If you landed on this page, you probably heard the term "Revenue Intelligence" and realized you've never heard it before. What's this new buzzword?
What is Revenue Intelligence?
Revenue intelligence, also known as RevIntel, is the practice of collecting as much data as you can about your customers. Then, using AI to analyze that information and extract actionable insights. It's basically a toned down version of Big Data that is focused on collecting information from all your revenue generating interactions.
What are the data points collected through Revenue Intelligence?
Revenue intelligence collects data from all your customer interactions. These can be an email, call, video call, text message, or information from your CRM. All these data points will complement each other and feed into an AI engine for analysis.
The data will come from all departments that generate revenue, such as Marketing, Sales, and Customer Success teams. Once this information is in your CRM, you might also use business intelligence software or data visualization software to help understand the data better.
As an example, if you have a video call with a client, revenue intelligence software can save and analyze your conversation, transcribe it, and process language to extract information like customer intent.
Then, pair up the information with anything the system can find on the interactions between that customer and your products.
Finally, the AI will compare the information across all similar customer interactions and generate suggestions on the profile of a user that is ready to be upsold and through what channel.
RevIntel's 5 Operating Principles
- Automation
- End-to-end visibility of customer interactions.
- Real-time data to make decisions
- Data-centricity
- Connect the entire company with data
Final thoughts
Overall, RevIntel is a relatively new term and practice that is possible thanks to the invention of artificial intelligence. As our computer processing improves and algorithms change, the practice of gathering customer information will provide increased value to RevOps Directors for accurate decision-making.