Many components make up a great company: captivating branding, strong marketing, and an experienced management team, for instance. However, one key driving force trumps them all— without money, companies sink.
In fact, an incredible 82 percent of businesses fail because of poor money management.
And that’s without the mounting pressures of a looming recession.
When considering this average fail rate and the current economic uncertainty, prioritizing revenue intelligence is more important than ever.
This year and beyond, streamlining your sales funnel is a must—make it simple. Tools and services can help you transition to simpler processes. However, implementing these tools can fall flat if you don’t invest in a revenue intelligence culture first.
Revenue intelligence is collecting product and sales data to maximize revenue. By gaining access to predictive analytics, you can leverage data-driven insights to develop better forecasting, identify trends, and close deals faster. Revenue intelligence tools and processes make this possible and yield multiple benefits, including greater visibility, accelerated sales funnels, and the power of real-time sales forecasting for sales and revenue leaders.
For example, with sales forecasting, you can quickly identify any gaps in your expected revenue. Then you can pivot where necessary, adjust your plans, and achieve a more accurate sales forecast. A revenue intelligence tool can also gather data-driven insights concerning pipeline movements, sales performance, trends, and other crucial KPIs.
When the goal is to drive growth and improve your bottom line, revenue intelligence is a breeze—but how does it all relate to a revenue intelligence culture? And what is a revenue intelligence culture?
A revenue intelligence culture is one in which everyone across the organization is in alignment with revenue goals.
AI-driven tools, including revenue intelligence tools, optimize processes and provide invaluable insights. However, the effectiveness of a tool often falls on the end user. If your team isn’t using revenue intelligence tools to their full potential, you’re leaving stacks of value on the table. Addressing this requires a culture that maximizes the available tools—in other words, everyone on every team has to be just as invested in the growth of the business as you are.
Building a revenue intelligence culture within your organization sets the foundation for what’s possible. The sky really is the limit when you encourage all team members to approach revenue intelligence in a way that ensures seamless conversions, interdepartmental cohesion, and improved decision-making.
When all team members clearly understand what needs to be achieved, why, and how—when they’re really invested in the outcome—they use the revenue intelligence tools at their disposal to their fullest potential, allowing for cross-departmental communication and engagement.
The benefits of investing in such a culture include:
- Maximizing profit strategies focusing on performance and optimization, with each department understanding its revenue potential.
- Teams can better work toward long-term growth by setting targets based on more accurate forecasting.
- Focusing on team building and improved communication, which helps streamline processes and reduce siloes.
When you bridge the gap between your sales, operations, marketing, and finance teams, you ensure better business decisions throughout the entire revenue journey.
Building a revenue intelligence culture means working toward a common vision across the organization. Not every team member will be responsible for achieving a specific goal, but everyone must work toward those goals in a way that fosters collaboration and innovation.
To get your company culture aligned with revenue intelligence:
- Identify goals. What is it you wish to achieve? For example, do you want to focus on predictive data and forecasting based on past deals? Do you want to track client-based engagement indicators? Perhaps you want to prioritize new opportunities with your existing customers? Focus on objectives across sales forecasting, sales methodology, engagement levels, opportunity management, and other aspects of revenue intelligence, creating a cohesive strategy that can be shared with all department heads and employees.
- Plan your course. One of the best ways to plan to achieve goals is working backwards. Using your end goals as the starting point, identify each step that has to occur before the last. Keep going till you have a working roadmap to a solid revenue intelligence culture.
- Take action. If there are any skills or tools your teams lack, invest in training and technology.
- Develop a training program. Upskilling your departments aligns every team with your core revenue intelligence objectives.
- Implement new technology. Invest in the tools that will help your employees implement what they’ve learned.
- Track and measure. Choose your metrics, set milestones and goals, and track your results from period to period.
A revenue intelligence culture is within reach when you partner with Next Quarter.
If you invest in a revenue intelligence culture, harness the power of the top tools that drive real results. Next Quarter is native to Salesforce and can improve forecast models by over 97%. Trusted by the world’s top companies, Next Quarter gives you a real-time revenue picture, improves the sales teams’ performance, and unites data into a sole source of truth.