LastPass is one of the leaders in the security industry, particularly in password management. LastPass is in the process of being carved out to operate as a standalone company with the unique opportunity to rebuild the organization from top to bottom. Partnering with RSM, LastPass is in the latter stages (at the time of this writing) of a large-scale digital transformation from assessment and planning through to implementation and support. LastPass’s technology stack includes Salesforce Sales Cloud, Salesforce Service Cloud, Salesforce Partner Relationship Management (PRM), Salesforce CPQ and NetSuite.
Transforming the quote-to-cash process
One critical area of focus was on the Quote-to-Cash process, transforming both direct and indirect channels and streamlining the process through automation. An example of automation includes providing standard clauses and exceptions that reps are allowed to negotiate and appropriate approval processes for other types of terms and conditions, which ensures that the legal team is focused only on the higher value, complex issues.
By consolidating applications and data, LastPass is able to get a full 360-degree view of the customer even though the information may lie in four to five key systems. Measuring ARR, TCV, profitability and more enables them to get an understanding of the full value of the customer.
Digital Transformation of subscription selling enables growth
For dynamic SaaS companies like LastPass, being able to automate and track opportunities can be challenging. The flexibility of subscription models creates complexity. Terms of agreement can be changed during the sales process and at any time during the terms. A customer may co-term short (such as adding licenses, add-on features, etc.) or co-term long (such as extensions, renegotiations). Being quickly able to requote and recalculate profitability and commissions provides the customer with the flexibility to customize and grow their subscriptions.
Rearchitecting the channel sales process optimizes partner sales. Standardizing partner pricing and discounting from list price enables flexibility and scalability. Improving and automating the training, enablement, selling and provisioning of partner sales empowers channels to grow.
For much more detail, please view the webcast on optimizing quote-to-cash, delivered by RSM’s management consulting team and LastPass’s VP of Operations.