For almost a decade, digital transformation has been a business buzzword. However, many businesses are struggling to visualize its long-term value and so are failing to implement it successfully and sustainably.
Enter Intelligent Revenue. When coupled with company-wide innovation, this revenue strategy can kick start transformation across the entire company.
A changing world
Sales organizations are being forced to change at a rapid pace, and sales leaders are struggling to keep up. Not only has the entire sales world been turned upside down over the past two years, but salespeople keep encountering new obstacles, from the impact of Brexit to supply chain disruptions.
Current market situations have created new vulnerabilities for organizations, but they have also created new opportunities. Sales organizations must creatively adapt to the new selling paradigm and meet the changing ways in which buyers are behaving and investing in new technologies.
The new selling paradigm is a virtual one, in which forecasting is harder and the sales cycle is less predictable. In order to enable accurate planning amidst more unpredictability, businesses should embrace modern tools and technology. Next-generation technologies, such as AI, will help businesses to maintain productivity, engage with prospects and find alternative revenue streams.
Digital Transformation: Where to start?
If change and transformation were easy, companies would always take big risks and reinvent themselves much more frequently than they currently do.
Due to the pandemic, businesses have had to accelerate the speed at which they’re adopting digitalization throughout the company. McKinsey’s 2021 Global Survey found that 65% of respondents increased digital and technology spending at their company, despite cutting costs elsewhere.
With new technologies and dynamic business processes here to stay, it’s crucial that leaders also remain agile and flexible in their approaches. Rather than maintaining a state of denial, business leaders can identify new opportunities in the new selling world by adopting a disruptive attitude.
The primary driving forces of digital transformation are growing revenue and profits. Given that the most basic concept of running a business is to increase profits, this makes sense. However, often businesses attempting digital transformation do not consider how to implement this in their revenue strategy. In fact, this should be the first sphere where digitization is focused.
By accelerating the adoption of technology, barriers to digital disruption within the wider business become lower. In turn, the path forward clears to make way for rapid, digital change.
What is Intelligent Revenue?
According to Accenture, 93% of US organizations believe their existing revenue operating models cannot adapt to changing market conditions. A lack of modern technologies, the right people, and lack of understanding around new technologies can contribute to organizations not being able to operate with agility and speed.
Intelligent Revenue uses data to effectively predict and improve revenue generation. This enables organizations to make smart, strategic decisions to put themselves in a better position to succeed in an unstable market.
Revenue operations (RevOps) consolidates operational silos that have historically existed between marketing, sales, and customer success—the business functions closely tied to revenue – and aligns all elements of the customer lifecycle under a common goal. By eradicating silos, unifying data streams, and boosting transparency, the organizational makeup of RevOps enables decision-makers to seamlessly integrate data and overcome a distrust that can exist between different functions of a business.
In a process similar to the domino effect, implementing intelligent and digital revenue management systems will change the way organizations operate at a larger level and set them up for digital transformation. Rather than maintaining the tendency in the sales industry to rely on gut instinct, intelligent revenue sets leaders up for gathering helpful data and incorporating it into business processes at a higher level.
Intelligent Revenue offers a way to kick start the transformation journey. Through showing incremental value, this can then encourage transformation across the entire company.
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Sales goes digital
The world of sales is most certainly different to what it used to be. Whilst this can be challenging, it also offers reflective opportunities for organizations. Enterprises must evaluate the existing ways of working and invest in any solutions necessary to invigorate performance and goals. To stay ahead of competition, enterprise must learn to trust data and utilize intelligent tools.
By adopting data-driven solutions, businesses can enhance decision-making and performance, as well as more accurately planning for any future disruptions. This data-led transformation is a requirement for businesses aiming to enter the new digital era and level-up profitability.