"We needed help," Maguire says. "We were asked by our executive leadership and board to go from a six-month plan down to a four-month plan."
EDA, a division of Randall-Reilly Publishing, provides data-driven market insight to organizations that manufacture, sell, service or finance equipment in the agriculture, capital markets, construction, lift truck, logging, office equipment, printing, machine tool, trucking and woodworking industries.
EDA's transactional data helps its customers guide strategic planning and day-to-day operations, identify regional hot spots and competitor market share, anticipate growth trends and emerging markets, exploit new product opportunities and target qualified prospects using detailed contact information and equipment purchasing histories.
EDA Needed to Better Understand and Serve Its SaaS Subscribers
As a company, EDA lives and breathes data. But it was in the dark when it came to data about how its customers were using its software-as-a-service (SaaS) platform. EDA knew whether customers were using its service or not, but didn't know which users at a particular customer were logging on, how regularly they used the service or how effectively they were able to leverage those features.
The idea of switching to value-based pricing based on how much value each customer received from the service was promising, but not terribly realistic if it couldn't show customers how much value they derived from their subscription.
EDA turned to Issaquah, Wash.-based Scout Analytics, which leverages the power of big data to provide cloud-based recurring revenue management solutions that help its customers reduce customer and revenue churn, increase renewal revenue yield, optimize rate plan performance and maximize marketing conversions. Of particular interest to EDA was Scout's newest solution, Scout Playbooks, a customer engagement orchestration solution.
Playbooks builds on Scout's other solutions-Scout Link for data integration and Scout Hub for predictive analytics. Scout Playbooks orchestrates workflows and automation across sales, customer success, marketing, product management and finance teams. Matthew Shanahan, senior vice president of Marketing and Strategy for Scout Analytics, says that a "playbook" is really a set of business rules and automations that allow you to achieve a specific business objective. For instance, in customer service, one objective is to onboard new customers. That objective is achieved through a series of "plays" or milestones. Each milestone is triggered by a set of business rules.
Scout Hub is a predictive analytics service that allows you to explore and identify correlations between customer engagement and recurring revenue.
Essentially, Scout Playbooks use business rules to trigger workflows and automations across multiple systems and then monitors for resolution. For instance, if log-ins by a formerly heavy user taper off, Playbooks could send a reminder notification to that user, or even trigger an alert to a customer service representative who can then proactively reach out to the user to resolve issues or otherwise provide support.
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