RevTech: How Technology Can Help Build Revenue & Support Revenue Operations
Revenue technology or “RevTech” is a collection of software that provides revenue-driving teams with analytics, data hygiene, predictive buying signals, and more. RevTech has helped merge the ubiquitous MarTech and SalesTech stacks, giving marketing and sales teams a complete picture of their customers and the interactions that led to success.
Ten percent to 20% increases in sales productivity, 10% increases in lead acceptance, 15% to 20% increases in internal customer satisfaction…what is making all these numbers possible?
Revenue technology supporting revenue operations.
Revenue technology revolutionizes how B2B sales teams sell, allowing revenue operation or “RevOps” teams to drive company growth at unprecedented levels. With a focus on customer interactions and opportunities, sellers gain valuable insights they couldn’t know before using this technology’s capabilities.
Why Companies are Adopting RevTech
Without revenue technology, revenue teams must manually:
- Fill in their CRM with data from emails, phone calls, and video calls.
- Update and add new contact information.
- Determine high-impact sales behaviors (and those that don’t work).
- Clean and dedupe all outdated or “dirty” data.
- Review historical deal data for patterns.
With revenue technology, all this is done automatically — without human error, biases, or subjectivity. This gives sales managers complete visibility without relying on reps to manually enter all of their data.
The bottom line? RevTech stacks bring efficiencies your staff can’t do on its own – ultimately making your team more productive and engaged.
The Rise of RevOps
RevOps is a business function that uses automation to help teams — finance, marketing, sales, service, and customer success — communicate across departments and maintain a streamlined approach toward strategic goals like driving revenue, filling data gaps, and increasing conversions.
Revenue technology serves a vital purpose for revenue operations teams, helping them uncover insights that will increase performance across the business.
How Technology Can Help Build Revenue & Support Revenue Operations
The latest RevOps technology uses modalities such as AI, machine learning, automation, prediction, and data hygiene to generate insights that help businesses operate more efficiently. Here’s an in-depth look at some of these modalities:
AI & Machine Learning
Machine Learning (ML) is now widely used in the enterprise world. Seventy-nine percent of companies are already employing some level of ML to improve their users’ experiences.
Whether users know it or not, most products we use have aspects of machine learning or artificial intelligence (AI) embedded within, from automation to prediction, to text and image processing.
In terms of RevTech, Ai & Machine learning can help:
- Create internal efficiencies.
- Save time & money by automating tasks that used to be done manually.
- Measuring calculated risks.
- Machine learning can learn from historical trends and sales data to minimize risk and make educated recommendations.
When intelligent algorithms work well, we don't even feel their presence in many use cases. SetSail incorporates machine learning into sales data to make modern revenue teams more intelligent, informing the actions that will lead teams to close more deals.
Specifically, SetSail uses machine learning to detect buying signals and productivity patterns. Our automated data capturing capabilities help companies reduce manual data entry and gain more complete sales data to help make better, more informed decisions.
Automation & Prediction
RevTech automation equates to more time for employees to focus on what’s essential by streamlining sales tasks like lead prioritization, analytics reports generation, data capturing and enriching, and sifting the data to find helpful insights.
SetSail’s CEO, Haggai Levi, is passionate about automation: “Companies must change their traditional ideas of sales data gathering and processing largely based on self-reporting, where sales reps are expected to enter data into their CRMs manually. That is the equivalent of using a fax during the internet era. There are systems and technology in place that can completely automate the entire interaction between the reps and their customers.”
Clean data is one of the top trends of revenue operations this year. Data hygiene best practices help ensure that your sales data is organized and efficient. Duplicate, inaccurate, or incomplete data leads to lost revenue, misunderstood customers, and prospecting cold leads.
Getting good data isn’t easy, but the right revenue technology can help. Alex Greer, SetSail’s Senior Director of Sales Operations and Development, said, “All of us are striving for it [our data] to be better. There’s always room for improvement in our data, and the next advent is being able to systematically and accurately detect [parts of our data] using natural language processing and removing the bias from those that had to be manually checked on can be automated reliably.”
(Check out our entire webinar on sales data quality here.)
There are many tools out there that collect and enhance data. But how many can turn your sales data into actionable insights that help you close more deals?
Revenue teams need accurate and complete data to get key insights, clear buying signals, and productivity patterns. SetSail uses artificial intelligence and machine learning to transform your sales data into insights you can use.
Additionally, our data transfer allows you to export that data into your custom models and warehouse to use wherever you need it.
End-to-end Data Visibility
These days, silos make it hard to streamline company strategies and goals. Your sales team might miss critical customer data and, as a result, focus too much energy on prospecting empty leads.
Collaboration and transparency are crucial, but both are difficult to achieve daily within big organizations. You need technology to securely and privately capture, enrich, and map your sales data, support data hygiene, and reduce data gaps.
SetSail’s RevTech does just that. We were named “Startup of the Year'' in the 9th Annual Globee Awards in Sales, Marketing, Customer Success, and Operations. As the Gold Winner in the “Artificial Intelligence” category, the award was given for having “solved the ‘missing sales data’ problem using AI.”
How do we solve that problem? SetSail runs a complimentary “Data Gap Assessment” to identify all the contacts, emails, and meetings missing from your CRM.
Then, we provide a report showing all the sales data we would write back and display this data in SetSail’s dashboard, which offers additional insights using machine learning to detect buying signals.
How to Approach the RevTech & RevOps Transformation
Ready to adopt a revenue operations framework? Here’s what we’d recommend:
- Invest in RevOps leaders: Strong leadership is a vital component of the field and will require a chain of command in positions, from analyst and manager to director and VP.
- Make collaboration the norm: A silo is your RevOps framework’s worst enemy. Transparency is your friend here. Avoid silos by encouraging cross-department collaboration and making it part of your company culture and processes.
- Prioritize the customer experience: RevOps considers multiple departments, including customer success and experience. A positive customer experience is always your top priority.
- Build out your tech stack: Your RevOps’ tech stack must bring value and clear insights on which you can take decisive action. This technology is paramount to modern revenue teams that value complete data visibility, faster ramp times, better communication, and improved sales ROI.
What to Know About Revenue Technology
Now you know how technology can build revenue and support revenue operations.
The next step is picking the right RevTech provider to accompany your revenue operations strategy. Your revenue operations software should include:
- Collecting: Capturing and cleaning your sales data in your CRM software and all other interactions between your reps and customers.
- Discovering: The next stage is leveraging machine learning to analyze your customer interactions by comparing data against hundreds of buying signals to uncover sales best practices.
- Tracking: This is an important step where all your sales managers can boost their efforts by having complete visibility into their reps’ revenue-driving activities and coach reps on that.
- Accelerating: Get suggestions for tailored incentive programs, highlight sales rep’s strengths, identify areas for improvement, and more.
SetSail understands all the intricacies of sales data and how to harness it to boost revenue. Our AI software gives you everything you need to clean your data, provide actionable insights, and pump productivity.
Check out our podcast episode about SetSail’s productivity-driving capabilities to dive deeper into productivity.
It’s time to take a holistic approach to your revenue strategy, and we can help. Schedule a demo today!