Insights

What is RevOps? And how can you leverage RevOps to Grow Your Revenue

Post by
Suraj Venkat
Insights

What is RevOps? And how can you leverage RevOps to Grow Your Revenue

By
Suraj Venkat
|
March 16, 2021
|
3 Mins Read
What is RevOps? And how can you leverage RevOps to Grow Your Revenue



Cooperation is something that can take you a long way and it's easier said than done. As teams keep growing there's a point where the interaction and exchange of internal information slows down. This causes overall malfunction.  Information and reporting that's delivered to the head of departments becomes inconsistent. RevOps is meant to fix this exact problem. By putting sales, marketing and customer success under one umbrella, RevOps enables companies to grow their revenue with solid communication amongst revenue generating departments.



What is RevOps?

RevOps, short for 'revenue operations', is a centralized B2B function that integrates marketing, sales, service, customer success, and finance together. It's an organizational model meant to replace traditional operation units. It's a central unit that holds all members accountable for revenue. It focuses on considering revenue as an ongoing process rather than an outcome. A study from Forrester revealed that public companies with revenue ops had 71% higher revenue performance. The goal of implementing RevOps is to have one unit that has supervision over the operational units under sales, marketing, service and finance.


How does it work?

RevOps is responsible for processes, systems, and data. This means that all the operational units of client facing departments report directly to the head of RevOps. The Head of RevOps then reports these to the other board members and decision makers in the enterprise. RevOps is considered to be a separate unit from all the other functions. Since the working of operations are integrated it will keep sales and finances connected which is important along the line for any startup or business. By keeping these units connected, it's more organized and their functioning is constantly monitored which keeps out any mistakes.

What can it do for your startup?

Companies that recognized and implemented RevOps grew their revenue 19% faster than those who didn’t. So now that you know how it works, let's take a look at what sort of changes RevOps can bring about once it's implemented.



Faster Sales Cycles

RevOps is all about automation and it eliminates the inconsistencies that arise in the traditional management units by acting as a single unit. The centralized model speeds up the order-to-cash process meaning more sales are done efficiently.



A Better Customer experience

When your business has to deal with different functioning units, each unit develops its own goal of what’s referred to as a success. These goals vary depending on the current market, growth phase and sales. The differences lead to a diversion from the primary goal of a business leading to a downfall. RevOps provides functions with a well defined goal that’s in line with the company vision thus ensuring a better end customer experience.



Identifying Process Gaps

Often, businesses fail to work to their full potential due to broken processes. This could be an inefficient process being repeated over and over in any function without the awareness of the members involved. RevOps is responsible for identifying those gaps that can prevent your business from achieving those goals.


Avoiding Internal Conflicts

This is something that most companies deal with too often. Everything seems to be going good and then someone, somewhere hasn’t done their part right which leads to conflicts and arguments amongst the members. By implementing RevOps, a shared dataset is established among marketing, sales and finances. The functions are operated under the overview of RevOps and the goals assigned by them. Thus it avoids conflicts and increases internal cooperation.


RevOps Responsibilities

Although you haven’t heard of the term, you may already have something similar to a RevOps function running in your company. It’s important to acknowledge it for the greater good. How do you know if you’ve got one? Here are some of the responsibilities that RevOps should undertake:

  •  Actively monitor all operating units and their processes 
  • Re-evaluate pricing periodically 
  • Identifying internal inefficiencies 
  • Bridging sales and finances to allow for smoother operations
  • Making sure that sufficient value is made from every sale
  • Developing a shared focus across all units



If you’ve got something similar running for you then, give it a name and appreciate it. If you don’t then implementing RevOps is sure to boost your sales and overall turn over. An independent unit that connects your teams and promotes mutual interests and avoids problems, that's what RevOps is supposed to be. It's supposed to speed things up and boost productivity for mutual gain.



Conclusion


Still thinking about whether to implement RevOps? There’s a time when your business grows and you start focusing on the important things, having an idea of RevOps early on means the business has a higher chance of reaching its full potential while avoiding the errors that hold you back. It’s something that businesses have started implementing and there’s no reason you shouldn’t make a change for the better future of a company.

If you are intrigued and looking to get started running a RevOps strategy sign up for Bitbaza.io as a merchant and begin on your journey to unify sales, marketing and customer success under one umbrella.