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What is Revenue Operations Software?

What is Revenue Operations Software

While businesses have been continuously evolving since the Industrial Revolution, the pandemic has shifted the evolution of the technology that drives businesses into hyperdrive. Over the past two years, organizations across all industries were faced with unprecedented challenges, which forced them to change how they approach key business continuity issues, including revenue management.

As a result, many companies have adopted a formal revenue operations strategy. While the concept of revenue operations (often referred to as RevOps) is not new, it has gained significant traction recently. Put simply, RevOps refers to a business function that is directed at optimizing an organization’s revenue-generating potential.

Naturally, this emerging revenue management methodology led to the development of a new class of technology known as revenue operations software. With this post, you’ll better understand revenue operations software, what platforms are typically incorporated into this technology, and what role RevOps plays in overall sales engagement.

What Is Revenue Operations Software?

As the name suggests, revenue operations software refers to purpose-built technology designed to provide critical business insights, which in turn facilitate revenue generation optimization. 

This technology organizes client data across multiple internal systems in order to develop these insights. Revenue operations software also allows businesses to make more sales accurate forecasts of their earning potential.

The exact capabilities of revenue operations software will vary depending on how sophisticated the application is. However, many revenue operations platforms contain highly advanced technologies, including artificial intelligence, machine learning, and predictive analytics software.

Revenue operations software’s primary data source is a company’s customer relationship management platform, such as Salesforce. In addition, RevOps software may also retrieve data from conversation analysis software, email engagements, marketing automation platforms, and any other integrated application that the business utilizes.

Common Solutions Included in Revenue Operations Software

The most popular solutions incorporated into revenue operations software include the following:

CRM Reporting

Salesforce CRM reportingBy pulling and organizing client data from a variety of sources, revenue operations software provides businesses with a single source of truth that is captured in a CRM like Salesforce. 

The technology also eliminates data latency by rectifying any inaccuracies or discrepancies within the data of various systems. This rectification ensures that all CRM reports are accurate and up to date at all times.

By enhancing the accuracy of CRM reporting, revenue operations software substantially increases the validity of revenue forecasting.

Pipeline Management

Another common functionality of revenue operations software is pipeline management. This technology facilitates improved collaboration between sales and finance teams, which in turn allows the groups to work together to manage accounts, update the pipeline, and assign tasks.

The pipeline management tools included in top-flight revenue operations software also allow reps and sales managers to interact more efficiently in a centralized workspace. This software ensures that any alterations to existing data are automatically updated in Salesforce as well.

Activity Capture

Email, Calendar & Activity TrackingOne of the most powerful features of revenue operations software is that it facilitates advanced activity capture. Most commonly provided by sales engagement platforms, advanced activity capture will automate the logging of all activity from meeting apps, calendars, emails, and LinkedIn. 

When setting up your platform, you can effortlessly customize which data is and is not synced to your platform. You can also define custom objects in order to further personalize the activity capture capabilities of the platform. The data captured by activity capture ensures that all CRM reporting and analysis is based on more complete and up-to-date information. 

Activity capture tools can allow you to automatically link activities with the appropriate contacts, accounts, opportunities, or leads in your Salesforce platform. This capability will set your sales reps up for long-term success, as they will be able to effectively nurture customer relationships and drive conversions.

Revenue Forecasting

The ability to perform detailed revenue forecasting is invaluable to any business. Accurate and timely revenue forecasting will help your company determine when and how rapidly it should scale. These forecasts will significantly reduce the risk of overstretching your existing resources by ramping up operations too quickly.

Revenue operations software accomplishes this by collecting and organizing data across your sales tech stack.

Account Engagement Analysis

Groove Spaces Account EngagementBy pulling data from financial applications and sales software, revenue operations software opens the door for account-based engagement analysis. This means that you will be able to look past broad groups of data and zero in on individual response rates.

Over time, account-based engagement analysis will help you better understand the performance of top accounts. You can then allocate the appropriate resources to these and similar accounts in order to fuel additional engagement. 

In short, account-based analysis allows you to gain a holistic view of the health of each account, which will lead to better client relationships.

Bridging the Gap: Sales Engagement Platforms and Revenue Operations

As you can see, revenue operations software can have tremendous benefits for your organization.

However, RevOps tech alone does not enhance the entire sales cycle. In order to do that, you will need to deploy a comprehensive sales engagement platform. Not only do sales engagement platforms make reps more productive, they automatically capture engagement data that gets fed back into the CRM. This provides RevOps software with accurate data for more accurate reporting and forecasting.

A sales engagement platform is an added layer of software placed over your CRM. This innovative technology includes a variety of tools and applications, including RevOps technologies, collaboration capabilities, automation software, and much, much more.

Why Groove?

Access Salesforce and LinkedIn from Your InboxThe most successful organizations no longer treat revenue operations, sales, and marketing as separate entities. 

Instead, they have realized that these three areas of business operations are closely interrelated. 

While there are several different sales engagement platforms on the market, only Groove’s Salesforce-native platform offers the flexibility that revenue teams need to support the unique workflows of different teams – from sales to account management and beyond. Our dynamic set of capabilities allows your sales reps to effortlessly engage prospects and customers at every vital touchpoint. 

In addition, Groove’s platform includes comprehensive tools for data analysis, automation, and collaboration. By incorporating these technologies designed to influence the entire sales process, Groove empowers GTM teams to boost seller productivity and realize the true promise of their investment in Salesforce.

Schedule your no-obligation demo today and experience the power of Groove’s sales engagement platform. 

G2 Sales Engagement Software Report Spring 2022

G2 Sales Engagement Software Report

Learn why Groove is leading the pack, and how the top providers are ranked across several criteria, including user satisfaction and placement in G2’s proprietary Grid® Report.

Download Report

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