August 25, 2021
Creating a single source of truth to gain insight on sales, revenue & churn
- Industry B2B SaaS
- Location Copenhagen, Denmark
- Funding Round Seed
- Data Stack kleene, Redshift, Looker
Good Monday is a digital office operating system that enables customers to handle and organise all office related needs, from cleaning and IT support to office consumables and events from one touch point. The business has multiple revenue streams and customer touch points that generate a vast amount of data. Good Monday, like many companies in the early business stages, are striving to be data-driven and allocate resources to activities with the highest yield, to leverage growth and competitive advantages. Financial and customer data has emerged as one of the most important sources of crucial data insights. Paradoxically, the aim is still to have a scalable and agile finance/BI department – reducing coherence between growth and headcount in the finance/BI department while delivering transparency, measurability and accuracy.
Before implementing kleene, Good Monday operated with a single Postgres setup, where all data was stored, which they had to lay down as data sources were mixed and inaccuracies in the logic caused crashes, with a lack of transparency, measurability and accuracy. Good Monday needed to rebuild their data flow and data logic with limited resources.
The shift meant that a data lake needed to be established with connectors to various data sources. On top of the data lake Good Monday wanted to establish a transformation layer that ensured an accurate and consistent data logic, to achieve transparency, measurability and accuracy in data – understanding sales funnel, CAC, customer behaviour, churn, expansion etc.
Bringing together all data sources to generate accessible and comprehensible insight and reveal sales data.
Connecting all data sources and applying the business logic in one solution, without engineers.
A single source of truth with a clear view of key value drivers for business users.
- Bringing all of the data sources together in an accessible and usable manner.
- Insight on sales funnel, churn, contraction and expansion through the application of Good Monday’s business logic.
- Accessing the accounting system to measure unit economics realtime and visualised on dashboards.
A single source of truth, built without engineers
Good Monday was looking for a solution to connect all data sources, including Google Analytics, HubSpot, accounting systems and the platform database. As a start up with limited resources, they couldn’t use the tech team to build and maintain data connections. Deciding against purchasing multiple connectors from different vendors, the CFO decided to use kleene.ai as a “one stop” and scalable solution to access and gain insight from their data.
“We needed someone who could help us, firstly with the connectors and secondly providing a transformation layer where we could apply our business logic, so we could focus on high-value work, connecting data to actionable business opportunities. Now we have access to a single truth of data – I don’t need to worry about connectors or different vendors, I can just connect everything in one place and apply our business logic.”
Accessible data that can be trusted
By connecting all of the data from the production database, ERP, accounting systems and Google Analytics, the CFO has access to all data that are relevant for measuring value creation and growth activities. kleene.ai custom built an e-conomic connector, a scandinavian accounting programme in order for the team to access all DK accounting data seamlessly and eliminate manual data processes.
Understanding contraction and churn per delivery and presenting the numbers month on month was essential – before implementing kleene, the team didn’t have a clear view on normal variation of revenue.
“In the old days, with the Postgres database, when we pulled data we had different results (depending on the query) for example how many active agreements we had, which led us to question “what is the true value here?” further, when analysing our sales data, we couldn’t distinguish whether an agreement was added from the first demo/sales meeting, or if it was actually added on later as customer expansion. But the kleene.ai transformation layer, with built in business logic, ensures we have a single source of data truth.”
Clear view of revenue, churn and upsell
By bringing all data sources together, the team can draw insight from their data and efficiently track core KPIs. Moreover, with a single source of truth, the team can utilise the data for a deeper analysis into customer journeys, onboarding and their funnel, and apply statistical models and backward trends for forecasting and predictive analysis.
“Before, we didn’t have a clear view of the pure revenue churn, contraction or expansion. So we needed measurement to better understand our upsell potential and optimise it. Now we know where to put our efforts, rather than making assumptions in the dark. We can make better business decisions that are data driven and linked to our core KPIs.”
- Established KPIs and insight on performance
As a result of accessing data, the CFO can set KPIs for the team and establish quarterly goals to measure performance. With the data accessible, reports and dashboards can be built and presented to teams, managers and investors and insight gained to drive growth and optimise performance.
“The initial sale of the number of agreements is linked to the usage of the platform and to customer churn. Now we have a pure view, we can look at how good we are at upselling to customers and set KPIs for team members. The data is presented to and utilised by employees, management and investors on a daily, weekly and monthly basis.”
Good Monday Testimonial
“I would definitely recommend kleene. I’ve only had good experience with Matt and the team, who have been so responsive to our requests and helping out. Given that we are a start up, and have limited resources, the support and assistance was genuinely one of the main value props for us. I would also say that the kleene application is fairly easy to understand, and I’m not a technical guy. I now know what an ingest and so forth is, and that’s all I need to know. Our business analyst isn’t technically educated either, but has found the platform easy to use.”