Elastic automates and
improves core business
processes with FinancialForce
"It is important for us as a growing business to have FinancialForce. There are plenty of applications we’ve outgrown but FinancialForce continues to be the backbone of our services." Thom O’Connor, VP of Services, ElasticDownload PDF
Handling rapid growth
Since the release of Elasticsearch in 2010, Elastic's products and solutions have become popular for thousands of organizations worldwide. The company behind it rapidly ramped up, growing from 180 to 2,000 employees in five years. Elastic’s consultants and trainers often work with multiple customers simultaneously on a range of project types and scopes. As business boomed, the company needed to efficiently match consultants to projects and keep track of customer engagements, timelines, and revenue in spreadsheets. Elastic sought a powerful, efficient way to manage its consulting practice.
FinancialForce Professional Services Automation (PSA) integrates natively with Salesforce, the platform central to Elastic’s business. Calling upon this single source of truth, the company uses FinancialForce to understand business performance and growth by markets, verticals, and customers in real time. Employees also generate granular insightful reports through Salesforce via FinancialForce PSA.
With integration, Elastic has been able to:
- Review currencies in 40+ countries in a single view
- Increase in projects managed simultaneously by 10X
- Bring automated, controlled cash, flow process to 96%
With FinancialForce plugged directly into Salesforce, Elastic has one centralized view of customer data, helping the company more quickly and effectively coordinate the right resources across all its teams. The engagement management team can segment professional services by geographies and correlate skill sets to meet the needs of each customer. At the same time, Elastic is empowered to combine consulting and training, helping drive training time with customers from weeks to days. Overall, the company can more confidently and quickly drive revenue.
In addition to scaling with the company’s incredible growth, FinancialForce helps Elastic accurately track projects and recognize revenue. This extends to viewing backlog and incoming demand as well as determining financial situations by location, empowering the company to make smart hiring decisions. For a company conducting business in over 40 countries and 24 currencies, the ability to manage financials efficiently and accurately in a single system has been a game changer.
Elastic has been impressed with FinancialForce PSA’s out-of-the-box functionality and evolution. This allowed the company to meet immediate business needs and scale to satisfy increasingly complex business requirements. With FinancialForce, Elastic has automated a significant portion of its project process, from kickoff to resource assignment to progress tracking. The proof lies in the fact that a single project manager can now handle 200 projects simultaneously – 10X more than in the past.