Many of today’s companies are having a difficult time collecting, storing, and analyzing the data that they need to make informed sales decisions. One of the biggest challenges that many of these organizations are usually faced with is the lack of gathering reliable information. Even though the latest systems have already been designed to collect the appropriate data from the salesforce from their day to day manual input, there is still a gap that’s hard to fix. These problems usually stem from a variety of things, including sales personnel simply not entering the data that is required from each sales transaction.
Unfortunately, without this information, the CRM technology that’s being used today cannot provide the intelligent answers that are needed to take the sales industry to the next level. Though this may be true, you should also be aware of an alternative solution that companies can take advantage of. This newer innovative option will help to fill in the gap with a technology that is called ‘ revenue intelligence’. So, instead of trying to modify human behavior (ie. pushing for salesforce to input key info manually) revenue intelligence will be used in these organizations instead. With that being said, here is what you need to know about revenue intelligence and its role in solving these three key problems in this industry.
#1. Revenue Intelligence Helps to Solve Time Consuming Manual Entry Tasks and Missing Sales Data
Until recently, these organizations were solely dependent upon the key players like marketing professionals, sales personnel and customer service representatives to input complete and accurate information from their activities. To collect a comprehensive and detailed profile of the activity that is needed, each of these professionals is responsible for inputting contact info on each customer, the activities that are involved and any engagement data that they had available to them. All of this information is valuable to the accurate inner workings of today’s CRM. Though these initiatives are seen as an excellent way to collect info, in theory, there are at least 2 variables that made this a challenge that was hard to overcome, and they are the following:
- 55% of this population were not entering the info that was required
- Too time-consuming for those that are diligent about documenting the info (3 hours of their day).
Fortunately, revenue intelligence helps to solve this problem by collecting this information via the use of an automated capturing platform. For instance, the data that’s needed is extracted now being extracted from the affected data sources (customer accounts and other associated databases). So, there is no longer a need for sales personel and other key players to enter this data manually.
#2. Gets Rid of Data Collected in a Silo
When revenue intelligence software is used to capture the appropriate information, it eliminates siloes. This is because revenue intelligence is designed to capture the information that they need across platforms. Instead of using 3 or more databases to pull all of the essential info together independently, revenue intelligence helps to pull all of the information together into one single source. In short, the ultimate goal is to use this single source of relatable information for the entire organization. This centralized source of information will be used to create reports, analyze information, and make decisions for the future of the organization.
#3. Data Collected with this System is More Up-to-date
Another problem that revenue intelligence solves today is gathering the most up-to-date information. Since manual information that personnel entered was not always the most recent or accurate old contact phone numbers, home addresses, etc), some of the data was outdated before it could be used to make any decisions. On the other hand, with the use of revenue intelligence, these problems are solved by deploying systems that automatically pull the latest contact information from various real-time data resources. By using the most recent information, these affected organizations can forecast the latest upcoming trends accurately and much easier.
Revenue intelligence has been designed for a number of different reasons and purposes. Some of the most beneficial include solving several different industry problems like collecting reliable information across platforms, getting rid of data collection practices that consists of silos, and eliminating time-consuming manual processes that place heavier responsibilities on all key players.