Boost Efficiency and Profitability with Revenue Technology

The next generation operating model has emerged and is here to stay. Differentiation and profitability are no longer underpinned by what products and services we offer, but how well we run our business. According to Forrester, companies that align their revenue operations grow 12-15 times faster than their peers and are 34% more profitable.

A changing landscape.

For tech businesses, the motivation for change can be attributed to a culmination of factors.

From a rising number of external influences including growing competition, rising costs, narrowing margins, economic instability, and evolving customer behaviour/expectations, through to internal issues such as departmental siloes, operational inefficiencies, legacy systems, disparate data, and disconnected customer experiences (just to name a few).

Companies are now having to rethink the way in which they generate revenue and operate. They can no longer neglect the immense opportunity that sits within their existing customer base, nor can they afford the risk of customer churn. But how do they move forward when their existing processes, structures and systems continue to weigh them down?

Time to innovate.

Companies must evolve and innovate to survive in today’s market. I’m not referring to product innovation here, but rather internal innovation and discovering better ways to operate as a business. The Boston Consulting Group (BCG), recommends companies refresh their go-to-market strategy to focus on not just growth, but also efficiency.

Adopting the RevOps model is a great starting point. Revenue Operations (RevOps) is a strategic approach that aligns cross-functional teams including marketing, sales, operations, and customer success, to streamline processes and maximize revenue generation. It requires alignment of people, processes, and technologies, so that everyone is focused on one goal - optimizing the entire customer lifecycle.

Now, I recognise that moving toward the RevOps model is no easy feat. If your business isn’t careful, it could spiral into a costly, multi-year project with no end in sight. This is where Revenue Technology (RevTech) can add value, as it can act as the “glue” to bring everything together quickly, without massive financial outlays.

Invest in Revenue Technology.

Revenue technology is fast becoming one of the most important investments for B2B tech providers today. Here are the key reasons why.

• It’s customer centric. Revenue Technology will allow your business to take a holistic approach to revenue management and be more aligned with the entire customer lifecycle, end-to-end. Revenue generation is not just about making sales, but also nurturing relationships and maximizing value throughout the customer journey. Create an environment where your team can influence the customer experience at each stage and have the opportunity to increase revenue at the same time.
  
  RevTech helps set the foundation required to effectively optimize revenue streams and eliminate revenue leakage. My next point helps expand on how it does this.

• It acts as a central hub. Revenue Technology sits at heart of your tech stack. It can connect each of your existing systems (such as CRM, ERP, ITSM, Marketing Automation, License Management), facilitating greater insights and control over your entire installed base.
  
  I cannot stress enough, how important it is to have accurate, consolidated, installed base data to inform your revenue growth strategy. How can you offer value to your customers if you don’t have a comprehensive view of what is happening? This is an ongoing challenge for many businesses, but the issue becomes even more pronounced in the context of global channels. Imagine all the valuable data dispersed among vendors, distributors, VARs/MSPs spanning the globe, but not being shared. It’s a colossally missed opportunity.
  
  Choosing the right platform to automatically deliver a comprehensive view of your installed base is imperative. Revenue technology is the only platform that can help break down internal data silos whilst incorporating data from partners or vendors in real-time.
  
  [Pro tip: Don’t expect this from your CRM. It is designed to store and organize customer records, not facilitate intelligent decision-making, or include channel elements.]

• It optimizes workflows: The Boston Consulting Group estimates that most major companies waste roughly 30% to 50% of their sales budgets on inefficient processes. Revenue Technology offers a solution to this problem, by streamlining revenue processes, optimizing workflows and automating manual tasks. As a result, businesses benefit from a reduction in operational costs (by 4:1), faster sales cycles, better conversion rates and ability to free up staff so they can focus more on building relationships and closing more deals.
  
  
  

Of course, the benefits don’t end there. Customers can enjoy a far more seamless experience, no matter which stage of the lifecycle they are in, or which department is engaging with them.

It’s clear that today’s modern businesses can no longer progress using tools and methods from the past. Your customers and competitors are evolving, so consider how you can future proof your organization. Set the wheels in motion with greater cross-functional alignment, accurate data and revenue technology as your enabler.

If you think your business could benefit from an intelligent Revenue Technology platform that happens to be built to cater for the specific needs of tech provides (vendors, distributors, VARs/MSPs), reach out to me or my team to find out more.