The Critical Role of Revenue Intelligence in Sales

Businesses now have a host of sales intelligence solutions at their disposal to help them collect and analyze key data to manage their sales pipelines and provide sales interactions. One of these solutions is revenue intelligence software. Let’s talk definitions:

What Is Revenue Intelligence?

Basically, revenue intelligence collects sales and product usage data across leads, prospects as well as current customers. Upon collection, the data is analyzed to identify trends and how to increase revenue. In simpler terms, it is an AI-powered process of collecting and analyzing sales data with the goal of gaining insights to drive up revenue.

With this kind of data-centered sales intelligence solutions, there are no blind spots, no missing data and best of all, no missed opportunities. An example of revenue intelligence in action is a marketing team tracking site visits to make better decisions and approaches to its strategies.

Why You Need Revenue Intelligence

All the efforts of revenue intelligence are geared towards one goal: increased revenue. Let’s get into the particulars:

Accelerated Sales Cycles

With revenue intelligence, you can show new sales reps exactly where to begin in a prospect’s sales funnel and guide them on which actions will have the most desirable impact.

Once they have a firm grasp on what you are putting across, they can now perform just as well as your best salesperson. When everyone is up to speed with what needs to be done for optimal results, prospects are moved through the sales funnel much faster and the sales cycle is considerably shorter and you can open doors with referrals as a bonus.

After all, prospects, now customers, will be pleased with a shorter, less cumbersome sales cycle and will be happy to tell all their friends about you.

Sales Team Leaders Have Complete Visibility

Revenue intelligence pumps in a lot of data, fresh data. Sales team leaders are provided with what they need to know, when they need to know. You also get real-time records and engagement levels. In medical terms, it is total visibility to your vitals chart.

You Can Set Forecasts

You can see the data, see how deals are progressing and take action accordingly. Every team member can benefit from the collective experience to minimize risk and keep deals moving as they should — through the right stages. If everything goes according to plan, you can achieve all the sales forecasts you had set.

What Revenue Intelligence Solves

Revenue intelligence software solves a couple of challenges sales team face as they go about their business:

Uncaptured Data

Statistics show that up to 55% of salespersons do not store prospect or customer data in their CRM. The other 45% waste a lot of time manually entering the data. As such, an inference is drawn: sales teams often rely on incomplete data for sales reporting and forecasting.

With revenue intelligence, you eliminate the need for manual entry of data because through the sales process, all the activity is automatically captured. To add to my point, all the data is both timely and accurate so it is much easier to make informed reports and decisions.

Missed Sales Opportunities

A missed sales opportunity can ruin a salesperson’s day. Salespeople are always looking for clarity on leads and customers and with inaccurate data, that is nigh on impossible.

Revenue intelligence can uncover insights in the lines of sales opportunities like buying signals. With this information, sales teams can make more sales and even open doors with referrals, achieving the overall goal of revenue intelligence: to increase revenue.