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 | Jul 18, 2019 | Blog, Salesforce-Apps-AppExchange
The Drag n Drop app is a great and easy way to add files to your Salesforce pages. Once installed, you can then drag and drop a file directly onto the page or object you want to add it to. The app also features an easy file manager option that lets you have greater and faster control to all of the files you need to handle.
Several documents, images and other files can be quickly uploaded under any custom or standard Object in salesforce. Our application is configurable with your Standard Object and Custom Object , with just a click of a button you can upload, download or delete several files at the same time.
Check it out here!
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 24, 2019 | Blog, Salesforce Tips
If you have been around any software development since the 1970’s, there is a good chance you have heard of Agile Methodology. From very large companies, such as IBM, to businesses with only 2 or 3 individuals, Agile has become one of the most common and effective methods for developing and delivering software solutions to customers.
At CloudMyBiz, we also use the Agile process to run our Salesforce development and implementations. From the beginning, we have found that Agile not only makes the most sense from an internal perspective but that it helps us deliver the best possible results for our clients.
However, not all of our clients are immediately knowledgeable or familiar with Agile when they begin speaking to us. So, in this post, we will be giving a quick overview of Agile, shine a little more light onto how we use it at CloudMyBiz, and then talk about how it helps us deliver high-quality results to our clients.
Agile vs. Traditional Development
Agile is basically a methodology and project management concept for software development. There is no single definition of what the Agile process is, rather, Agile is an umbrella under which many different methods live. Some of the various Agile Methods include Kanban, Scrum, XP, Crystal, and more!
Traditional project development can be thought of like a waterfall. It requires a thorough plan from the beginning, (which can take a lot of time) and then the different parts are developed from the top down. Which this process can deliver quality results, it has enough drawbacks that people began looking for new solutions.
Agile was a reaction to the traditional method, which developers realized was in-efficient, wasted resources and after all of the effort, didn’t always deliver the needed results.
As the name suggests, Agile methods allow developers to respond quickly to changing circumstances or new requirements. Rather than running from the top down, Agile processes allow for a fluid development, often based on levels of priority, and allowing for constant re-evaluation of how the project is doing and where it is going along the way.
What are some of the benefits and characteristics of using Agile?
- Projects are completed faster than traditional development
- Stakeholders and clients are actively involved, which helps ensure satisfactory results
- Agile helps us develop the right product – and not be handcuffed to a project that won’t deliver the needed results
- Project costs are predictable and can be regularly assessed or modified.
- Results in higher quality results
- Ongoing development and change allows the project to continue to evolve and meet whatever new requirements may arise
- Agile creates transparency that holds all peers accountable for their actions.
- The agile hierarchy is based on competence, not authority
For a comprehensive article on Agile, click here
Agile at CloudMyBiz
CloudMyBiz follows an Agile process that entails identifying high-level requirements and then prioritizing and defining these. We work on short “sprint” cycles, where developers are assigned work to be completed each week, with each week’s output adding up to key project milestones.
As mentioned above, there are many management practices that fall under the umbrella of Agile. At CloudMyBiz, we primarily use two of these, Kanban and Scrum.
Kanban
Kanban is primarily a way of organizing, visualizing and prioritizing what work is being done, and when. Kanban is always done on a ‘board’, either virtual or physical. Kanban boards are generally divided into 3 sections, “to-do”, “in progress” and “done”.
Each task that needs to be done will be placed into one of these divisions, allowing us to manage the entire project in this way. By being able to visualize everything in the scope of the project, we are able to prioritize what needs to be done and have an overall sense of where things are.
One of the best things here is that it helps us limit how much work we are doing at any one time – so nobody gets overwhelmed, and so work doesn’t fall through the cracks. Once a task is done, we simply can move on to the next one.
While the Kanban boards we use in our development projects are generally much more complex than the example above, the foundational principle remains the same no matter how complex and organized you make your divisions and tasks.
Scrum
Scrum is where we get our practice of using sprints to divide and organize what is being done at all times. Sprints often range from 1 week to 1 month, depending on the project.
At the beginning of each sprint, our team sits down, discusses what was done in the previous sprint, what needs to be done in the next sprint (based on what is remaining “to-do”), and how we are going to go about it. Once roles are assigned and everyone knows what needs to be done, the team is able to break and get into their individual projects.
The Scrum process has a few major benefits:
- It streamlines the project management process
- It ensures everyone has something to do
- It allows us to regularly evaluate what has been done, and make any changes to the scope or content of the project
- The entire project gets done fast!
So there you have it. While no two projects are ever identical, we have found that the combination of Agile methodologies, talented team members and a dedication to providing quality solutions has been our recipe for success!
-Ryan and the CloudMyBiz Team
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 | Jul 31, 2018 | Blog, Salesforce Tips
Ask any salesperson out there, there is a lot to do each day. From calls to emails to meetings, the daily schedule of a salesperson can be pretty hectic. So much so, that often salespeople feel like all they are doing is chasing a never-ending stream of tasks, but they can never really catch up, or get ahead of the work.
Sales productivity is, in the end, all about how effectively your time is used as it relates to closing sales. A salesperson certainly needs to spend a good amount of time talking and meeting with prospects, however, there needs to be a balance between that and administrative/prep work. It’s all about being efficient with each task and making sure you are spending your time wisely.
So in the spirit of looking ahead, and finding little things that can make a big difference, we have put together a list of some key tips that can help just about any salesperson. No matter your industry, from Aerospace to Merchant Cash Advance, these 6 tips should help any sales rep increase productivity and get a better handle on their workload.
1. Productivity On the Go
Depending on your industry, you may be frequently traveling for customer meetings and can’t easily sit down in front of a computer. Having the right tools to stay connected, and be productive in between meetings, and without the need of a computer can seriously boost your efficiency. The right tools, such as Salesforce 1, can connect your CRM and your phone, allowing you to stay on top of your pipeline and projects from just about anywhere.
2. Avoid Distractions
Being 100% productive all the time is not only impossible, but it can take a bit of the joy out of your job. We all need a few minutes from time to time to get up, stretch, make idle chat around the water cooler. However, too many distractions can have a bigger negative impact than you think. I fact it can take up to 25 minutes to get your focus back after a big distraction. Making better habits here is the key. When you need to really focus, little things like putting your phone on silent, putting in headphones and setting your internal messenger to “busy” can keep you in the zone and productive.
3. Manage Your Emails Better
Business professionals receive an average of 85 emails per day (that’s almost 600 emails each week!) and they spend more than 1/3 of work time reading, organizing, and replying to emails.
If you don’t have time to thoroughly read ever email in your inbox, chances are the people you are emailing don’t either. So when writing emails, keep it short and concise. Get to the point, have a goal for each email, and leave the recipient with a clear call to action or next step.
And when it comes to fighting with that overfull inbox, don’t let yourself chase every new email that comes in. If possible, give yourself a few designated times during the day to just respond to emails. This will keep you focused during the day, and you be more efficient when it comes time to respond.
4. Improve Your Follow Through
Talking to someone once or twice might seem like enough, but 80% of sales require 5 follow-up calls after the meeting and 44% of sales reps give up after 1 follow-up. Stay persistent and don’t give up after a few failed attempts. Or, if your sales team is stretched a bit too thin, consider an AI sales assistant that can be directly integrated to your CRM and help lighten the load.
5. Qualify Prospects Better
Nothing can be more deflating that chasing around prospects that turn out to be a bad match. Taking an extra 15 minutes for qualifying that lead can save you hours in the future. The more information you get at the beginning, the better.
If your marketing team has access to lead scoring and engagement tools, you can further improve your prospect qualifying. Lead qualifying and scoring automation, like those available through Pardot, can give you smart rules to define who is a good lead and who isn’t. The automation runs in the background, taking care of a large portion of the prospecting legwork.
Then you get notified when your prospects reach a certain score threshold—so that you can follow up with people who are more likely to convert.
6. Automate Your CRM
If you aren’t automation as many procedures as possible, you are going to fall behind. With today’s rapidly evolving technologies, smart automation is everywhere, and all of the best CRM’s, especially Salesforce, are taking advantage. Automation can trigger tasks, events, or approvals while artificial intelligence can go one step further by recommending actions, uncovering the right insights (automatically), and making sure you don’t miss any important details.
-Ryan and the CloudMyBiz team
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 | Feb 19, 2018 | Blog, Salesforce-Apps-AppExchange
How can you improve your invoice process so you can spend more time on more important things? Well that is exactly what Invoices for Salesforce does, through automation and harnessing the data already in your system. This app streamlines the process, so you can send out invoices and store them as PDF’s with just a few clicks. Not enough? Bulk jobs are available for those who need to really speed up their process.
Your invoices are already in Salesforce, however scattered across customers and sales records. So invoicing should simply involve automatically piecing these parts together, without re-keying a thing.
Check it out here!
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.
