What RevOps needs to focus on going into 2024: Trends and predictions

We’re sorry to be the one to point this out but the year is half over. Q3 is well underway and we’ll be in Q4 before you know it. 

Change is the only constant at this part of the year. You’ve got to be focused on successfully closing out 2023 and working toward a plan for 2024. The only certainty is that Revenue Operations (RevOps) needs to step up in its pivotal role of any successful GTM team. 

But what does this mean for your team? And how can you navigate this constant shift effectively? 

Well, let's find out what RevOps should be focusing on.

The ever-increasing role of RevOps

The days of organizational silos are numbered and that number is dropping precipitously.

RevOps used to be a mashup of SalesOps and MarketingOps. It’s quickly emerging as a secret weapon for any organization to grapple with change and disruption, whether organizational or economic. Increasingly complex customer journeys have become the norm and there’s an urgent need for seamless and streamlined experiences. 

Consider a typical B2B buyer lifecycle. The buyer doesn't care if they're interacting with your sales, marketing, or customer success team - they simply want a consistent, positive experience. That's where RevOps comes in—aligning these traditionally siloed teams around the single goal of revenue generation.

Your tech stack should continue to be a priority

Technology is one facet that can help RevOps teams be successful. Take Place, for example, a tool that empowers RevOps teams to create better processes around sales-to-cash and facilitates effective collaboration between GTM and finance teams. 

Technologies like these are no longer just a nice-to-have. Efficient operations can’t exist without it.

Imagine you're juggling multiple platforms to manage vital customer contract data. Moving it from system to system isn’t just inefficient— it's a recipe for miscommunication and missed opportunities. A comprehensive RevOps tool like Place consolidates subscription and invoice data, providing a unified view and enabling the whole organization to secure those valuable renewals.

Lagging metrics will only lead to poorer decisions

Clinging to historical data for decision-making is akin to driving while looking in the rearview mirror. RevOps teams need to focus on shifting towards real-time metrics that provide a clear, current view of your business performance.

Place’s Metrics and Analytics solution is one such example that helps you close the gap between real-time and lagging data. Instead, your entire organization will be working with real-time numbers for nimble, data-driven decisions. 

That way, you’re not relying on last quarter's sales data and trying to make it match up with what Finance is telling you. Instead, you can monitor your revenue streams in real-time and adjust your strategies accordingly.

Collaboration and Breaking Away from Silos

In 2024, expect closer collaboration within distributed teams and a concerted effort to break away from silos. For a B2B RevOps team supporting the entire go-to-market (GTM) team, this is crucial.

Think of your GTM team as an orchestra, each playing their part but needing the conductor (RevOps) to ensure they're all in tune. This harmonious collaboration can only be achieved by breaking down silos and encouraging cross-functional communication.

As an example, there's an increasing recognition of the importance of alignment between finance and revenue. This isn't just about speaking the same language; it's about working towards the same end goal.

When finance and revenue teams are aligned, they can work together to identify growth opportunities and optimize resource allocation. For example, finance might identify a high-performing product line that could benefit from increased marketing spend, leading to a joint decision to reallocate resources for maximum ROI.

Embracing Automation and New Technology

RevOps professionals are always on the lookout for ways to maximize efficiency within their GTM team. Automation is obviously one such solution. 

After all, by removing the human equation from workflows, it free up valuable time so teams to focus on strategic initiatives rather than repetitive tasks.

Consider a common task like updating customer records. Manually, this could take hours. But with the right tech stack (and a little AI-powered magic), it can take the hassle out of the hands of your reps and ensure information is always up-to-date.

Evaluating Company Aspects and Their Effect on Churn

Churn isn’t just a customer success problem. Every member of your organization can impact churn. As a RevOps professional, it's essential to consider how to mitigate these factors and how they contribute to customer retention.

For instance, analyzing churn data might reveal that customers often leave due to always having to argue about what their invoice should say. 

With this insight, RevOps can work toward syncing contract data within the CRM so it passes seamlessly to the invoicing software that the finance team might be using. This way, customer success teams can spend less time dealing with invoice discrepancies and more time ensuring they’re getting the most out of your product.

Always be learning

As we said before, RevOps is an ever-changing discipline. That means it’s all the more important that you stay up to date. 

As AI and automation become more prevalent, it's essential that your team understands these technologies and how to leverage them effectively. Likewise, getting teams on the same page will require understanding exactly how they work and understanding change management principles.

Investing in training can unlock the full potential of these processes and technologies, equipping your team with the skills they need to drive revenue growth.

If you’re looking for a platform that can help centralize information, break down silos, and more check out Place’s RevOps solution that helps teams bridge the gaps between saes, renewals, and finance.