FinancialForce, an ERP and Professional Services Automation (PSA) provider, has announced an expansion of its partnership with Salesforce to offer customisable, advanced analytics for PSA applications and Financial Management applications. This will use Salesforce Einstein Analytics.
“We are honored to be among the first Salesforce ISVs to extend the raw power of Einstein Analytics into our applications,” said Dan Brown, Chief Development Officer for FinancialForce. “FinancialForce is dedicated to helping our customers grow and succeed in the services economy with relevant, contextual reporting and analytics made available when decisions need to be made. This investment builds upon our recent Spring 2018 release where we launched the first phase of our next-generation financial reporting leveraging Salesforce’s advanced analytics platform. We will continue to unlock levels of business insight that uniquely blend sales, orders, service delivery, and financial data across the opportunity-to-revenue lifecycle as evidenced with the announcements of our Financial Management and PSA Einstein Analytics applications.”
FinancialForce PSA analytics powered by Einstein Analytics
In customer-centric service economies, organizations find it difficult to:
- interpret what is becoming a deluge of customer and financial data
- adapt to changing market and customer demands
- do these at speed.
To address these challenges, FinancialForce will offer embedded reporting and analytics. The capability will be available across the FinancialForce application portfolio and use Einstein Analytics.
Service professionals will be able to forecast and run their businesses with greater confidence and predictability. FinancialForce PSA Analytics will deliver real-time visibility into key KPIs used by services:
The objective is to deliver improved forecasting as well as actionable insights. Combining real-time billing and backlog data with project and resource data and Einstein Analytics offers a complete view of a PSA business.
Next-generation financial reporting
Customers who license the FinancialForce Accounting (FFA) solution will receive next-generation ‘FinancialForce Financial Reporting powered by Einstein Analytics’. This includes the FinancialForce Accounting dataset which offers dozens of lenses for all financial statements.
For FinancialForce this marks a big step towards FinancialForce’s vision of combining:
- a Financial Reporting solution
- with the most sophisticated analytics solution, Einstein Analytics
- into a single customer solution.
FinancialForce Financial Reporting powered by Einstein Analytics should provide FinancialForce Accounting customers increased performance and scalability – up to tens of millions of rows of detailed accounting transactions without loss of context. With such depth finance professionals will be able to:
- slice and dice large amounts of data
- drill-down into an individual transactions or invoices
- without leaving the FinancialForce application.
In effect, questions about insight into root causes for changes in performance – such as sudden spikes or drops in revenue from a customer – will be explained with a few clicks. “Traditionally, customers have had to look for additional BI applications outside their ERP solutions, typically with CSV files to upload, and cumbersome datacubes to maintain and manipulate,” said Raphael Bres, vice president, Product for FinancialForce Financial Management solutions. “Analytics and financial reporting are often separated, resulting in different data repositories, vendors and tools, security, and requiring tedious integrations and manual data reconciliation. FinancialForce Financial Reporting powered by Salesforce’s advanced Einstein Analytics revolutionizes the way Analytics and Financial Reporting should be combined for easier, more accurate and insightful data at the lowest TCO.”
What does this mean
FinancialForce PSA Analytics will offered preview availability as part of its Summer 2018 product release. It anticipates general availability in the Fall.
Professional Services organisations do not find it easy to analyse and investigate what is going on in their business. With narrow margins the need for rapid and detailed analysis of trends and individual customer occurrences is an imperative. Responding too late can be business threatening. If FinancialForce PSA Analytics using Einstein Analytics, reduces the ‘understanding time, most professional services firms will be happy.