New Relic Chooses Aviso AI for Accurate Forecasting of its Consumption-based Revenue
About the Company
Industry - Technology
Founded in 2008, New Relic is a technology company that develops cloud-based software to help website and application owners track the performance of their services.
"Aviso was the only company that we could push the data into Aviso from our existing data warehouse and apply the AI ML out the box, and then return the data back. The other vendors weren't there yet. They had roadmaps, they could talk about things that might be coming down the road, but on our timelines, there wasn't anyone else that could do that part of the requirements."
Ted Noble
GTM Strategy and Operations
New Relic
Summary
With New Relic’s nature of business primarily driven by consumption, it was difficult to predict the revenue due to the unstructured, siloed data and several external factors impacting the usage. This resulted in a lack of focused efforts and resources to scale up the business and drive adoption.
New Relic selected Aviso for its AI-powered revenue and consumption forecasting capabilities to make the business model be more customer centric to drive more value, as opposed to other vendors like Clari and Anaplan, whose out of the box AI ML were just not capable enough to deliver to their requirements.
Aviso AI has been New Relic’s preferred revenue operations and intelligence partner since 2022
Challenges Faced
Lack of visibility into consumption to predict revenue and identify deal risks and opportunities
Struggle to integrate the previous solution with non-CRM data sources for accurate forecasting
Siloed data impacting the transparency in managing pricing changes of 12 SKUs
Key Users
C-Level Leadership
Sales Managers
RevOps Leaders
Field and Virtual Sales Reps
Solution Provided
Consumption forecasting at account level for revenue, prices, and quantities considering external macro and internal factors
Consumption forecasting integrated with traditional revenue forecasting using data from all sources including non-CRM such as Snowflake
Integrated view of an opportunity using AI/Email Calendar and CRM
Benefits For New Relic
99+% ACR accuracy in forecasting consumption for last quarter leading to revenue realization for their usage-based business model
Changed pricing structure from 12 different individual pricing SKUs to a single platform pricing model
Easy to use UI with a unified view that acts as single source of truth for all its forecasts
Insights into renewals, event data and churn rate through buyer intent analysis
Boost in new customer acquisition with multi year contracts and early renewals with increase in active customer accounts
Looking to improve your consumption based forecasting?