals.
For business leaders, this type of software makes it easy to identify who and what is contributing to revenue generation, identify opportunities for improvement, and make data-backed decisions.
Following are some examples of how businesses use revenue operations software:
- Forecast revenue
- Measure revenue KPIs
- Identify market trends that can maximize your revenue
- Track processes that are helping (or hurting) revenue growth
- Identify the touchpoints in each stage of the sales funnel that are most effective (or ineffective) so you can optimize your sales process
- Track how website visitors move through your site
- Send automatic notifications to sales reps at appropriate times during the sales process with “next-best-action” instructions
- Access lists of leads who need follow up calls or email messages
- Forecast future sales opportunities
- Identify leads as marketing qualified or sales qualified
- Identify deals that may be lost before it’s too late
- And much more
Key Takeaways for Your Business
These days, businesses are using multiple software tools to help their sales, marketing, and finance teams do their jobs, but all of those different tools are creating higher walls between teams, reducing efficiency, and forcing revenue-generating teams to work in isolation.
Instead, using a single revenue operations software will deliver better results because it tears down silos, improves efficiency, and allows everyone to focus on shared revenue-generating goals. As a result, your business will be able to drive predictable revenue and growth, which is the ultimate goal of revenue operations.
Susan Gunelius
Susan Gunelius is the Founder and Editor-in-Chief of Women on Business. She is a 30-year veteran of the marketing field and has authored a dozen books about marketing, branding, and social media, including the highly popular Ultimate Guide to Email Marketing, 30-Minute Social Media Marketing, Content Marketing for Dummies, Blogging All-in-One for Dummies and Kick-ass Copywriting in 10 Easy Steps. Susan’s marketing-related content can be found on Entrepreneur.com, Forbes.com, MSNBC.com, BusinessWeek.com, and more. Susan is President & CEO of KeySplash Creative, Inc., a marketing communications company. She has worked in corporate marketing roles and through client relationships with AT&T, HSBC, Citibank, Intuit, The New York Times, Cox Communications, and many more large and small companies around the world. Susan also speaks about marketing, branding and social media at events around the world and is frequently interviewed by television, online, radio, and print media organizations about these topics. She holds an MBA in Management and Strategy and a Bachelor of Science degree in Marketing and is a Certified Professional Career Coach (CPCC).
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