Revenue Operations by Stephen Diorio & Chris K. Hummel

Author:Stephen Diorio & Chris K. Hummel [Diorio, Stephen G. & Hummel, Chris K.]
Language: eng
Format: epub
ISBN: 9781119871125
Publisher: Wiley
Published: 2022-03-12T00:00:00+00:00

CHAPTER 8

Blend Data into Insights That Inform Selling Actions, Conversations, and Decisions in Real Time

Unlocking the Potential of Analytics to Ignite Growth

The emergence of advanced analytics, AI, and Machine Learning (ML) – and the massive new sales engagement data sets to support them – represents the most significant opportunity to accelerate sales growth since the scale adoption of call centers (40 years ago), CRM (30 years ago), and digital channels (20 years ago). This revolution in advanced sales analytics offers growth leaders unprecedented potential to improve the productivity of revenue teams, multiply the return on selling assets, and create firm value. This makes the ability to capture and unify customer data and convert it into customer and seller insights that optimize and automate cross-functional sales, marketing, and service workflows a big priority.

Businesses and investors agree that better insights can fuel new revenue and profit growth. Growth leaders are investing heavily to realize this potential. On average, investment in advanced analytics will exceed 11% of overall marketing budgets by 2022.4 Spending on AI software will top $125 billion by 2025 as organizations weave AI and ML tools into their business processes.3 Ninety percent of organizations are using AI to improve their customer journeys, revolutionize how they interact with customers, and deliver them more compelling experiences.36

The leaders we spoke with were turning these investments into value by using advanced analytics to reinvent customer journeys, automate sales activities, and extract better prices. Others were leveraging insights to optimally allocating sales resources, better managing sales teams, and improving the performance of sales channels.

In parallel, investors have poured more than $5 billion into over 1,400 AI-fueled sales and technology companies to meet this demand.66 So it's no surprise that over 90% of the top 100 solutions we identified in our analysis of the 100 technologies transforming the commercial model are using advanced analytics, AI, and machine learning to better enable sales, marketing, and service teams.26

Individually these innovators are connecting the dots across the sales and marketing technology portfolio to optimize resource allocation, direct revenue teams, enable individual sellers, and measure and motivate performance, while also working to personalize communications, pricing, and offerings. Collectively, this group of platforms are fast becoming the linchpin of the Revenue Operating System. They turn legacy investments in sales and marketing technology, selling channel infrastructure and customer data into selling outcomes that grow revenues, enterprise value, and profits.

At its core, this new Revenue Operating System creates value by unifying and monetizing customer data and insights at the center, while enabling and automating cross-functional sales, marketing, and service workflows at the periphery.

In effect, it's forcing executives to reimagine their technology stacks and go-to-market models around platforms that aggregate and orchestrate customer engagement data rather than CRM. This has led to a Copernican Revolution in how companies generate revenue by harnessing the full potential technology to accelerate profit growth. This revolution is blurring the lines between traditional software categories and making the ability to turn customer data into insights the primary driver of value creation in sales, and the key to increasing the return on selling assets.

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