Case Study
Fidelis Cybersecurity Benefits from More Accurate Pipelining, Forecasting & Commissioning
Fidelis Cybersecurity is an industry leader in providing innovative cybersecurity solutions that are trusted by Fortune 100 firms, large corporations and governments around the world. Known for their proactive approach, Fidelis Cybersecurity helps organizations detect, deceive, respond and neutralize cyberattacks before they can impact their business. Fidelis Cybersecurity recently acquired Cloud Passage, a pioneer in cloud security and compliance, adding to their capabilities, reach, and expertise to better serve their customers worldwide.
Challenge
Like many of today’s more forward-looking enterprises, Fidelis is moving towards a subscription-based model for their cybersecurity solutions. To successfully move in that direction, however, they needed to ensure that their current data was clean and accurate, that their Salesforce instance was configured properly, that they had visibility and reporting capabilities for proper forecasting, and that they established a clearly defined and documented set of business processes for their sales team to follow.
Luke Mason, Director of Sales Ops for Fidelis, also placed priority on optimizing their commissioning system to be sure that the sales people were being paid accurately and on-time, and that billing types were being correctly assigned and attributed to the appropriate revenue category.
Additionally, with the acquisition of Cloud Passage, Fidelis needed to integrate the two businesses’ separate Salesforce instances into one unified system to establish a single system of record, provide a holistic view of the company performance and reporting, and reduce operating costs.
Solution
Fortunately, Fidelis already had an established relationship with RevTide Partners, certified Salesforce and business process consultants, who worked with Mason to provide clear and concise recommendations for optimizations, clean the data, properly configure Salesforce; define, document, and provide training on new processes; build the Salesforce-to-Salesforce integration, and more.
RevTide first cleaned up their data, and was able to streamline over 2,000 active SKUs down to 800. They also reconfigured the Salesforce algorithm to correctly assign different types of revenue, designating renewals, net new, and expansions to create a more accurate pipelining, forecasting, commissioning and budgeting.
They also were able to replicate functionality from Cloud Passage’s Salesforce instance, and seamlessly integrate it into Fidelis’ instance, converting an Excel spreadsheet into a slick, reporting dashboard.
Mason said, “The legacy users at Cloud Passage were just completely wowed by it. Everything RevTide does on the development end of things is always fantastic.”
Other services the RevTide team have performed for Fidelis include assisting with data management, building reports and dashboards; designing new sales processes; enhancing NetSuite, Marketo, and other 3rd party integrations; redesigning a custom price quoting tool; and providing helpful documentation and training.
“Whenever I have any kind of problem, I’ll ask the RevTide team, and they always come up with a solution. What sets them apart from other consultants is that they’ll give you a clear and concise recommendation, put a plan in place, and actually carry it out. That’s invaluable in my position.”
Results
“The ability to bucket out different types of revenue has already helped us immensely,” said Mason. “We know now that what we are forecasting is far more accurate than what we were doing previously.”
In addition to identifying revenue types, Fidelis can also now identify how different opportunities are broken out over time – such as multi-year contracts. This has resulted in better budgeting and cash flow forecasts, and will be highly instrumental in predicting revenue with the new subscription model moving forward.
If your enterprise wants to rev up your RevOps, optimize Salesforce, and get invaluable advice to overcome your most pressing business challenges, RevTide is here to help. Visit our website at revtide.io or contact us today. We’d love for you to be our next success story.