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How Can Companies Use Revenue Intelligence Software?

by Pat Rodgers

If you are looking to grow your company, then you are probably trying to get the most out of the sales information that is present in your CRM software. One of the reasons why you might be having issues is that the data simply isn’t accessible to end-users. Even though there are numerous platforms out there that are designed to help sales reps enter this information, many CRM’s simply fail to provide access to the data that is required to power this information. Without the proper data or historic snapshots, it is impossible for a CRM to deliver. This is where revenue intelligence can be helpful.

Revenue intelligence, a key aspect of revenue operations, is a process that is driven by Artificial Intelligence (AI) & Machine Learning (ML) technology. This is a program that is designed to gather, synchronize, and manage data across all of your customer-facing teams. This helps you drive your revenue processes. In this manner, revenue intelligence provides companies with insights that simply were not possible prior to the development of artificial intelligence technology. Now, the software has the ability to automate and supercharge the insights to help sales teams, marketing teams, and customer success teams drive growth. In many ways, this technology is changing the way businesses operate.

Conversational intelligence captures the conversations and contact that professionals have with their customers. Then, this information is streamlined into a single database, recording the activity of each individual customer. In this manner, the software program can be used to create a single source of truth and automate the entry of key details. For this reason, businesses have started to use revenue intelligence and conversational intelligence software programs to overcome certain challenges. While these problems might have been nearly impossible to solve in the past, revenue intelligence provides an alternative. This allows companies to maintain an edge when compared to their competitors.

As a whole, revenue intelligence software can be used as a way to efficiently capture and store data. Most importantly, the snapshot capability that essentially creates a “DVR” for your revenue gives you full control and access to any data point you need. The more data companies have on their customers, the more quickly they can make decisions to generate leads, increase conversions, and drive revenue. There are a few specific issues that revenue intelligence and revenue operations can help with.

What Can Revenue Intelligence Software Help With?

Overall, revenue intelligence software is a broad category that focuses on changing the way companies store, analyze, and monitor the data they collect on their customers and internal team members. Then, this data can be interpreted by various analysts, helping to guide the decisions that the company makes. In this manner, this program can be used to expedite key company decisions, allowing them to stay ahead of the competition.

For example, revenue intelligence software can be used to solve the problem of uncaptured or inaccessible data. Prior to the development of this tool, organizational analytics were always at the mercy of the marketing and sales teams. Customer service representatives were responsible for logging all of their points of contact with various customers into a central CRM program. While this should happen after every interaction with a customer, and reality, there are plenty of times when these contact points are overlooked. Because these representatives need to enter this information into the program by hand, it is inevitably overlooked. Fortunately, a strong revenue intelligence system can automatically capture all of this activity and data from customer-facing teams. Then, it can be automatically populated into the CRM, eliminating the purpose of manual data entry and increasing the accuracy of the information in the CRM system.

In addition, another strength of this unique software is its ability to handle conversation intelligence. Conversation intelligence refers to the ability of this program to assess the direction and outcome of a conversation as it unfolds. For example, agents can use this capability to playback previous calls and identify positive and negative cues as the call unfolds. Then, agents are empowered to qualify leads more efficiently, moving them in the right direction. Combining this technology with the revenue intelligence software, this process can be streamlined, ensuring companies are allocating resources to the appropriate areas, team members, and opportunities to maximize conversions and generate revenue.

Finally, a revenue intelligence software program can also solve the issue of siloed data. For those who might not know, this refers to the practice of analyzing data and categorizing it by either the marketing, sales, or customer success teams. While this sounds great in theory, in practice, it means that revenue teams are not looking at the same information. This means that it is possible for a department to miss out on trends and opportunities. With an advanced software program such as this one, this is a problem of the past. Now, there is a single source of truth for every department and every team has access to the same information.

What Revenue Intelligence Software Should I Be Using?

What companies are looking for a revenue intelligence software program, it is important to make sure they enlist the help of the right program. First, it is important to think about the features that the company needs. For example, a small business might simply be looking for a program that can handle call recording. Call recording is a basic feature that comes with most conversational intelligence solutions. Some small businesses might not need to have access to advanced market intelligence tools; however, this might be something that larger companies need.

It is also important to take a look at the capacity of the revenue intelligence software program. For example, some programs might not be able to handle exceptionally large marketing and sales teams. On the other hand, this might be exactly what large companies need in order to keep up with the competition. It is critical to take a look at the limits of the program and ensure they are going to be high enough for the needs of the company.

Next, it is important to take a look at the revenue analysis capabilities of the program. Revenue intelligence programs should be able to recognize patterns and deals across various communication channels. This includes not only phone calls but also emails and even text messages. For example, if a lead is missing a few steps, the program should be able to point this out. If there is a prospect that hasn’t had any activity in the past few weeks, then the program should be able to point this out as well. With many teams working remotely, Revenue intelligence software should be able to provide team members with information on what deals are being worked, which calls are happening, and where conversions are taking place. Then, companies can direct resources where they are needed most.

Finally, it is also important to look at the scalability of the program. Some companies might be growing quickly. In this manner, it is important to look at revenue intelligence platforms and revenue intelligence tools that are designed for companies that might vary seasonally or companies that plan on expanding rapidly. By thinking about this ahead of time, companies can avoid the issue of having to switch revenue intelligence software programs in the middle of their growth phase, which will inevitably derail their plans. These are a few of the most important points that companies need to keep in mind when they are looking at various revenue intelligence systems. Carefully considering these features ahead of time can help businesses make the right decision for their individual teams.

What Are Some Revenue Intelligence Providers?

When it comes to revenue intelligence providers, there are a few leading candidates on the market. It is a good idea to learn about some of the basic features of these programs so that companies can make the right decisions for their needs. Some of the top options include:

  • Canopy.io: Without a doubt, Canopy. io is among the top revenue intelligence platforms on the market. This is a powerful tool that helps sales managers and marketing professionals gain increased visibility into the performances of their individual teams. Users can leverage Canopy.io to track pipeline activity and drive Revenue. Furthermore, Canopy.io is the only forecasting software that is powered by Augmented Revenue Analysis. As a result, this platform provides an unprecedented level of visibility into advanced company trends, machine learning capabilities, and unique patterns that allow company sales teams to maximize their revenue generation. For this reason, Canopy.io has become one of the industry-leading revenue intelligence software platforms available today.
  • Gong. io: Gong.io is a popular revenue intelligence provider that offers several features including, recording, call transcription, and even call analysis. In addition, this platform also provides access to web conferencing, email collection, and even in-person contact information. With access to advanced analytics, communication channels, and information on team activities, businesses can leverage improved insights to make quicker decisions.
  • Chorus. Ai: This is a tool that acts as a conversation intelligence platform, helping sales teams close more deals and Coach sales reps to become top performers. There are numerous companies that have already used Chorus.AI to increase their close rates and teach reps to become top agents. While this platform lacks some of the advanced revenue intelligence features that are included with the other programs on this list, this is an easy tool to use and can reduce the amount of time it takes to convert leads. As a result, this tool is leveraged by some of the largest companies in the world.

These are just a few of the top revenue intelligence software providers on the market today. This is a rapidly growing field with several options available, so all companies need to take the time to learn about these choices and select the one that best meets their needs. Properly using these tools can help companies maintain an edge on their competition.

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