Last week we hosted a summer soiree for those who wanted to introduce cloud ERP into their business and offered a whole host of industry expert advice on next steps to elevate your business.
Top industry tips and tricks from our summer ERP evaluation event
Here we give you an inside window into the discussion so even if you weren’t able to make it you can still discover how to evaluate what you need and the best way to go about it to transform your business.
Phil discussed ERP in the modern world, the changing face of software and why the top performing companies are all turning to a cloud based ERP solution. He discussed why removing silos and disparate systems is imperative to meet the demands of today’s customers.
He also talked about frictionless enterprise, which he defines as a business architecture that optimizes the use of connected digital technologies to strip out cost, delay and opacity when harnessing resources and delivering outcomes. Simply put, it erases the barriers that get in the way of getting things done. He gave insight on what digital transformation really means – everywhere, in real-time, on-demand, change-ready and collaborative. Phil also covered the impact of Brexit and how this could bring unpredictable change, regulatory uncertainty but also unexpected opportunity.
Unleash the potential of your business
Phil concluded by letting everyone know how to unleash the potential of their business:
- Think across boundaries
- Always be connecting
- Challenge orthodoxies
- Expect more change
- Focus on outcomes
- Root out friction
We also heard from someone who has been there, Justin Wheatley of NewVoiceMedia, who played a key role in the selection of the Cloud ERP applications at NewVoiceMedia Ltd, provider of telephony integration solutions. Justin shared his experiences of a fast growing company moving to a cloud based model
The issues NewVoiceMedia faced are those which many of you will be familiar with. Justin outlined these as:
- Reporting took 3+ weeks and period close was an extended process
- Billing data had to be manually exported and imported into Sage leaving room for error
- Disparate systems meant inefficient processes, multiple log-ins, and an inability to access financials remotely
- Business model moved from a single product, single geography model to a multi country, multi currency and multi product model
- Revenue Recognition: two sets of journals were created in Sage and exported to Excel–current month (past revenue) and deferred (new revenue). Plus monthly billing run took seven days
- No clear view on projects WIP (Work in Progress) or how they were utilising their PS resources
- No single set of reports for monthly WIP meetings
- Headcount and forecasting was problematic (hopefully HCM will help)
Through switching its systems to FinancialForce applications, which run on the Salesforce platform, Justin found that NewVoiceMedia benefited from:
- Reporting information across regions now available in one place with ability to drill down into each transaction
- Now handling multiple dimensions and multiple currencies with consolidation within the system
- Reporting via 4 dimensions instead of the 2
- Generating reports is now quick and easy with no manual manipulation
- Recognizing monthly revenue now done at the click of a button saving 11 days in data processing
- Month end close now 1-2 days faster
- Group can see how revenue is broken down by customer and other data points resulting in accurate revenue forecasts
- Standardized reports can be accessed quickly and allows all areas of the business to report accurate numbers and have one version of the truth
- Instant case creation from invoices has improved customer service
- WIP reporting automated and reporting scheduled
- 360 view on order to cash incorporating PSA with FFA
- Execs and stakeholders owning their own P&L and complete visibility within Salesforce
NewVoiceMedia has the goal to further its single platform approach as it will look to implement FinancialForce HCM in the future.
Find out how easy it is to help transform your own business to world class standards through registering for our next set of demonstrations to see products live in action:
- FinancialForce PSA demo on September 20th, 2-3pm. Register here
- FinancialForce Accounting demo on September 21st, 2-3pm. Register here
Or see our whole host of related industry webinars. See here for further information.