For decades, businesses have been trying to find the perfect balance between risk and regulation and increasing the capacity to innovate and scale at speed.
This has become increasingly difficult in recent years as technology has drastically changed how we operate. The rise of digital transformation has forced businesses to completely rethink their models to stay competitive. McKinsey, Gartner, and Deloitte have all released reports on the topic, but there is still no consensus on the best way to proceed.
What is clear, however, is that with this added complexity, businesses need to standardise their revenue operations to remain efficiently agile while still meeting compliance standards.
What is Revenue Operations?
Without a doubt, revenue operations is one of the most important parts in any company’s infrastructure. It ensures that all your business teams – from marketing to sales, sales to finance including your customer success teams – can work together as one cohesive unit towards achieving growth opportunities for both you AND YOUR customers.
It ensures that your entire revenue funnel is predicted, repeatable and scalable which will lead to more productivity in business while also ensuring a seamless customer experience to build trust and loyalty.
Why standardise revenue operations?
There are many reasons why it is important to standardise your revenue operations.
Firstly, it helps to ensure that your company is compliant with regulatory requirements. This is especially important if you are operating in multiple jurisdictions.
Secondly, it enables you to take advantage of economies of scale. By standardising your processes, you can achieve company-wide efficiencies that would not be possible if each market was operating independently.
Finally, it gives you the ability to share best practices across markets and functions. This helps to drive continuous improvement and ensures that your company is always leading and adapting to change.
What are the benefits of standardising revenue operations?
By standardising your revenue operations, you will realise several benefits for your business. It will help:
- Reduce costs by achieving efficiencies through process improvements.
- Improve decision-making by providing visibility into key data points across markets and functions.
- Drive growth by enabling you to scale new products and services into new markets rapidly.
Standardising revenue operations can be daunting, but it is possible with the right approach. Here are a few tips on how to standardise revenue operations:
1. Define what “standard” means for your business
This may seem like an obvious first step, but it is often overlooked. Every business is different, so what works for one company may not work for another. It is important to take the time to sit down and really think about what “standard” means for your organisation. What processes need to be in place? What technology needs to be utilised? Once you have a clear understanding of what standards need to be met, you can start working on implementing them.
“We wanted a partner that really understands what we do – and thinks with us. I really believed that transforming our Lead-to-Ledger process should make GemOne better. We should not start from what we have today and then try to build a system around it. I wanted to ask ‘What does the easiest and most straightforward process look like?’ and then we will change our processes internally”. Patrick Smets, CEO, GemOne
2. Automate wherever possible
Technology can be a powerful ally in standardising revenue operations. Automating repetitive tasks will free up time for employees to focus on more strategic tasks. It will also help to ensure that tasks are completed consistently and accurately. There are many different ways to automate revenue operations, so it is important to consult with experts to find the best solution for your business.
3. Foster a culture of collaboration
For standards to be correctly implemented and maintained, everyone in the organisation must be on board. You can achieve this by fostering a culture of collaboration between departments. Make sure that everyone knows why standards are necessary and how they benefit the company as a whole. Encourage employees to share ideas and best practices with each other so everyone can learn from each other’s experiences.
“Beyond the back office, salespeople can now see when something has shipped, they get the tracking number automatically. Clients get visibility on what’s happening, salespeople can see stock levels, so it’s creating transparency across the whole company.” Patrick Smets, CEO, GemOne
Conclusion
Standardising revenue operations can be a daunting task, but it is essential for businesses that want to stay agile while still complying with regulations. By defining what “standard” means for your business, automating wherever possible, and fostering a culture of collaboration, you can ensure that your company can capitalise on opportunities and avoid potential pitfalls.
