It is no secret that finance departments often have to make major procurement decisions, mainly to ensure that business cases are done properly. More often than not, they need to put aside CAPEX allocations and focus on OPEX budgets. They have to try out different systems and see if any of these systems can do anything for them. If the answer is yes, the companies also have to see what these systems can do for them and how far those services would be profitable.
In this regard, we must out that irrespective of whether your company’s finance department has a huge team taking care of day to day functions, or is a one-man band, there is the need to understand how SaaS applications, more particularly Salesforce CRM can change quite a bit o finance-related assumptions.
Cost of implementing Salesforce in Your Business Process:
Every business case has two vital aspects. One is cost, and the other is the benefit. It also applies when you are trying to implement a new CRM in your business process. Then there are three major elements of implementing the new CRM. These are procurement, implementation, and operations. As far as Salesforce is concerned, the monthly fees depend on product versions, the tenure of the contractual commitment, and also how willing you are to make the advance payment.
For the implementation stage, you would need professional help for configuring the system, convert legacy data and integrate the whole thing with other systems. Then there will be requirements for custom codes, system testing, and deployment. Thus, it will be wise to put aside a fund for the services of the support team during the transition.
Benefits of using Salesforce:
The amount of information that Salesforce can hold regarding customer contracts, quoting patterns, and deals is virtually endless. It can even contain information about the deals that you did not win. This data can be analyzed to study and predict patterns in profits and gains. Based on the analytics, better-informed decisions can be made in the future, and the chances of profitability can be increased considerably.
It is to be noted that since Salesforce SOX compliance is the standard for safety and security, finance departments can easily make use of them. It would be wrong to classify it just as an SFA system. There are many add-on products that make it a huge platform in its entirety. Many businesses configure Salesforce as a complete CRM system. In such cases, it is tightly integrated with the rest of the company.
Salesforce’s forecasting systems make booking and payment truly seamless. It is entirely secure as it has sophisticated controls which completely stop unauthorized access, viewing, and therefore, meddling. The forecasting feature can be used as a significant input for the revenue forecasting system.
The platform also holds detailed information about the pipeline of products and services in a completely safe and secure environment. What’s interesting is that this information can be easily extended to form itemized quotes. As soon as a deal is closed, the system generates the order and contract automatically.