businesses have been dominating the online community for quite some time now. Over the years, we have seen many enterprises transform to operate online, and customers rely more on online marketplaces due to accessibility and comfort. Perhaps the most important outcome of this digital transformation was the concept of Software-as-a-service ( ). has allowed organizations to sell digital solutions and create a client base. To maintain software quality and , organizations like these have separate teams for development, marketing, sales, and . Conventionally, each of these teams has continuously operated within their , but recently, a new concept called has emerged. or change how these teams work and interact. Let’s talk more about below.
Table of Contents
- What is Revenue Operations (RevOps)?
- Business Processes Before RevOps
- Components of RevOps Operating Framework/Model
- Current Tech Stack That Supports RevOps
- Why is RevOps Important in Ecommerce?
- Key Metrics and KPIs for Revenue Operations
- Is RevOps Different Than SalesOps
- Streamline Your Revenue Stream
What is( )?
is a business strategy focusing on by introducing a new infrastructural paradigm. revamps an organization’s structure to allow for better management and accountability for teams (sales, marketing, etc.), development, and IT. removes between these teams, so they fall under single management. Under management, these teams are judged on similar and follow the same plan of operation. It also ensures that these teams utilize the same tools for most of their tasks to be aware of each other’s work. aims to increase data sharing and communication for by removing barriers between these teams.
A simple example of improved productivity is the sales and. The works to generate promotional material that would spark the interest of prospects. The builds on that material and ensures the product's sales by offering the best possible solutions. Having , enables them to design marketing strategies and that benefit each other and increase .
Business Processes Before
Organizations have different marketing, sales,, client services, and product development departments. Before , each of them operated within their domain under different leaderships. A significant problem with such a structure is that these teams cannot strategize their work to benefit other groups because they are unaware of their operation and goals. A designs its strategies without coordinating with the , so the content might not aid . Similarly, client services may not be able to gather accurate customer feedback without the involvement of development teams.
Components ofOperating Framework/Model
Aframework allows organizations to smoothly transition their regular operations under the umbrella of . It is a plan of action that all teams can follow to better drive . model allows teams to work together and come up with optimized strategies to achieve their goals.
Aframework can vary from company to company depending on the organization’s business needs. Most models consist of the following elements.
Strategy: This is the plan of action that drives the revenue-centric growth of the organization.
Process: Design, management, and tracking of end-to-end revenue processes.
Data: A centralized data platform consisting of data captured from multiple.
: Designing to aid revenue generation. These can be manual and automated.
Analysis: Using analyze the performance of teams and the overall process. These analyses are based on revenue generation, customer satisfaction, customer , revenue , etc.to
Technology: Therequired to carry out . Technology includes tools to be used for process monitoring, data collection, AI , dashboarding, etc.
A( ) steers the for your product. It is a collection of tools and resources that organizations use to carry out operations and maintain . Without the right tools, any job can become tedious. Establishing a architecture has some specific requirements.
Every organization uses a different depending on its business needs. Each team has a set of software tools to carry out everyday operations and maintain customer data from various . Depending on their existing stack, some organizations might not need to change much to implement however, a complete overhaul is required for others.
Many organizations have different tools set up across multiple teams. Though this is fine for normal operations, it is troublesome when integration is required. Using different tools means data from variousis stored in multiple formats and is challenging to bring together.
Astandardizes the toolset used across different departments. A single ensures everyone uses the same and synchronizes all . A establishes the following tools.
Customer Relationship Management () Software
As is about unifying company operations, create a central repository for all your customer data. Data collected from different is stored in a single place so that marketing, sales, and other departments use the exact data for all their campaigns and operations.
Project Management Tools
Teams must be aware of each other’s tasks, goals, and deadlines. This increases collaboration by keeping everyone on the same page.
Some popular project management tools which utilize are ProofHub, Scoro, and WorkZone.
Revenue Intelligence Software
Revenue intelligence software uses the power of artificial intelligence (AI) for data collection . It data gathering, synchronization, and management across all teams.
Revenue intelligence helps with automated data gathering and provides AI-generated trends and data insights. Companies can use these trends to future -data trends, customer responses, and .
Dashboarding tools such as Power BI and Tableau provide a simple interface to draw visualizations from provided data. Observing trends from different data sources on a single dashboard makes it easier for teams to create business strategies. Viewing data from various sources gives members a broader perspective and helps align their tasks to ensure .
tactics have proven to add value to organizations by creating an integrated that drives all revenue-generating teams.
Why IsImportant in ?
In the 21st century, adaptability is an essential skill. It helps you survive the changing times and makes you improve yourself. Today, the way customers interact with companies has changed. Prospects expect a positive experience throughout the, from onboarding to deal closing. The burden of expectations challenges as they require all sorts of data to make all the right moves.
helps deal with these challenges.
A Hivemind System for All
create an end-to-end connected system for all employees, development teams, and systems. This singular system provides all the required information for improved efficiency in tasks such as .
Better Understanding for Employees
A single system means all employees have a better understanding of the working of the entire organization. This benefitsas they can better answer prospect questions.
Improves Sales and
Sales andshare . A unified system helps either team implement strategies incorporating important information gathered by the other team. Collaboration between departments becomes seamless, and they can quickly devise tactics to maximize rate.
According to a HubSpot blog, 71% rise in stock performance.have seen a
Simplified Team Evaluation
All teams targeted byare revenue-generating. With all teams working towards , team evaluation becomes easier. Companies can use similar to evaluate all departments under connected system. These include revenue generation, , customer , etc.
Let’s talk more about thesebelow.
aim to drive . All teams must maintain key performance indicators ( ) that point toward revenue generation. Some key for are:
Cost of: The amount spent on onboarding a new customer. This helps understand customers’ return on investment (ROI).
: This measures the value a customer has provided to the company throughout their relationship. In simpler words, this is the actual ROI over the .
Annual Recurring Revenue: The total revenue a company expects to receive annually from all of its customers.
Rate: This measures the of old clients over time.
Related Reading: 7 Every Business Should Track
IsDifferent Than SalesOps?
It is common to confuse the functionality ofand SalesOps departments. Both aim to increase and ultimately add to the company’s . Before discussing their differences, we must examine how SalesOps works and the role of the in improving product sales.
A marketing department’s goal is to develop marketing material that would spark a potential client's interest. Marketing creates promotional material used in advertisements and by the. This promotional material creates a positive intent in the client’s mind about the product before the sales rep approaches them.
Ais in direct contact with the client. Their goal is to convince the client to buy your product. A needs to properly research their client and perform a market analysis before approaching a prospect. They need to ensure that they offer the client the best possible solution for them and to make the onboarding procedure as simple as possible. A SalesOps team designs the strategies used in a . SalesOps provides research guidelines and supports the actual (sales rep and ).
While SalesOps is only concerned with the performance of the sales department,overlooks multiple teams. works to operations within all revenue-generating teams and to bring them all under a single system.
remove between the workforce of sales, marketing, and . Its goal is to promote by designing similar strategies for all teams to increase . Besides these teams, can also include other vital departments such as engineering and development.
Your Revenue Stream
A major problem for larger enterprises is the complexity of their internal operations due to unorganized. Multiple teams utilizing different tools to carry out their internal tasks create a clutter of data within the organization.
Get in touch with our team of experts today!connects these teams together, streamlining their processes and promoting collaboration. It creates an organized structure within the enterprise such that teams can share data and come up with efficient work strategies. infrastructure allows teams to focus on important things like revenue generation, , and . is becoming increasingly important as companies move to improve and increase .