Undeniably, technology has transformed the way organizations do business! Strategies have been revised, dismantled and rebuilt to fit into the evolving business ecosystem. Operations are now data-driven, and automation means that the way companies function today looks drastically different than just 5 or 10 years ago.
This technology driven approach has served organizations well: Decision-making is faster, execution is easier and motivation is high owing to the new and exciting ways to do business. However, more complex data driven systems also have more potential to create silos if not optimized properly.
Therefore, it is not surprising that sales operations demand more tools and resources. Subsequently, this also means that companies today have to adopt a more holistic approach to revenue. Sales has become all the more important given that it is the primary source of revenue for most companies.
The answer to these challenges? RevOps!
What is RevOps?
RevOps is basically this holistic approach to revenue. The approach combines sales, marketing, customer success and finance to create go-to-market (GTM) strategies that catalyze revenue growth. The main focus is on establishing intelligent businesses capable of making smart, data-driven decisions.
RevOps is characterized by-
- Agile, lean and streamlined processes
- Good technology
- Data-driven decision making
- Efficient GTM teams
A lot of organizations place RevOps under one leader called Chief Revenue Officer (CRO) who manages the company’s financial resources.
The main purpose of RevOps is to create intelligent organizations. What this means is that these organizations have the ability to leverage the data they have to influence smart financial decisions.
To put it simply, intelligent data driving intelligent revenue is the primary impact of RevOps. Making use of efficient data points such as competitor performance, market trends and other forecasts can be used to create a predictable and healthy revenue system for the company.
RevOps makes this intelligent revenue easy to achieve. Without RevOps in place, this data would be stuck somewhere in department files, never leveraged to its full potential.
First steps towards RevOps optimization-
RevOps maturity cannot be achieved overnight! So what is the first step towards RevOps transformation?
Integrating the three three most crucial factors in a business to maximize ROI and drive growth- People, Processes and Technologies.
Perhaps the most crucial aspect of RevOps optimization is the recruitment and retention of talent. When optimized, RevOps will do two things
- Provide your employees with the tools they need to be successful
- Sales reps need a good CRM or ICM system
- Marketing teams need software tools so they can get meaningful insights into their performance
- CSM teams need feedback data so they can successfully retain customers
- Relieve your teams of tedious manual work so they can focus on doing things that matter
- Sales reps focusing more on selling than engaging in shadow accounting
- Sales leaders channeling their energy into training/coaching teams rather than being caught up in routine admin work
Agile and streamlined processes work! Companies today need to be dynamic and capable of withstanding changing market conditions. RevOps can help you achieve this organizational agility in these two ways-
- By automating manual processes and labor-intensive tasks.
- By making sure that the individual efforts and goals of teams align with the larger organizational goals.
Leveraging technology to optimize RevOps is perhaps the most effective way to drive intelligent revenue. Technologies that can help leaders to to deal with competition or with internal organizational bottlenecks should be used extensively-
- A good CRM system
- A fully automated ICM solution
- A Revenue Performance Management Platform
Among others, can be utilized.