Fabriik Manages Growth with SAP
Fabriik, a company launched earlier this year out of the Bayesian Group’s incubator, saw its business grow tremendously in just a few months in 2020 as interest spiked in its tokenization platform and other offerings.
Fabriik’s tokenization platform is designed to make bitcoin value opportunities more accessible. The company also offers financial custodial services, an over-the-counter trading desk, and other financial services.
The Toronto-based company, though a start-up, is truly global, with operations across the world. It had just five employees in March but had grown to a staff of 80 in the early fall and sharply increased revenue.
But as Fabriik and its offerings grew, so did the company’s need for a customer experience system that could provide a sharp focus on regulatory compliance, support governmental efforts to eliminate unregulated exchanges for digital financial assets, and scale quickly and easily, according to Eric Bernhard, its vice president of customers.
“We evaluated a bunch of companies, some with a long history, like SAP, Salesforce, and Microsoft Dynamics, and some smaller companies, like Mailchimp,” Bernhard says.
Fabriik ultimately settled on SAP’s Customer Experience (CX) product line, which includes SAP Marketing Cloud, SAP Commerce Cloud, SAP Customer Data Cloud, SAP Sales Cloud, and SAP Service Cloud.
One of the key elements SAP had in its favor was its familiarity with the European Union’s General Data Protection Regulation, which delineates European privacy rules, Bernhard says. “Our business is much stronger in Europe than in the U.S.
“We always want to be on the right side of the regulations and protect the privacy of our customers. Governments are always reaching out to companies to access client data,” he adds.
Fabriik also liked SAP’s long history in financial services and determined that SAP could best capture, track, and nurture sales leads with its unified CS suite acting as a single source of truth.
The SAP suite also integrated with Fabriik’s enterprise resource planning (ERP) software and offered a clear picture of marketing dollars and where they were spent. Automating the reconciliation saves Fabriik several hours each month. “Before it was a vicious cycle of complexity,” Bernhard recalls.
By deploying SAP’s cloud-based solutions, Fabriik was operational within just three weeks of signing the contract in March, Bernhard says. “They had a lot of templates to help kick-start us, but we still needed to do some customization. We removed a lot of the pieces that weren’t fits for our business, decentralized the chat application, and integrated some other programs.”
The SAP platform slashed Fabriik’s onboarding time by 80 percent. Its sales team, which is based in the United Kingdom, would need to email documents to account executives in the Caribbean. Compliance officers, who are based in Canada, then needed to approve everything, with communications going back and forth for each step.
With everything now in the cloud, each department can access and complete forms in one shared central location, without the documents going back and forth.
Similarly, with all of the data in the cloud, reporting time has been slashed from three hours to two minutes, according to Bernhard.
The platform’s efficiencies also helped the company grow revenue 145 percent.
Fabriik expects to continue to refine its customer segmentation capabilities and will work with SAP to make the solution more robust, Bernhard said. However, the next big step will be to simplify the user experience.
Since implementing SAP's Customer Experience solutions, Fabriik has seen the following results:
- onboarding time has been cut 80 percent;
- reporting time has been cut from three hours to two minutes; and
- revenue has grown 145 percent.