• February 8, 2024
  • By Tara Pawlak, senior vice president of marketing, Revenue Grid

AI's Role in Accelerating Revenue: A Guide for Success

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In today’s fast-paced business world, companies are under growing pressure to improve their sales processes to drive revenue. Improving inefficiencies, from lead generation to customer success, can help sales teams capture more deals. But most businesses are losing revenue throughout their end-to-end revenue process—more than $2 trillion dollars a yearaccording to the Boston Consulting Group (BCG).  The worst part is, they don’t even know it’s happening.

Several factors contribute to missed revenue opportunities, including misaligned sales and marketing efforts, lack of proper insights, reliance on manual processes, and ineffective lead management. As every business exists because of its customers—leveraging customer data effectively becomes crucial. The sheer volume of data—managed across various platforms, such as Tableau, Excel, and others—introduces speed and efficiency challenges, with human errors and slower processes hindering revenue growth.

Accelerating Revenue with AI

Many companies are turning to artificial intelligence (AI) technologies to address these challenges, with 30 percent of B2B organizations already investing in AI to drive revenue. Companies attribute 6.3 percent of revenue growth to AI, underlining its transformative potential. However, the success of AI implementation relies on several fundamental principles.

Fueling the AI engine with quality data: The foundation of effective AI implementation lies in having high-quality and comprehensive data. With the correct data, insights and intelligence derived from AI are protected. This involves capturing all sales-related data across all communications channels, not just CRM data, to ensure a complete understanding of the sales process.

Layering in AI analytics: The next step is to incorporate AI analytics after obtaining quality data. This involves plotting analytics to identify areas for revenue improvement. AI can pinpoint missed opportunities, providing actionable insights to enhance revenue capture.

Actionable insights: AI delivers actionable insights by analyzing historical and real-time data. It identifies patterns, opportunities, and areas for improvement, allowing companies to make informed decisions and enhance their revenue-generating strategies.

Execution and analysis: After implementing AI-driven changes, evaluating their effectiveness is crucial. Analyzing the outcomes helps refine strategies and identify additional areas for improvement, ensuring a continuous cycle of optimization.

AI in Action

One leading B2B technology company exemplifies how to harness AI to identify and capitalize on missed revenue opportunities. The company gained a comprehensive view of its sales activities by capturing additional data from various sources outside the CRM. AI analyzed data across its channels, highlighting missed opportunities and suggested improvements, resulting in more accurate forecasting.

For instance, AI identified that delaying responses to inbound leads by even two hours led to a 20 percent drop in conversion rates. Armed with this knowledge, the company automated the lead response process, ensuring a faster and more effective engagement with potential customers. AI also assessed follow-up conversion rates, revealing a 15 percent drop if not conducted within a day. The company realized a significant reduction in revenue loss by automating these follow-up processes.

AI-Powered Generative Signals: Turning Insights into Action

AI's influence extends across the sales funnel, from marketing and sales to customer success. It identifies opportunities for improvement in customer retention, renewal, and churn, providing insights that help companies align their strategies with industry benchmarks and improve customer adoption rates.

Executing AI-driven changes can be challenging due to dispersed data and processes across different teams. In addition to insights, actions are critical. AI-powered generative signals, part of next-generation revenue intelligence platforms, provide actionable guidance to different parts of the funnel, fostering better communication, faster response times, improved collaboration, and overall strategic alignment.

Generative signals draw from accurate data from CRM and all other customer channels to enable teams to identify winning customer engagement patterns—providing real-time, actionable recommendations to elevate sales efforts. Teams receive immediate AI summaries of opportunities, outlining current status, next steps, and tailored action items.

These intelligent signals enable teams to directly manage deals, initiate CRM flows, and communicate with prospects across all sales teams' platforms, e.g., Microsoft Teams, Slack, Outlook/Gmail, and CRM systems. The capability enables the seamless execution of tasks, prospect engagement, and precision across each pivotal moment. A team’s ability to respond effectively and promptly is no longer dependent on intuition but powered by intelligent, timely signals and follow-up.

Principles for Successful AI Adoption

While AI holds immense potential, its success hinges on adopting it strategically. Fundamental principles include setting realistic expectations aligned with organizational objectives, focusing on specific use cases, prioritizing data quality, providing comprehensive employee training, and ensuring a clear understanding of the purpose behind AI adoption.

Companies must leverage AI as a strategic tool to maximize revenue to identify and capitalize on missed opportunities across their sales processes. By adopting AI with a clear understanding of its capabilities and aligning it with organizational goals, businesses can unlock unprecedented potential for growth, streamline processes, and position themselves as industry leaders in B2B sales.

Tara Pawlak is senior vice president of marketing at Revenue Grid.

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