CFOtech Australia logo
Technology news for Australian CFOs and financial decision-makers
Partner content
Story image

FinancialForce develops modern single lens into back & front office customer interactions

By Contributor
Tue 21 Sep 2021

While many businesses talk about being customer-centric, a shockingly high number simply aren’t equipped to have their customers truly front and centre. The promise of Sales evaporates into inaccurate or late billing. Opportunities for switching customers to more suitable products and plans as they evolve are missed. Often because either or both operations are drowning in spreadsheets and other processes which are siloed between departments in environments with clearly delineated front and back office set up. Old school to say the least.

Internal silos and disparate and unequally distributed innovations and business systems have led to disconnected sales, service delivery, customer success, and finance, due to key customer information being held in varying parts of the business, often inaccessible to other departments, inhibiting decision making, and ultimately hampering the customer experience. 

FinancialForce has made it their mission to showcase to business ways in which they can unlock their customer insights, establish a master customer record, and break down silos, thereby delivering an optimum customer experience and making life better (and infinitely more productive) for staff.

Simon Petersen, FinancialForce managing director of Asia Pacific, is all too familiar with the impact of customer information being spread unevenly across different parts of the business, with limited visibility throughout departments.

He states, “In order to efficiently build a business that focuses on customer-centricity and retention, you need a true 360 view of your customer. A lifecycle connection with customers, their evolving needs for products and plans, their invoicing preferences, their service usage etc.; in other words, a relationship that doesn’t simply end once the sale is made. This is what FinancialForce excels in - a single customer lens experience giving insight to the entire customer lifecycle on one system, from CRM all the way through to professional services management and ERP, which eliminates the risk in losing critical data and insights between teams.”

Petersen notes that every ambitious, growing organisation will ultimately arrive at the time when they’ll need to move away from manual processes and embrace dedicated software such as Professional Services Automation (PSA) and Enterprise Resource Management for automating at scale. And once this happens, the business can truly soar; reporting, margins and profits will greatly improve, and they’ll see a clear reduction in lost time and productivity.

“Maybe you can manage your business manually up to around $20-50 million in annual revenue. But as you start pushing towards $100 million it’s near impossible to do it while maintaining reasonable growth. When your year-on-year growth falls below 10%, that’s when I’d be questioning the need for back office automation,” says Peterson.

Removing department silos and ending old mentalities of separate front and back office setup is not only the key to driving up productivity and efficiency (therefore profitability) throughout the business; it’s also the key to helping deliver positive and deeper customer experiences and outcomes.

An example of this is the work that FinancialForce has done with insurance, leisure and motoring business RACV. FinancialForce has been working with RACV for a number of years to automate RACV’s digital ‘back office’ and connect it with its website – the online ‘front office’ - so that all the information members need, in order to engage with the organisation and purchase products, is available digitally.

RACV integrated into its existing Salesforce Customer Relationship Management (CRM) environment FinancialForce’s Cloud and Enterprise Resource Planning (ERP) software to achieve this.

Since going live with the program last year, RACV has already seen reliable, repeatable, and scalable transactions flowing through the FinancialForce platform, allowing it to build on a strong foundation of innovation into the future. 

As Petersen says, “This is the type of customer journey, experience and growth driver we aim for with our clients. Helping them to choose appropriate CRM and ERP software solutions that connect their front and back offices and unlock larger revenue, new revenue, and customer satisfaction across the organisation. As well as to assist them with in future proofing their business through the advantages of automated and AI-enabled technology. This is what we want to give business, finance and professional services leaders across the region.”

Related stories
Top stories
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
Attain
Revenue operations is taking centre stage
As the business world continues to evolve, new demands need to be met to keep up with the ever-changing landscape. 
Story image
Mobility
Hands-on review: STM laptop bags
The advent of hybrid working has meant we need laptop bags. We got our hands on two of the most popular laptop bags from STM.
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
Employee Retention
Company values increasingly important in post-pandemic world
New research released today reveals that company values are the new currency when it comes to employee retention in a post-covid economy.
Story image
Telstra
Telstra, Google and Accenture launch 5G AR experience for AFL
Telstra, Google and Accenture are developing a new 5G powered augmented reality (AR) experience at Melbourne's Marvel Stadium for the footy season.
Story image
Testing
Google and CSIRO use AI to help protect the Great Barrier Reef
Google has partnered with CSIRO in Australia to implement AI solutions that help protect the Great Barrier Reef.
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Story image
Artificial Intelligence
CFOs using digital workers and AI to prevent unnecessary loss
New technology is now allowing CFOs to use digital workers to automate their accounting processes, making it easier for them to avoid unnecessary losses.
Story image
Manufacturing
HINDSITE wins Aerospace Xelerated Pitch Challenge with solution to support Boeing
Brisbane-based startup HINDSITE was the winner of the first ever Pitch Challenge organised by Aerospace Xelerated in partnership with Queensland XR Hub. 
Story image
SAS
New SAS service overcomes subscription fatigue for media companies
SAS has launched SAS 360 Match which helps media companies move towards a AVOD model to generate revenue as subscribers cancel.
Story image
SaaS
Atturra partners with Focus HQ to support Aus organisations
Atturra has executed a partnership agreement with Focus HQ, to resell and support the company's Australian developed SaaS-based portfolio management platform.
Story image
Training
HubSpot launches 'The Great Upskill' week to inspire learning
Brands across APAC including Google ANZ, MessageMedia, Meltwater, Seismic and Aircall, will give their employees a full workday to dedicate to upskilling.
Story image
Kodari Securities (KOSEC)
NFT trends and opportunities: expert reveals all
The NFT market is growing at an exponential rate, with unprecedented liquidity. Here we explore how businesses can profit.
Story image
Artificial Intelligence
Updates from Google Workspace set to ease hybrid working troubles
Google Workspace has announced a variety of new features which will utilise Google AI capabilities to help make hybrid working situations more efficient and effective.
Story image
Adyen
Adyen expands partnership with Afterpay as BNPL payments increase
Adyen has expanded its partnership with AfterPay allowing more of Adyen’s merchants in more countries worldwide to use the BNPL provider.
Story image
Digital Transformation
Why enterprise records management should be part of any digital transformation strategy
Modern organisations create and rely upon an enormous volume of content, and digital records make up a significant proportion of that content.
Story image
Artificial Intelligence
ForgeRock releases Autonomous Access solution powered by AI
ForgeRock has officially introduced ForgeRock Autonomous Access, a new solution that uses AI to prevent identity-based cyber attacks and fraud.
Story image
Digital Transformation
Unlocking the next digital frontier for educational institutions
Understanding where to invest in technology can be challenging for education institutions, especially after the COVID-19 disruptions.
Story image
trust
9/10 Aussies to stop spending if personal data compromised
"Based on the patterns we are seeing among Australian consumers, it is evident that trust in a brand is exceptionally important."
Story image
Phishing
Google reveals new safety and security measures for users
Google's new measures include automatic two step verification, virtual cards and making it easier to remove contact information on Google Search results.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Microsoft
Microsoft unveils adaptive accessories for disability access
Microsoft is introducing an expansive Inclusive Tech Lab to give people with disabilities greater access to technology through new software features and adaptive accessories.
Story image
Talend
Talend introduces new data health solutions for businesses
Talend has announced its latest version of Talend Data Fabric, with the release of Talend Trust Score enabling data teams to establish a foundation for data health.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Cybersecurity
Three key security challenges facing the Australian insurance industry 
Insurance companies must ensure they proactively address security challenges and protect the privacy of customer data.
Story image
Amazon Web Services / AWS
Databricks strengthens AWS partnership with new Lakehouse offering
Customers will experience faster onboarding and unified account administration to make building a Databricks Lakehouse on AWS easier.
Story image
Data
Aussie data & analytic execs not confident in data strategy
Less than half of Australian data and analytics leaders are confident in their data strategy as siloes and lack of culture prevent innovation.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Fintech
Airwallex launches new bank feed integration with NetSuite
Airwallex has launched a new bank feed integration with NetSuite, developed in partnership with NetSuite solution partner, Onlineone.
Story image
Safety
Voxel hits total funding of $18M following ongoing wins
Since raising its seed round in September, Voxel has grown at pace, by decreasing on-site injuries by upwards of 80% and increasing operational productivity.
Story image
Remote Working
IT teams deploy powerful technologies to enable remote work
"We found that IT teams mastered the challenges of remote work last year in large part by employing powerful yet easy-to-use technologies."
Story image
Wasabi Technologies
Wasabi opens new cloud storage in Australia with Equinix
Wasabi Technologies has opened a new hot cloud storage region in Sydney, Australia, using Equinix services. This is the company's 12th global storage region.
Story image
Public Cloud
Cloud adoption still a work in progress, NetApp finds
NetApp has announced the results of the annual Cloud Infrastructure Report based on a survey of public cloud business and IT decision makers.
Story image
Artificial Intelligence
SAS launches human-focused responsible innovation initiative
SAS has launched a responsible innovation initiative, furthering its commitment to equity and putting people first.
Story image
Jabra
Jabra investigates what makes an ideal hybrid work model
“The way we work has changed forever and the current state of knowledge work requires access to digital platforms and technologies to be successful."
Story image
Employee Experience
Zendesk launches customer service and employee experience offering
"Zendesk is helping businesses embrace this new generation of conversational customer relationship management and turn customer service into growth.”
Story image
Artificial Intelligence
Clear Dynamics closes $35M funding round, invests in global growth
The funding is a major milestone and speaks to Clear Dynamics’ vision for AI-enabled ‘composable’ enterprise software, the company states.
Story image
Sisense
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
Alteryx
Decision Inc. Australia enters partnership with Alteryx
Independent data and analytics consultancy Decision Inc. Australia has partnered with automated analytics company Alteryx, expanding its offering to clients.
Story image
Remote Working
How organisations can meet employees' changing expectations
The global employment market has shifted dramatically in favour of employees, sparking the so-called great resignation, in which people are leaving unsatisfying roles in search of greener pastures.
Story image
MongoDB
Tech innovation crucial to growth, but barriers remain
Businesses in the A/NZ region believe tech innovation is crucial to drive future growth, but 76% say they’re being held back by complex data architecture.