The pace of change has never been this fast, yet it will never be this slow again.
Sales organizations are being forced to change at an incredibly rapid pace, and sales leaders are struggling to keep up. Buyers are changing the way they buy and invest in new technology, forcing sales organizations to get creative to adapt to the new selling paradigm.
But you’re probably thinking, “a new selling paradigm”? What the heck does that even mean?”
Keep reading and we’ll tell you!
Digital Transformation: An Agent For Revenue Change
Change is hard. If it wasn’t, companies would be taking bigger risks and reinventing themselves much more frequently than they currently are.
The pandemic has dramatically increased the speed at which digital is fundamentally changing business. But we can’t keep blaming 2020 or thinking business strategy will bounce back to pre-COVID “normal”—that’s dead and gone. Innovative technology and agile business processes are here to stay. This requires leaders to learn how to disrupt themselves on a daily basis in order to identify new opportunities, needs, and trends to navigate the new and difficult selling environment.
The fact that growing revenues and profits are the driving force of digital transformation makes perfect sense. The most basic concept of running a business is to increase profits. Current market disruptions have created new vulnerabilities for organizations, but in true silver lining fashion, it has also created new opportunities as well.
When companies increase their use of technology, their barriers to digital disruption become even lower than before, which paves the way for more rapid, technology-driven changes going forward. And modern companies are catching on. Dell Technologies’ Digital Transformation Index shows that “80 percent of organizations globally have fast-tracked some digital transformation programs.”
Digital transformation is changing the way organizations operate. It’s helping them create a system for gathering the right data and incorporating it fully for business intelligence at a higher level.
So, how can you push your organization to the next level?
What Would Take You From Good to Great?
According to Accenture, 93 percent of organizations believe their existing revenue operating models cannot adapt to changing market conditions.
But why? Many organizations do not have the current resources (i.e. the right people, processes and/or technology) in place to operate at speed. And, given today’s turbulent market, the difference between success and failure can all come down to one or more of these resources.
How can you fix that?
2021 and Beyond: The Rebirth of Sales
Modern enterprises need the right tools and technology in place to sustain growth, enable continuous planning, enhance productivity, engage with prospects and customers in more meaningful ways, and find new outlets for revenue.
Forrester research reports that more than half of businesses are planning to address the shifting selling environment by “acquiring more technology, expanding and diversifying their partners, increasing investment in remote selling models, and restructuring their selling systems.”
One major reason enterprises today struggle to adapt to modern markets is because they fail to take on some kind of reinvention. Why? They fall victim to the “that’s the way we’ve always done it” mentality. When companies cling to outdated processes and fail to adapt strategy, it ultimately halts forward movement (and revenue)!
The current state of sales, while challenging, presents opportunities for organizations to take a look at existing sales processes and invest in new solutions to reimagine performance and goals. With the sheer multitude of data and tools at their disposal today, organizations must confront a lack of trust and visibility into their data in order to reject uncertainty to stay ahead.
In order to do so, it’s time to join the growing movement: Revenue Intelligence.
Xactly CEO and Founder, Chris Cabrera said it best in his recent Forbes article:
“Revenue intelligence aims to use the right intel, such as data, to effectively motivate teams and predict and improve revenue generation. One way this is done is through revenue operations (RevOps), which attempts to consolidate operational silos that have historically existed between marketing, sales, and customer success—the business functions closely tied to revenue.
Specifically, RevOps aligns operations touching the entire customer life cycle together under a common goal. By eradicating silos, unifying data streams, and boosting transparency, the organizational makeup of RevOps lends itself to helping decision-makers seamlessly integrate data and overcome this fundamental distrust.
As businesses look towards returning to offices or adopting distributed work, many challenges still remain, including shifting consumer behavior and the evolving economy. Just as consumers have redefined their priorities amidst the pandemic, business leaders must adapt and reject the “status quo” to drive their strategies, including the industry-wide precedent to rely on gut instinct, or intuition bias.”
Businesses must turn to data-driven tools that streamline decision-making, gauge and uplevel performance, and effectively forecast and plan for the future. In order to enter the new digital era and embrace revenue as you should, organizations must undergo a digital transformation.
Companies that undergo digital transformation improve efficiency and profitability. The highest-performing companies are making bolder investments in technology which allows them to possess stronger capabilities overall.
Organizations should utilize solutions that enable them to make smart, strategic decisions to put themselves in a better position to succeed in an unstable market. Having an Intelligent Revenue Platform enables you to make precise decisions to grow and generate the best revenue possible in any situation. Intelligent Revenue offers a way to be very specific about transformation, to show incremental value, and ultimately kickstart transformation across the entire company.
To learn more about what the new seller experience looks like and how you can take advantage of that by shifting to a revenue-focused mindset, download our guide, “What is Sales Performance Management & How Can it Transform My Business?”