Welcome to RISE UP, where every other Friday I share one tip for reaching your potential and building a legendary revenue career.
In case you missed the news this week, I’m thrilled to share that Clari is acquiring Groove. More info here.
When talking to fellow executives, there’s something that clearly separates the good companies from the great companies:
Having a sound and deliberate Revenue Governance and Collaboration strategy in place.
Without it, you risk:
- A poor allocation of resources (a big no-go in this economy)
- Missed revenue opportunities (often standing in plain sight)
- A lack of accountability (what really caused that slipped deal?...)
All of which can will impact your org’s performance and growth.
As a result, limits your ability to build a legendary revenue career.
Locking in a clear governance strategy brings your organization closer to revenue precision: the full, predictable, and repeatable capture of revenue.
It also helps earn the confidence of investors and elevate your company to the top — even in the face of uncertainty. These companies emerge stronger, better able to support their customers, and positively impact the global economy.
This week I’m sharing the ins and outs of a revenue collaboration governance strategy, so you can build a legendary career and become a top exec in your industry
What is a Revenue Collaboration & Governance (RevCG) strategy?
Revenue Collaboration & Governance (RevCG) strategy means developing a strategic framework for running revenue and controlling the end-to-end process.
Governance and collaboration go hand-in-hand.
Governance: How you control revenue
Collaboration: How you run revenue
Revenue Governance: controlling all revenue-driving activities through intentional, specific metrics, definitions, and processes.
Revenue Collaboration: Every revenue-critical person, process, and system works in concert to minimize revenue leak, get closer to full revenue precision, and maximize every single opportunity to capture revenue.
Why is a clearly defined RevCG so critical?
When you activate both the governance and collaboration components of revenue, you ignite and align all revenue-critical employees to (a) focus on the same goal, (b) use a common language, and (c) rely on precise, real-time data.
Revenue becomes a process instead of simply an outcome.
So how do you build an effective RevGC?
3 ways to get started with your RevCG
Here is how I think about the process at Clari.
#1: Identity, then eliminate revenue leak
The biggest problem facing your organization is revenue leak — the loss of revenue due to breakdowns in the revenue process.
This revenue lost due to leak, translates into ~15%, on average, of total revenue. Turn that percentage into an aggregate dollar value across the industry, and you have a $2 trillion loss (according to BCG research).
This presents a huge opportunity to move to full revenue precision: the full, predictable, and repeatable capture of revenue.
One of the fastest ways to build a legendary revenue career is to grow your revenue. Find and stop revenue leak and the rest falls into place.
#2: Use technology to do the heavy lifting
The old, antiquated (and disconnected) method for running revenue = CRM + Spreadsheets + Business Intelligence tools.
This “3-headed Hydra,” as we refer to it in the industry, is broken. It is not effective or efficient.
Technology — specifically revenue platforms — ensures the process includes rigor, discipline, and accountability. This, in turn, leads to repeatability and predictability to stable “up and to the right” stock growth over time.
Everyone wins: customers, companies, and shareholders.
#3: Lean into AI
Generative AI and large language models help eliminate time-consuming, manual tasks for sales reps, front-line managers, and regional directors — all the way up to the C-Suite and Board.
Using AI to shrink that (wasted) time from a day to 30 seconds; a week to 20 minutes. WOW.
As an example, we recently launched RevGPT, a new generative AI solution built into the Clari Revenue Platform that leverages ChatGPT to give companies the ability to get answers to their most critical revenue questions and take action with unprecedented speed and precision.
Now your sales teams have time to connect more deeply with the people they actually sell to, not spreadsheets.
This is where you’ll see the largest return.
——
You want to build a legendary revenue career?
Establish a revenue governance strategy
Here’s the formula:
Eliminate revenue leak + use revenue intelligence technology + embrace AI.
If you need help along the way, let’s chat.
Till next time,
Andy Byrne
CEO, Clari
New playbooks for running revenue
Webinar: Join Maya Connet (Global Head of Inside Sales, Clari) and Kevin Dorsey (SVP Sales, Bench.co) in a new live session three ways to create, convert, and close pipeline.
Podcast: Join Kiva Kolstein, CRO of AlphaSense, on The Run Revenue Show to get an inside look at how you can use data to transform the way you conduct research and make decisions to drive serious outcomes.