Though the SaaS industry is booming, many face challenges.
As the SaaS market continues to expand, many in the industry find themselves unequipped to face the large demand from customers. SaaS businesses are still faced with common challenges such as failure to retain customers, lack of team optimization, and low forecast confidence. Many processes are still separated causing inefficient communication between teams and data that is not updated in time. Without an efficient process structure in place, any SaaS business will fall victim to these challenges and suffer the consequences.
Challenges the industry is facing:
There are standard challenges that everyone in the industry experiences
To many, the SaaS model presents opportunities and growth but with it comes challenges that have to be addressed. But we have good news because many in the industry are experiencing these challenges you will be able to gain a competitive advantage if you tackle the issues sooner rather than later.
Not only are you faced with large competition in the industry, but customers that demand more as well. It is crucial in the industry to attain a 360 view of your customer otherwise you will easily fall behind. Let's take a closer look at other industry challenges:
Manual finance operations no longer make the cut.
Limited ability in attaining 360 customer views due to separated systems.
A limited number of SaaS specialized services.
Complex billing solutions give you a continuous headache.
Keep up with the pace
Through the implementation of the full FinancialForce solutions, you will be able to attain accurate data that is continuously updated and within a centralized repository.
Achieve a single source of truth by managing your back office and front office in one integrated approach. This will allow you to automate your processes to effectively manage your projects. Now you are able to gain unprecedented visibility across your whole business.
Productivity increase in accounting and billing
Decrease in days to close
Decrease in DSOS
Deliver new service-based offerings or service-product blends.
Experience seamless, personalized billing and payment solutions.
Rapidly launch new revenue streams and take new offers to market.
Turn your back office from bottleneck into agile growth engine.
No matter the type of contract, all sources of revenue is accommodated.
Easily identify the best opportunities and respond quickly to market changes.
Connect front to back office allowing you to seamlessly handoff from opportunity to renewal and manage the entire customer lifecycle on one system.
Limit reporting errors
Replace spreadsheets and automate your processes allowing you to grow faster
Make faster, smarter decisions with real time analytics across sales, finance, services and more to identify new trends.
Predictive analytics allows you to guide your actions and transform your business.
Chasing Revenue Systems
I3 Groep needed a new system to manage their projects and to log their timecards, integrated with Salesforce to track the full profitability of opportunities.
We were asked to:
Create one tool where all consultants can log in time on a project and manage projects. Time was being lost to collect all the data.
i3 Groep also needed an overview on absences, overtime, and the project planning for the consultants to be able to plan their resources most effectively on projects.
The implementation had to be done in 8 days since the subscriptions on other services were canceled.
Integration of FinancialForce's PSA solution.
Cloudteam Company implemented FinancialForce Professional Services Automation to integrate the sales processes with the project management processes on one single platform.
We were able to:
Rapid implementation method to have a minimum impact on day to day operations
We set up different Clicklink processes to customize the standard FinancialForce availability planners in order for I3 Groep Project Managers to also take into account overtime and absences.
Attaining results after rapid implementation.
Together I3 Groep and Cloudteam Company were able to implement FinancialForce PSA within 8 days of implementation!
i3 has now full insight on opportunities and the related projects. I3 is therefore able to compare the estimated revenue and the actual revenue.
By using one tool for project planning and logging time and expenses, i3 groep now has a clear overview on real time budget information and is able to identify issues and correct them before the project goes over budget.
i3 Groep leverages the power of FinancialForce to track the full profitability of opportunities.
Company Size: Medium
Headquarters: 's-Hertogenbosch, The Netherlands
Products: FinancialForce Professional Services Automation
Facing limitations in every day work processes
Foodics were already using a cloud-based accounting system, but it came with limitations. The finance team was experiencing may issues with the software.
Dia from Foodics even highlighted that they were drawn to Cloudteam Company as it implemented FinancialForce, which runs on top of Salesforce - which makes life easier across the entire company.
Foodics also wanted a way to manage all subscriptions, customizations, and automated renewals of their products. Their aim was to have a 360-degree view of all customer matters, everything in one place.
Adapting FinancialForce within their existing systems.
The solution was straightforward. What needed to be done was to implement FinancialForce accounting systems into Foodics existing systems.
This adaptation would allow the company to make use of its billing central module, customize and tailor all their use cases and business scenarios and finally, it would empower the entire business to operate smoothly.
Bring in fully automated processes would allow Foodics to transform itself into a substantial competitor in the SaaS industry.
Attaining full customer
Together we were able to attain full customer centrality for Foodics.
We were also able to provide Foodics with processes that are scalable, fully automated and can growth with the company.
Cloudteam Company helps Foodics think bigger and out of the box.
Company Size: Large
Headquarters: Khobar, Saudi Arabia
Products: FinancialForce FFA solution
Lack of visibility
Appway needed to drive a higher standardization of contract terms in our sales contracts to maximize a standard accounting treatment. They had a desire to move to a different, more robust, ERP system.
They also needed to harmonize the accounting treatment of all the entities, moving to IFRS for the whole group Finally, they wanted to increase visibility, automation, and analytics for professional services and the wider business.
Implement FinancialForce in full
The solution was straightforward. To run the Appway business on a single, secure, and scalable platform that’s easy to customize and upgrade without anything breaking.
To automated billing and revenue recognition across software and services revenue streams to comply with IFRS.
To replace the incumbent ERP and spreadsheets with a single platform solution incorporating the following modules to address specific business needs.
Attaining full visibility
Integrating with OKTA enabled Appway to utilize Salesforce single sign-on and automate the creation of new and existing users using the native Salesforce security model.
With FinancialForce ERP and PSA natively connected to Salesforce CRM, Appway now has an automated, end-to-end cloud solution to manage purchase orders, billing, approval processes, and more. With the Salesforce platform at the core, everyone can easily track everything from lead generation to project and software billing with financial reporting and analytics on top.
Using a single unified data model Appway can report on data anywhere in the lead to cash or procure to pay process delivering real-time reporting and analytics to speed up business decision making.
Providing visibility for Appway
Company Size: Large
Headquarters: Zurich, Switzerland
Products: FinancialForce FFA solution