RevOps, short for revenue operations, is a rapidly growing field that aims to align sales, marketing, and customer success teams towards a common goal: revenue growth. According to Forrester’s study in 2019, companies that implemented RevOps in some capacity had a revenue growth rate almost three times higher than those that did not. Additionally, publicly traded companies that supported RevOps teams experienced a 71% increase in stock performance. Organisations that provide their RevOps teams with advanced tools like sales automation are achieving even more impressive outcomes.
However, managing RevOps can be challenging due to the sheer amount of data, systems, and processes involved. Inefficient processes across departments and applications cause organisations to lose out on 20-30% of potential revenue annually. Lack of alignment and shared goals among marketing, sales, and customer success departments results in a disconnected customer journey and a less efficient sales cycle. This is where automation comes in. In this blog post, we will explore how Robotic Process Automation (RPA) and hyperautomation can help RevOps teams streamline their operations, improve their accuracy, and enhance their customer experience.
RPA and Hyperautomation: The Game Changers in RevOps
Organisations increase their spending on RPA software solutions as a starting point towards hyperautomation because there is still a considerable amount of manual and repetitive work that automation could handle, freeing up employee time for strategic tasks.
According to Market Research Future’s latest forecast, global RPA software end-user spending is expected to reach 25,100 Million by 2030, growing at a CAGR of 35.9%. The RPA market experienced a 31% growth rate in 2021, exceeding the worldwide software market’s average growth rate of 16%. Organisations are using RPA to accelerate their business process automation initiatives and digital transformation plans, linking their legacy systems with their digital aspirations to improve operational efficiency, as stated by Cathy Tornbohm, Distinguished VP Analyst at Gartner.
The benefits of RPA & Hyperautomation for Revenue Operations
The combination of AI and Machine Learning (ML) in automation technologies with intelligence can enhance human capabilities and extend the scope of automation to more sophisticated and intricate tasks. Hyper-automation is among the top trends listed in Gartner’s Top 10 Strategic Technologies for 2020, and organisations are increasingly seeking to leverage advanced automation tools to eliminate functional and process silos while achieving end-to-end process automation.
A recent report by Coherent Market Insights, the global hyper-automation market is expected to grow at a compound annual growth rate of 19% from 2021 to 2027, surpassing $23.7 billion by the end of the forecast period.
Post-Sales Customer Journey Optimisation
The use of robotic process automation and virtual agents can optimise the post-sales customer journey by creating a seamless online process for ordering, tracking, and query management. A B2B supplier, for example, increased its customer satisfaction score by 24 percentage points and improved throughput by 20% by implementing this approach. Additionally, bots can handle product activation by preparing license certificates for new customers, creating emails with license keys, and updating internal functions, such as finance and legal, about the activation. This process saves sales operations teams hundreds of hours per year and enables customers to activate their products much more quickly than before.
Benefits and Use Cases of Automating Revenue Operations
One of the primary benefits of automation is increased efficiency by streamlining repetitive tasks and processes, which enables businesses to optimise resources for more important activities. This can lead to more effective operations and the ability to achieve more with fewer resources. Automation improves data accuracy by reducing human error in data entry and analysis, resulting in accurate and reliable data that can improve the effectiveness of marketing and sales campaigns. Accurate data also ensures that customer success operations deliver the best possible outcomes, leading to greater customer satisfaction.
It drives revenue growth by increasing the capacity to generate leads, convert leads into customers, and retain customers. By automating key processes, businesses can optimise their revenue operations, improve customer lifetime value, and drive overall revenue growth. Here are significant use cases of automating DevOps:
- Automate Lead Routing:
Lead routing, also called a lead assignment, refers to the procedure of allocating leads to sales representatives. Basic lead routing involves categorising leads in alphabetical order and assigning them to reps in sequence. However, advanced lead routing systems take various factors such as deal size, industry, and location into account to ensure that valuable prospects are assigned to the most suitable sales reps instead of being randomly assigned.
InsideSales’ 2021 Lead Response Research discovered that more than 57% of initial outreach calls were made after a week or more. This finding is surprising because the report also indicates that the probability of converting a lead decreases by 8 times after just five minutes of their inquiry.
RPA bots can automate the process of assigning leads to sales reps based on predefined criteria such as location, industry, company size, etc. RPA bots can also update CRM records and notify sales reps via email or chat. Leveraging RPA to automate lead routing improves sales efficiency and productivity, reduces human errors and delays, and ensures a consistent and personalised customer experience.
- Automate quote-to-cash
The aim is to streamline and automate the entire quote-to-cash process in revenue operations, starting from the quote, moving onto orders, and finally fulfilment, new customer onboarding, and renewals. This can be achieved by integrating sales operation apps to make the process faster, more efficient, and error-free, without any manual intervention. The entire process can be visually created using drag-and-drop workflows, which will automate every step, generating quotes based on the latest data and rules and turning them into sales orders without any manual effort. Keeping all customer, contract, and pricing data in-sync across the tech stack will accelerate the quote-to-cash process and convert closed-won deals to revenue faster.
- Automate Customer Support
According to Forrester, companies that have implemented RevOps have seen a significant improvement in their growth rate, with those who have adopted it experiencing a 70% increase in their stock prices. To enhance the customer experience, businesses can use a range of business process automation tools to ensure that all departments are present at every stage of the customer journey, allowing them to identify areas for optimisation and adjustments. By using consistent language throughout the entire customer journey, from marketing channels to post-purchase support, businesses can improve the overall customer experience and drive customer loyalty.
Automate Your Revenue Operations with Autom Mate
If you’re interested in automating your revenue operations processes, the good news is that there is a platform like Autom Mate that can help you achieve your goals. Autom Mate offers a comprehensive automation platform that includes RPA, hyperautomation, iPaas, and AI capabilities, to enable end-to-end automation of revenue operations functions. With Autom Mate, you can easily automate lead routing, quote-to-cash, customer support, revenue forecasting, and other critical revenue operations processes without the need for coding or IT support.
In conclusion, RevOps is a critical function that can drive revenue growth and customer satisfaction for any business. However, RevOps teams face numerous challenges and pain points that can impede their effectiveness and efficiency. By leveraging RPA, hyperautomation, and iPaas, RevOps teams can automate their processes, improve their performance, and deliver better outcomes for their organisations. So, start by exploring the options and benefits of automation, and partner with a trusted automation platform like Autom Mate to achieve your goals.
