WeWork has revolutionized the way people and companies work by providing shared workspaces for small businesses and technology startups. The company also offers a flexible space-as-a-service platform for enterprise (500 employees or more) clients.
With business growth occurring at an unprecedented rate, the management team at WeWork needed to quickly implement new occupancy forecasting and commission calculation tools. After an initial false start, they turned to the team at riverBI for the rapid deployment of a personalized Salesforce Einstein solution.
Life at WeWork Before Einstein
With explosive growth WeWork has become a global business with assets in nearly every country. With it’s growth, and more recent struggles, the company relies on Salesforce CRM to track and report on opportunities and wins. Part of their initial implementation included a simple version of Salesforce Einstein Analytics. Unfortunately, WeWork reached the limits of the simple tool almost immediately. The system lacked the key capabilities required for a reliable global forecast method. As a result, WeWork faced several serious challenges:
- Forecasting was erratic and commissions payment pacing was inconsistent.
- Inside sales reps were obligated to run reports every month to calculate and manually count in commissions. A typical count in took as much as 16 man-hours per report.
- Sales Managers spent an additional four hours each week manually calculating QTD sales performance, and other conversion metrics to help guide their teams.
WeWork had no vision into pipeline movement.
For example, there was no way to tell how many opportunities had been pushed out or pulled forward, or how a deal value might have changed. Because of the poor data quality, Sales Reps had a limited understanding of their performance and almost no insight as to what factors (ex. promotions, messaging, services, etc.) increased the chances of closing an opportunity.
riverBI’s Rapid Solution Deployment Changed Everything
The management team at WeWork needed a better way to access business intelligence data. During their discussions, a relatively new engineering director who had previously worked with riverBI recommended a discovery meeting.
Within a few days of the initial discovery, the team at riverBI used the rapid deployment process to develop and implement a historical snapshot model and associated reporting dashboard. This enabled sales reps and managers to quickly calculate opportunity status. This resulted in better account visibility in a fraction of the time and gave WeWork the confidence needed to push for broader implementation.
Within just eight weeks riverBI had several new solutions up and running including both Einstein Analytics and Einstein Discovery solutions.
The Sales and Management teams at WeWork had a serious business problem. They were collecting incredible amounts of data on opportunities, but they only had rudimentary tools to access, analyze, and share the data.
To address this, they contracted with riverBI to convert the data into business intelligence via a suite of customized data visualization dashboards and reports.
Forecasting & Pacing
The first area to tackle was forecasting. After close collaboration between all of the key stakeholders, the team at riverBI proposed, gained approval for, and then produced a dashboard solution for forecasting. Key requirements of the new tool were that it include:
- Tiered Goal System
- Quadruple Blended Forecast Model
- Sales Weighted
- Business Forecasting
- VP Rollup
- Pacing History Forecast
The final product is a single dashboard that provides executives with a customizable overview of the business. riverBI also delivered a Mobile Dashboard that allows them to interact with the information from anywhere.
Understanding pipeline moment is crucial when working with significant numbers of opportunities across several different sales channels. The business intelligence tools implemented to address this challenging problem has several key benefits:
- Helps Reps and Managers understand how business moves in and out of the pipeline.
- Provides a Rep who is assigned to a part of a business or territory with the historical data needed to understand the total business.
- Analyzes where new business starts and how much of that business is closed.
- Eliminates the “hope” form of forecast quota achievement.
Further analysis, riverBI decided to show the power of Einstein Discovery in the by analyzing win loss rates. With this riverBI helped the team implement find an unexpected result, instead of finding a reason method to increase the already strong sales, but that discounting alongside opportunity value would give them an 80% chance of closing the opportunity. Einstein decided to carve out the rate of discount, and noticed that no matter how steep the discount, chances to win would not surpass 82.49%. During the tough changes, the sales team dived further into the numbers and decided to put a cap on discounts. This actionable data has helped WeWork increase the margins considerably.
Turn data into actionable business intelligence
In the end, WeWork needed better, real-time information in order to optimize their selling efforts. The changes made to sales data collection, tracking, and reporting contributes significantly to achieving that goal. And the rapid deployment commitment from the team at riverBI helped them get the transition started in weeks, not months. To learn more, contact us to set up a time to speak with one of our experts.