Virtuo is a scale-up headquartered in Paris, France, providing an innovative car rental service that allows you to book a car and unlock it with your phone. You can choose from a fleet of premium, fully equipped cars in different categories, from hatchbacks to SUVs. You can also get your car delivered to your home or work, or pick it up from one of the 100 stations in Europe and the UK. Virtuo also offers a solution for business trips, with a dedicated and personalized tool to manage and access your company bookings.
We joined the Finance Squad after the departure of the previous PM.
Our main goals initially as interim product managers were:
Setting up Ways of Working: As the team was operating without a Product Manager for quite some time now, our first objective was to set up proper ways of working to deliver product initiatives for the squad.
We kicked off this initiative by observing the current processes and setting up 1:1s with the team to understand their ways of working and the challenges they were facing. We jumped in to quickly do an audit of the team rituals and helped with:
The team was working with somewhat vague OKRs and did not have any KPIs to track the work they were doing and also didn’t track the impact their work was having.
After understanding the company and product objectives we collaborated with Tech and defined OKRs for the Finance Squad. We also gathered inputs from internal stakeholders, analyzed data from various dashboards, and collected feedback from Customer Support and Customer Retention that helped with defining the product initiatives for the squad which were aligned with the set OKRs.
The team also did not have KPIs to enable them to track the impact of the features the developers were implementing. We helped with setting up KPIs for the team which included KPIs for payment experience, invoicing and billing, etc.
We also made sure the team was aligned with the OKRs and KPIs and we also set up regular check-ins with the team to track the work the team was doing and made sure the impact was also being tracked.
As we were analyzing data, we found multiple opportunities to improve the payment experience and help with further improving the booking conversion.
Some of the initiatives that we worked on included:
Finance Squad was given the objective to reduce unpaid invoices. To kickstart this initiative, we first looked at data from various dashboards to analyze what kind of invoices are unpaid and what the amount ranges for different kinds of unpaid invoices.
We also organized discovery sessions with multiple internal teams/stakeholders to understand the invoice creation and deposit capture process. After analyzing data and gathering the inputs from different stakeholders we were able to identify various opportunities that would help reduce the unpaid invoices. These included increasing the deposit authorization timeline to enable Virtuo to keep deposit money for a longer duration and hence capture money for unpaid invoices from this deposit. Along with the tech team, we also identified solutions to ensure deposit money is being optimally captured, thus ensuring maximum unpaid invoices get closed.
Damage Reporting experience was also part of the scope for the Finance squad. We identified that there was a need to improve this experience as we saw damage reporting and claims-related issues as one of the top topics for customer conversations with support. After analyzing the customer feedback and inputs from the customer support team we were able to identify some areas of improvement in the user experience in-app that helped with reducing such customer complaints.
We also helped with mapping the pre-rental experience (including booking flow, payment flow, and damage reporting flow) and post-rental experience (including invoicing experience) to help identify areas of improvement for in-app user experience.
As Virtuo operates in different countries like France, Portugal, Italy, Germany, and Spain, each country has different regulations when it comes to e-invoicing, VAT, etc. Currently, Virtuo is using different solutions in different countries to manage e-invoicing. As e-invoicing would soon become mandatory for other European companies, we started looking into a single holistic application that could be integrated with Virtuo invoicing systems.We did a market analysis of such billing/e-invoicing solution providers and came up with recommendations for such a solution for the Finance team.
💡 Prepared and Delivered Quarterly OKRs for Finance Squad.
💡 Defined KPIs for the team and followed through to create dashboards for the same.
💡 Improved booking conversion by improving the payment experience.
💡 Identified opportunities to help reduce unpaid invoices for Virtuo.
The mission was initially supposed to be 3 months long and got extended to 7 months.