When it comes to making money in the modern age, revenue intelligence is everything. But what are revenue intelligence startups doing to help change the game? What are these ventures doing to help companies understand how they are generating funds?
Understanding Revenue Intelligence
To understand how startups are helping to change revenue intelligence, we need to look at what this sphere offers.
Revenue intelligence, in brief, is data gathering. It is the process of collating records to understand better what is driving revenue. This data may include periods of increased customer spend, for example, or of decreased engagement.
Ultimately, a venture working in revenue intelligence will develop software and hardware to help obtain and process relevant data. That, for example, may include artificial intelligence.
Case Study: Gong
To be able to understand how startups are changing the way revenue intelligence works, we need to consider a leading case. Gong is an AI sales venture which recently published a value of $2.2 billion. They have seen a meteoric rise in funding during Q1 and Q2 of 2020.
Gong’s revenues are something to behold. Their end of year reports shows final figures of around $20 million. Early projections suggest they are on course for more than double this in 2020, heading into Q3.
But what is it that is driving so much interest in Gong? They revolve around a software concept that captures customer interactions on an automated basis.
This form of revenue management, captured through AI, enables businesses to develop automated pictures of ongoing performance. Rather than scramble for revenue and customer engagement data manually, business owners simply need to give Gong full oversight.
The Future’s Bright
Gong is said to have raised at least $334 million in funding. The company has earned the approval of Thrive Capital and Salesforce Ventures, among others. That means that the business can expect revenue growth of at least 250% year on year.
What’s appealed to many businesses in 2020 is the fact that its software that works efficiently from home. 2020 has been the year of remote working. Thus, remote sales are bolstered by a platform that can be easily activated at home or away.
Gong is one of many San Francisco ventures, which is keeping the city at the forefront of innovation. Gong’s simple interfaces, coupled with intensive multi-functionality, make it an instant winner with growing businesses.
Will Revenue Intelligence Startups Continue to Evolve?
Gong appears to be just getting started, having surpassed Series D recently. Therefore, it’s clear that the demand for revenue intelligence is only going to increase. However, can other ventures build on the functionality and ease of use that Gong is famous for?
Time will tell. Revenue intelligence startups are easy to find across a variety of directories, such as Fundz, which detail recent funding series for budding investors. Modern companies need more analytics than ever to understand how to make money for unlimited growth potential.
SOURCES
https://www.gong.io/press/gong-raises-200-million-in-series-d-funding/
https://slma.podbean.com/e/defining-the-benefits-of-revenue-intelligence/
https://www.ringdna.com/inside-sales-glossary/what-is-revenue-intelligence
