CRM stands for Customer Relationship Management systems. CRMs help businesses store, manage and analyze data on interactions with prospects and customers, driving growth and revenue systematically. A CRM gives you instant visibility into customer data records and their behavior so you can make informed decisions in real time regarding deals, pipeline, and resolve revenue gaps. CRMs are also fast becoming an indispensable tool in increasing retention rates and reducing churn, with the newest CRMs offering capabilities such as sentiment analysis, automated ticketing, customer support, and customer service automation.
However, a major problem with solely relying on CRM to execute Revenue Operations is that CRMs depend on manual data entry from sales reps, and therefore function as an incomplete system of record. Moreover, CRMs fail to capture the evolution of deals over time, which means you lack the ability to mine historical data to spot trends and patterns. That is why you need an AI Engine like Aviso on top of your CRM to ‘time-travel’ back into your historical data, capture omnichannel buyer-seller interactions automatically and use it to generate insights on rep conversations, deals, pipeline, and forecasts.