One of the most frequently used buzzwords in the tech industry today, revenue operations (RevOps) is a new focus for companies driving revenue through operational strategy. But is RevOps in the tech industry all that it’s hyped to be?
Trust us when we say—heck yes!
What is RevOps?
RevOps is defined, generally, as “the alignment of sales, marketing and customer success operations across the full customer life cycle to drive growth through operational efficiency and keep all teams accountable to revenue. This holistic approach is designed to break down silos between departments.” So, in the simplest terms, RevOps is a way to bring together the revenue-driving teams and have them work effectively and efficiently, together through operational strategy, while being held accountable to revenue growth.
The term RevOps refers not only to this revenue approach, but a job title, as well—and there is a lot out there. In fact, according to Sales Hacker in 2019, “a LinkedIn search for roles using the keywords Revenue Operations yielded over 22,000 open jobs.” You might be wondering how it’s both a job and a strategy, and how it differs from Sales Ops. In this post we’ll dive deeper into RevOps for the tech industry in 2021 and what it can do for companies looking to drive growth through the adoption of technologies like artificial intelligence (AI), automation looks and lean processes.
How does RevOps work?
As a strategy, RevOps focuses on operations management, enablement, data, and implementation of tools that best drive revenue. The RevOps team has been aptly described as “responsible for building the tracks and keeping the trains running on time.” Although RevOps serves to help sales and marketing function, the team is typically separated from the other departments, and reports to a senior role like chief revenue officer (CRO) or chief operating officer (COO). The RevOps department comprises system, sales and marketing operations.
According to Sales Hacker, the two major trends that are driving the boom in RevOps are the new sales and marketing funnel, and the sharing of tools and resources amongst teams. The sales and marketing funnel has changed—it’s now a flywheel, and client-facing teams have to function at various stages of the cycle, instead of simply handing off accounts. Using tools like Customer Relationship Management (CRM) to share client data has been a major influence on the shift to RevOps. The sharing of these kinds of cross-functional tools and client knowledge has seen a more collaborative and informed approach to client management, and has changed the client lifecycle complete
How is RevOps different from sales ops?
Understandably, many people struggle to understand the difference between RevOps and Sales Ops. It’s important to know what the Sales Ops role looks like before investing in RevOps, so we’ll try to lay it out here. Any role that helps the sales team to achieve their goals and improve the sales process falls under Sales Ops. While this of course does ultimately drive revenue, it’s different from a RevOps role in that it is singularly focused on the growth and efficiency of sales.
Challenges for RevOps in the tech industry
Although CRM and similar tools have helped shape RevOps, they come with their own sets of challenges. According to Sales Hacker: “Now that teams share multiple tools and sources of prospect data, implementing and maintaining those systems and associated processes requires careful coordination. When one team owns a system used by many teams, problems can happen.” So what is the best way to get the most out of these important RevOps tools? Keeping your tech stack up-to-date with the most efficient support systems. CRM isn’t perfect, but it’s definitely a key technology, and there are ways to make it work better through AI and automation.
Boost RevOps with Introhive
There’s no arguing that RevOps gives companies a competitive advantage, and companies investing in their tech stack to improve RevOps are leading the way. The capabilities of AI-driven software like Introhive can tap into the opportunities that exist in CRM, making it work better and more efficiently. In fact, Introhive can optimize both RevOps and Sales Ops through our automation, data and AI functions—book a demo today to see how.
To learn more about the importance of tech and company culture, check out our guide to Digital Transformation.