Revenue operations software
A revenue operations software platform integrates sales forecasting, predictive sales analytics, marketing analytics, customer success analytics, and more in one place. These platforms serve as a single source of truth for sellers looking to move the needle, marketers who want to measure the impact of their content, and customer success representatives who need current, accurate information to best serve the clients.
Read more below.
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Revenue operations software
Data about leads and current customers, the sales cycle, and more is valuable to all revenue-facing departments, yet historically, it’s rarely been shared between sales, marketing, and customer success teams.
Revenue operations (RevOps) facilitates the sharing of information between departments — partly by implementing revenue operations software that helps businesses capture data in real time and convert it into insights for predictable revenue growth.
Employees in sales, marketing, and customer success who wonder, What is revenue operations?, will understand the value of this emerging business function when they see the results of analytics and measuring revenue operations metrics using RevOps software.
Turnkey revenue operations software is helping organizations achieve authentic, sustainable revenue growth faster than was previously possible by delivering data-backed insights that inform new and existing processes and enable information sharing and cross-department collaboration.
What is included in revenue operations?
Revenue operations aligns strategy and information-sharing between marketing, sales, and customer success. It’s the RevOps team’s responsibility to make sure these departments are efficiently working toward and achieving shared goals. A second focus of revenue operations is to confirm that the goals, and the steps planned to win them, are grounded in data. Here’s an example of what these requirements look like in action:
SharpSaaS is a B2B SaaS provider offering a platform for manufacturing facility vendor management. Before SharpSaaS implemented revenue operations, most of the leads its marketing department generated were not useful to sales because the two departments targeted different customer profiles. Sales went after the large manufacturers, whose contracts provide the most lifetime value, while marketing targeted smaller facilities because deployment of SharpSaaS is easier in those companies, so the deals converted faster.
Since both departments also tracked different success metrics, each thought it was high performing. But customer success knew the true story: The small manufacturers usually churned after the first year when the price went up, while large clients had totally unrealistic expectations of the service due to misaligned messaging between marketing and sales.
Research by the new RevOps team revealed these challenges as well as the opportunities to solve them. The head of revenue operations started by identifying how wins were being achieved in each department. Then, RevOps hosted conversations and shared information between the teams to get everyone on board with a unified message and goals. Finally, the revenue operations leader implemented processes that build on past wins to make that success a matter of policy and strategy.
The head of revenue operations also leveraged a revenue intelligence platform, Collective[i], to aggregate and analyze real-time data from sales, marketing, and customer success. This tool helped the team monitor progress toward revenue goals.
With this guidance and level of insight, the SharpSaaS team started to see the benefits of RevOps within a few months. Sales reps closed deals with small manufacturers even faster, thanks to marketing content created for sales enablement, which freed up the sales team to focus more on building relationships with larger prospects who need complex solutions. Customer success spent less time handling complaints and more time doing proactive outreach, identifying opportunities to upsell additional features and improve customer loyalty.
All this might sound idyllic — but with the right revenue operations software in the right hands, this level of collaboration, transparency, and enablement is possible.
What is a revenue operations platform?
A revenue operations platform integrates sales forecasting, predictive sales analytics, marketing analytics, customer success analytics, and more in one place. These platforms serve as a single source of truth for sellers looking to move the needle, marketers who want to measure the impact of their content, and customer success representatives who need current, accurate information to best serve the clients.
Collective[i] draws on an organization’s first-party data as well as third-party data sources about buyer behavior and market trends through a powerful neural network — a type of artificial intelligence (AI) that is capable of learning from data without human intervention, developing the ability to recognize patterns and make deductions just like a human. Its neural network enables Collective[i] to empower teams with prescriptive insights that improve business outcomes.
Revenue operations platforms don’t just aggregate data in a dashboard — they make it easier to turn data into actionable insights. They also strengthen the bond between organizations and their prospects and customers. For instance, Collective[i] includes ConnectorsTM, which surfaces the people in a seller’s company and professional network that can help a contract close. Through these connections, sellers learn more about their customers and prospects from other humans.
Revenue operations is an acknowledgement that customers today have more connections and touchpoints with a business than ever before. Businesses can win more revenue when customer interactions across departments occur in alignment with one another, and in a way that puts the customer’s needs, experiences, and behaviors at center stage.
What is revenue intelligence software?
Revenue intelligence software uses artificial intelligence to identify the best revenue growth opportunities, based on current and historical data from a wide array of sources. Beyond collecting first-party data about each prospect from different departments like sales, marketing, and customer success, Collective[i] pulls in data about trends in the company’s relevant industry, overall market conditions, and buyer behavior. It analyzes that data to drive insights for teams.
Revenue intelligence syncs the data from different revenue-impacting departments and performs the analysis to make that data actionable for every stakeholder impacting revenue. Collective[i] takes this responsibility even further through its IntelligenceTM network, which leverages data, communities, and connections to deliver better insights to revenue-generating teams that help them be more efficient and effective.
Revenue intelligence SaaS
Sales intelligence is a market that is poised to grow 10.5% between 2020 and 2027, up from $2.29 billion in 2019. The industry analysis by Grandview Technologies revealed that AI technologies are among the innovations leading the boom.
AI has become essential to help sellers make data actionable. Sellers need access to information about each prospect, including the organization structure at the prospect’s business, the business’s net promoter score, and its strategic initiatives, investments, budget, and more. But for a seller, the time spent acquiring and analyzing all this information is prohibitive even for high-value leads. The opportunity to delegate the fact-finding and analysis to revenue intelligence SaaS solutions is one of their most standout benefits. This is especially true since neural networks, such as Collective[i]’s IntelligenceTM network, are capable of analyzing unstructured data from sources such as social media posts, videos, chat records, and emails to extract insights about buyers and sellers. With Intelligent WriteBackTM, the data is automatically collected from any tool sellers use and then cleaned and added to the CRM.
The revenue intelligence market size is growing fastest in IT & Telecoms sales. They are followed closely by banking and financial services sales, then retail and e-commerce. Other industries adopting sales intelligence include healthcare sales and media and entertainment sales. Organizations in all these verticals and others are aiming to seize the competitive edge through process automation and AI-led sales enablement.
Best revenue intelligence software features
Lead management, data management, data analytics, and risk management are the pain points that send many revenue operations leaders on the search for a revenue intelligence SaaS solution. Here are some of the best revenue intelligence software features that teams should look for as they explore solutions:
CRM automation: When the revenue intelligence solution updates the CRM automatically on behalf of sellers, that gives sellers a large percentage of their time back. Sellers across industries spend a significant percentage of their time on CRM updates yet don’t necessarily capture the full scope of the data available. Revenue intelligence can add more information to the CRM than sellers can by crawling through all communications with the buyer across departments and channels.
Predictive sales forecasting
Predictive sales forecasting: Revenue intelligence platforms exist to provide forecasts, predictions, and recommendations, which includes sales forecasting. In many sales departments, forecasting consumes a high portion of time and energy that isn’t always justified. According to Sirius Decisions, 79% of sales organizations miss their sales forecasts by at least 10%. With artificial intelligence driving the predictions, bias is minimized, and expectations are grounded in relevant, current data. Intelligent ForecastTM automatically delivers a daily adaptive revenue intelligence forecast that adjusts based on real-time market changes, so sellers can keep the current market and industry conditions in context.
Pipeline transparency: Revenue intelligence software must also provide revenue operations and sales operations with a high-level view of the pipeline. Sales managers can use Predictive PipelinesTM to review pipelines and provide critical information to sales teams without diminishing selling time, ultimately improving outcomes for both sales professionals and clients. Another feature to look for is opportunity odds, provided by the neural network’s analysis of internal and external data, which help sellers identify which deals in the pipeline have the highest potential of closing. This helps business leaders and sellers know whether they are on track to achieve the sales forecast or need to pivot.
Integrated communications: Revenue operations success is founded on data and collaboration. That’s why it’s important that a RevOps intelligence platform enables both. Through Virtual DealRoomsTM, teams in revenue-impacting departments can collaborate on responses to prospects, negotiate contracts, and align on strategy in one platform, without having to bounce back and forth between email, Slack, and other channels.
Prescriptive analytics: All the other features on this list are accelerated and improved by prescriptive analytics, which goes beyond simple data representation to make recommendations about what actions should happen next. Intelligent InsightsTM takes advantage of Collective[i]’s neural network to learn from the performance and habits of an organization’s top sales performers and recommend similar actions to other sellers on the team in a daily to-do list.
The point of all these features isn’t to do sellers’ work for them, but rather to enable them to do their job better. The best AI-enabled revenue intelligence platforms work with sellers and learn from their preferences, achievements, and challenges. When AI is considered a stakeholder in collaboration, the return for revenue operations teams is deep insight that they might not have acquired otherwise.
RevOps teams are motivated to choose the revenue operations software their employees will use and value. Explore Collective[i] and see why we’re a platform of choice for many leading sales organizations.