Neocol, Salesforce CPQ & Billing, and Workato team up to help SNYK scale and grow.
The Quote-to-Cash process is complex. Layered with disjointed systems resulting in inefficiencies between Finance and Sales, It’s no wonder we are seeing delays in contracting, inaccurate forecasting, reporting on revenue recognition, and more.
What if Neocol, alongside Salesforce CPQ & Billing and Workato, could help drive different outcomes?
Members of the Finance and IT teams at SNYK shed some light on their decision to make the jump, what ultimately drove their decision, and the benefits this transformation will have on their business below
How to Unify the Sales and Finance teams throughout the Subscription Management Process
"A common problem that we are solving for in quote to cash transformation is the disconnect between Sales and Finance. Sales wants customer facing data – Finance wants to hold on tight to theirs… and thus the battle wages on. Can you give us an understanding of what the SNYK team was feeling or solving for as it relates to both functions?"
"The situation with here is we were a small company growing larger meaning things got more complicated, so complicated to the point where Recurly was not an option for us. On the business operations side when trying to scale we were facing issues too many issues."
"The problems on the finance side is when systems cannot talk to each other, data does not match. Subscription services management should be easy and right now It’s not easy to migrate historical data to CPQ. Before we started the migration process, we launched a new product, which means we became a multi-product company. Not only that but we introduced a new product structure that did not match the old product structure. With the change, problems come up with the data that is being reported."
"We have a young sales team and don’t understand what finance needs. When enterprise deals were coming in with our new structure, our finance and sales structure’s were not in-sync. Sales were not entering the data the finance needed. Our younger sales teams only would think about data that they found important such as the start date, the end date, the first year amount of the contract. For finance, there is more to that and rely on sales to import the data correctly
Funny story, Our CFO asked how our ARR was the last six months and there was no one in the company who could tell him!"
"We hear that a lot! CFO’s ask about ARR and cant get an answer or the answer itself requires a significant amount of time to produce.
Another common challenge we see in scaling organizations is that Sales, Finance, and IT are all trying to solve similar challenges but from different, silo’d perspectives. While the intent to solve, even if silo’d, is fantastic, a united front when it comes to this level of transformation can truly help the business scale.
This is one of the reasons why Workato’s platform alongside Salesforce CPQ & Billing really helps transform the quote to cash process for many organizations. It unlocks access to the right data, at the right time, without requiring significant effort. Questions can get answered and the business can move with greater agility. Trust is created between functions, and more."
"The Selling point internally was we needed to get everything on one platform, this is not the case when purchasing a third party software. It was better to use Workato to connect CPQ and billing with other critical systems. Keeping Salesforce as the one source of truth was a no-brainer. I remember having a conversation with Ariel, do we want to go with Zoura or CPQ?"
"We figured out the billing system has to be connected to the product to switch the service on and off, and that the decision on what to turn on is tied directly to the quote that was signed, and the order that we received from the customer"
"Making the change to Salesforce CPQ & Billing was a great call. The product itself has an extensive & progressive roadmap, it is built on the worlds #1 CRM, and can provide the flexible foundation necessary to adapt as SNYK continues to evolve"
If you're interested in hearing the 20 minute Fireside Chat with SNYK and Workato, please Contact Us or listen On-Demand