How Five9 saved millions with FinancialForce PSA
“PSA has been amazing for us - and if your CFO is saying that we made his life easier and he wants more - that's all you need as a CIO.” Tony Sorensen, Vice President and Head of IT, Five9Download PDF
High growth fuels business silos
Five9 experienced 40% growth year-over-year in 2019, with its workforce growing to 1,000 employees. In spite of this success, however, the organization's high growth revealed a lack of cohesion among its departments, impeding future growth. As the business grew, the negative effects of the siloed departments multiplied, urging Five9 to seek out a solution that would unite the organization.
- 30K Hours saved
- $2.5M Increase in revenue over two quarters
- 40% Improved resource and revenue forecasting
After two failed implementations with other professional services automation (PSA) vendors, Five9 knew it needed a solution tightly connected to Salesforce. Native to the Salesforce platform, FinancialForce PSA fit the bill, the automatic workfront and the integration with the billing platform enabled data to seamlessly flow through the PSA into Five9's billing platform. And employees could tie to the expense platform so that their charges could be automatically billed to the customer accounts.
Automation is now central to project management at Five9. As soon as an opportunity closes in Salesforce, for example, FinancialForce PSA automatically creates a project on the platform. Additionally, Five9 can now easily track project length and accelerate project completion, resulting in higher customer satisfaction and $2.5 million in increased revenue over just two quarters.
Five9 had four months to move off its old platform and implement FinancialForce PSA. With over 2000 active projects, Five9 needed an integration partner to make sure it met key deadlines. According to Doug Johnston, COO, VFP Consulting: "We worked with Five9 to address their desired outcomes using FinancialForce, and the results speak for themselves. Five9 was able to take their operations to a whole new level in a matter of months."
Thanks to increased productivity in its first two quarters using FinancialForce, Five9 saved more than 30,000 hours of lost time and added $2.5 million in revenue. With a savings of $250,000 per quarter, Five9 and VFP Consulting are moving into the next phase of integrating their partner communities and merging billing and revenue into their online business processes.