by Mike Walsh | May 26, 2021 | Success Stories
Billd is a material supplier who provides short-term financing for the construction industry. Their aim is helping contractors and suppliers grow their businesses with less hassle and risk. They offer credit up to 120-day terms for contractors, who usually aren’t paid until more than 90 days after purchasing materials – allowing contractors to scale their business and stabilize cash flow. Billd understands that traditional credit data can be a poor predictor in the construction industry and embraces contractors who struggle to obtain traditional bank financing.
The Challenge
Billd attempted to manage their material financing product by initially relying on Quickbooks, but quickly realized that it would be difficult to manage a fast-growing company when their system relied on manual disbursements.
They dedicated 4-6 hours daily on disbursements, making it difficult for scalable growth. They needed a platform that was suited for their specific needs and required a highly accurate platform with strong data integrity and daily recording.
The Solution
To streamline their operations and grow their business, Billd needed a solution that could cut down time dedicated to manual disbursements. Fundingo was able to provide a transition to a fully digital, streamlined and integrated credit management system; one that provides notifications for failed repayments and other updates vital to their day-to-day operations.
The Result
With Fundingo’s implementation of their credit servicing module in May 2019, Billd experienced an increase in disbursement funds by 900% and has expanded its team to at least double their original size. Fundingo was able to decrease Billd’s time spent on disbursements; going from 4-6 hours daily to 1 hour of double-checking their sheets. Since working with Fundingo, Billd averages about 2,500 transactions/wk and has become a client with a fully-customized software.
“We really have to give kudos to the development team for everything they’ve done. Throughout the entire process and even today, we’ve been able to feel more like a member of the team and less of a vendor-client relationship.”
Jon Placa – Director of Financial Operations – Billd
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | May 26, 2021 | Success Stories
Rewards Network is in the business of providing working capital and marketing services to over 25,000 restaurants across the country. The IT team implemented Salesforce almost 10 years ago. Over the past few years, there have been only minimal changes to enhance the platform or to engage the users. The result is that Rewards Network missed out on many of the broad advancements and integrations that Salesforce has brought to the market.
The Challenge
TowerBrook Capital Partners recently purchased the company with the goal of expanding the company’s market share
through the integration of smaller independents and additional service offerings to accelerate growth. Management
had been running into significant challenges in their efforts to:
- Increase user adoption
- Improve data integrity and reliability
- Eliminate ineffective rules of engagement with customers
- Correct inaccurate forecasting and reporting
- Evaluate each department performances
The Solution
CloudMyBiz (CMB), which had previously worked with a member associated with TowerBrook, was brought in to
partner with the IT team – not replace them. CMB provided expert guidance and consulting to help IT optimize its
Salesforce instance. The key areas of improvement that needed assistance were:
- Business process alignment and optimization to gain consensus, reduce maintenance, and improve clarity
- Build a scalable system designed for future growth,
- Improve user benefit and adoption with improved UX, speed, and utility in the CRM
- Optimize the data model for automation and reporting
Through its discovery process, CMB quickly evaluated the situation, discovered the gaps, determine where enhancements and integrations were required to improve customer satisfaction. A process was also implemented on how best to engage and then train the administrative and remote sales teams while also creating an environment where the IT team was viewed as a trusted partner wanting to support all the departments.
The Result
As the platform enhancements and integrations were implemented, and the training processes tested and launched, the internal IT team and management team were thoroughly excited when seeing the improvements. CMB delivered the
structure the internal Rewards Network team needed, who were then able to take the system the rest of the way!
Management and IT are already seeing vast improvements in the following areas:
- Lead, Account, and Opportunity planning to drive behavior within leading indicators for more predictable
revenue.
- Automated “rules of engagement” to drive sales team expectations and behavior
- Optimizing Salesforce as a CRM/sales tool to get a greater ROI in Salesforce
- Creating workflows and tools within Salesforce that create a more collaborative, streamlined work
environment
- Dynamic record assignment and reassignment based on existing or changed markets and regions
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Sep 21, 2020 | Success Stories
Optimizing With an Eye on the Future
Dominion Financial Services is a nationally recognized private lender in 49 states that originated over $180 million in loans in calendar year 2019 to experienced real estate investors through four lending products: Fix and Flip loans, 30 year Rental loans, Ground Up Construction loans, and Small Multi-Family loans.
The Challenge
Dominion’s legacy system had been cobbled together over a number of years to power their interest based loan business. Relying on systems like Excel, One-Drive, Office and other platforms, they built a system that suited their needs at the time, however, as they grew, the system was getting stretched and they foresaw the need to upgrade early. to enable a digital transformation and get ahead of the competition and set themselves up for continued long term success
The Solution
Dominion began the search to find a partner who could to help them transition to a fully digital, streamlined and integrated Loan Management System (LMS). The FUNDINGO LMS platform had one significant advantage over the competitors: FUNDINGO could be configured to Dominion’s specific lending process while the competition’s software would have required Dominion to change their process and potentially lose that special sauce they had already developed over years of hard work.
The Result
CloudMyBiz/FUNDINGO evaluated Dominion’s process, and prepared a solution that would meet their needs and deliver immediately improved functionality and tools. The new system created a transparent feedback loop between origination and servicing, letting Dominion have better control of their data and easily find the lifetime history of a borrower. With FUNDINGO, Dominion kept their current process, and via the integrative power of Salesforce, are now set up to take advantage of the cutting edge of technology whenever it hits the market.
“The FUNDINGO team was a pleasure to work with throughout the design & build out. To ensure buy-in from our team, we had to coordinate with 6+ stakeholders on our side. FUNDINGO’s project management approach kept us organized and ensured that each of those stakeholders had input and feedback into the design. This helped tremendously with the adoption process.“
- Jack BeVier – Partner – The Dominion Group
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Interested in learning more?
Have specific questions or want to talk to a FUNDINGO consulting expert?
Contact us at info@cloudmybiz.com
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Jan 16, 2020 | Success Stories
Triumph Business Capital provides invoice factoring for the trucking industry to over 7,000 small to mid-size businesses across the United States.
The Challenge
Triumph is a long-time user of Salesforce, but only for sales engagement. Underwriting was always implemented using a manual process.
Management had been reluctant to expand their use of Salesforce as the operations team was resistant to change and not tech-savvy.
Market pressure, as well as concerns from it’s parent company about profitability, were requiring a turnaround 1-2 days on loan applications,
but their legacy processes average 5-7 days. Additionally, having two separate, disconnected systems had been operationally ineffective and
was preventing Triumph from scaling while remaining competitive and profitable.
The Solution
Triumph turned to CloudMyBiz (CMB) for an assessment of not only the sales side of the system but to provide a reality check on what would be required to migrate underwriting onto Salesforce, transition the process, train the operations team and significantly speed up the turnaround time on deals. The enhancements required for the sales side were minimal, the underwriting and processing side was the exciting
challenge. CMB developed a roadmap that started by listening to the operations team’s concerns and apprehensions. With that knowledge, the team got to experience how they would be trained and then shown all the advantages and benefits they would experience with an implemented Salesforce platform.
The Result
A high-level of engagement by the admin team enabled CMB to quickly, and painlessly automate the manual processes, eliminating many of their mundane and redundant tasks, as well as a myriad of inefficiencies. Both sides of the company realized vast improvements in customer satisfaction, reduced operational cost and time for each deal while increasing lead conversion and overall transparency for the parent company.
“We were really drawn to the team’s responsiveness and how much they wanted to understand the business: they wanted to be a partner in the strategy as well as implement a solution.“
– Haley Heard, Senior Project Manager
Key Benefits
- Increased new client signings 3% year-over-year
- Reduced application underwriting time from 5-7 days to 1 day or less
- Reduced head count by one-third
- Implementation of an opportunity timer provides:
- Advanced metrics on employees speed at each stage of the process
- Enabling targeted training and re-hiring efforts, further increasing efficiency
- The company now consistently scores excellent marks from the auditors
Interested in learning more?
Have specific questions or want to talk to a FUNDINGO consulting expert?
Contact us at info@cloudmybiz.com
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Jan 31, 2019 | Success Stories
AgileCap provides insurance agencies with a simple, quick source of funding, making timely business growth attainable. Banks traditionally require large, tangible business or personal assets to secure loans. AgileCap does it differently.
AgileCap considers the entire book of business to be an asset. A substantial asset that allows them to provide the funding needed to grow. This paradigm shift in how collateral is defined has allowed AgileCap to provide financing to all ranges and types of agencies over the past 15 years.
The Challenge
AgileCap had leveraged their unique business model into many years of successfully providing funding to insurance agencies nationwide, and substantial company growth. However, they had reached a bottleneck in their ability to scale.
After many years of growth, AgileCap was using many disconnected systems for accounting, data processing, storage and more. Because none of these programs could share data through smart integrations, the AgileCap team was forced to do a lot of duplicate data entry, which is, of course, time-consuming and error-prone. Some other specific challenges included:
- Lacking the desired variety and complexity of deal tracking tools
- The invoicing process could have been easier
- Desired overall increased visibility and transparency
- Reporting could have been faster and more comprehensive
Overall, their disconnected systems were slowing down their underwriting process, weren’t giving them the tracking or metrics they needed to deeply analyze their business and lacked smart workflows and automation to that would save them time.
The Solution
CloudMyBiz is a certified Salesforce Partner. We develop and implement custom Salesforce solutions, integrate systems, enable user adoption and give businesses the foundations to reduce costs, increase efficiency and maximize ROI. CloudMyBiz gives clients access to what
Salesforce does best: innovation. Salesforce is more than just a cloud or software tool, it can be the foundation for developing and growing a business in just about any way imaginable. Salesforce was not entirely new to Agile Cap. In fact, they had actually installed Salesforce previous, however, the basic layout was not user-friendly, and borderline overwhelming to figure out. Consequently, Agile Cap had stopped using Salesforce and returned to their other systems. What they didn’t realize, was that they needed a consultant and developer who understood their industry, and could tailor the system to their specific needs.
Eventually, AgileCap contacted the reps at Salesforce to get a consultant recommendation, and they were then referred to the Alternative Lending experts at CloudMyBiz. After in-depth discussions and a proper Business Process Review, we established that AgileCap’s specific needs included:
- A single, integrated system.
- Reduced human error so they could better scale.
- Enhanced reporting tools.
- Better visibility on where deals are in the process and better pipeline management.
- Improved ongoing monitoring of the loans.
- Streamlined communication internally and externally to create a better user experience for their clients.
The Result
To meet the needs of AgileCap, we implemented our FUNDINGO Loan Management solution, built on the Salesforce platform and designed specifically for the Alternative Lending industry. The FUNDINGO Underwriting and Loan Servicing Apps gave AgileCap the functionality, automation and data insights they were looking for.
Moving them onto a single platform also allowed CloudMyBiz to implement direct integrations with DocuSign, Experian, Conga, and Quickbooks, meaning that all data was now shared by the system, and could be instantly accessed from within Salesforce. This significantly reduced the time it took to process deals, as well as the frequency of data errors.
CloudMyBiz also built a brand new, custom Amortization Schedule module for AgileCap. This custom build-out has been essential to allowing AgileCap to continue growing. It allows for the invoices to be automatically created, sent out, and collected upon, with minimal oversight. What’s more, amortization schedules could now be easily created, updated and reported on. Finally, one of the biggest benefits was that it allowed for invoicing automation (including interest and principal amounts) as well as reporting projected cash flow and revenue for the portfolio.
AgileCap immediately realized that the new system was a vast improvement upon their previous solution. In fact, when they began testing the initial version, they discovered that they were going to be able to save up to 3 hours for each and every deal they processed. In a very time conscious industry, when potential clients are shopping between 10 different funders, and often expecting a turn around time of a day or two, those 3 hours were a huge win for AgileCap! The overall result: AgileCap removed the roadblocks in their way, streamlined their process and are now growing and funding deals faster than ever before!
Interested in learning more?
Have specific questions or want to talk to a FUNDINGO consulting expert?
Contact us at info@cloudmybiz.com
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
by Mike Walsh | Nov 12, 2018 | Success Stories
Imperial Advance, a leading small business lending and financial services company in New York City, provides small businesses the access they need to fast and affordable working capital. The company provides an unparalleled level of customer service and a commitment to helping all businesses achieve their goals.
Imperial Advance is proudly recognized by the Better Business Bureau (BBB) as an Accredited Business, achieving an A+ rating for its proven record of trustworthiness, ethics and commitment to outstanding client service.
The Challenge
When Imperial Advance came to CloudMyBiz, their growth had plateaued. They were essentially blocked from any further improvements or innovations due to a no longer effective legacy system.
Inefficient Processes:
- They had a slow onboarding process for new hires and procedures.
- It was difficult to submit loan applications to lenders for approval.
- Deals were often being sent to the wrong lenders, taking too much time, or not getting approved in time
- They had to go to the ACH portal every day to review all balance sheets, navigating in and out of many screens and apps to find the details of each deal
Limited Deal Tracking, Reporting and Disconnected Systems:
- Deals were being tracked on spreadsheets, and separate systems that didn’t talk to each other
- While on a call, reps had a limited view of customer contacts, history, and deals
- Their lack of reporting options made it almost impossible for management to track deals and get an accurate understanding of weekly cash flow
- It was difficult to track deals and provide exceptional customer service, leading to lost deals and unhappy customers
- The cost of acquisition of each closed deal was very high, as they were not able to target their marketing spend, leading to low conversions.
- Their lack of weekly cash flow metrics restricted their ability to take on new deals
Why FUNDINGO?
FUNDINGO is a loan management solution, created by industry experts, and designed specifically for Alternative Lending companies. It streamlines the entire process of originating, underwriting, and servicing loans. Unlike a hodge-podge of outdated and unconnected systems, each handling only a single element of the lending process, the FUNDINGO solution helps Alternative Lending companies attract and close more deals, accelerate the underwriting process, generate more pricing options, reduce errors, and ensure greater consistency.
For Imperial Advance, FUNDINGO was the perfect solution because it would provide them with:
- An end-to-end platform to integrate all of their different systems
- Significantly improved tracking and reporting on lead conversions and marketing campaigns
- A better and faster way to submit deals to the right lenders
- A system that would give them actionable insights, allowing them to scale while reducing the cost of acquisition.
With these upgrades, Imperial would be able to jumpstart their business.
The Result
The FUNDINGO solution, developed and implemented by CloudMyBiz, became the new foundation for Imperial’s business.
The project included implementing Sales Cloud, FUNDINGO Origination and a number of 3rd party apps such as Conga and Docusign. As we often do at CloudMyBiz, the project also included a number of customizations tailored specifically to Imperial Advance’s unique process. Some of our most significant tweaks for this project were: a customized FUNDINGO loan submission wizard, added a number of lender API’s, financial/ACH integrations and the implementation of a whole host of automations, alerts and reporting options.
Imperial’s funding process, from start to finish, became faster, more user-friendly and smarter. As a small company, they saw immediate improvements to their entire business, from faster deal submissions to significantly improved metrics and data insights. The turn around was so significant, that within a few short months Imperial was able to expand, and open a new office in Miami, where they now emphatically endorse Salesforce, and the FUNDINGO solution. Their stagnation is definitely a thing of the past.
Interested in learning more?
Have specific questions or want to talk to a FUNDINGO consulting expert?
Contact us at info@cloudmybiz.com
CEO of CloudMyBiz Salesforce CRM consulting services with a deep knowledge in the lending industry. Taking keen interest in the project management side of operations, playing a vital role in the 31% YOY company growth. Strategic leader, mastering the ability to problem solve at every level of the business, providing effective solutions for clients.
