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.
by Mike Walsh | Jun 18, 2018 | Success Stories
Jaco Aerospace provides high-quality aircraft supplies, including ground support equipment (GSE) and maintenance repair and overhaul (MRO) products. They give governments, commercial airlines, and private companies within the aviation and aerospace industries the materials they need to maintain aging aircraft and find new solutions. As a trusted aviation supply company, Jaco distributes only materials that meet the highest standards, including official mil-spec supplies.
The Challenge
In order to fulfill orders and provide quality service to their customers, Jaco Aerospace created an online interface for pricing proposal requests and sales. However, as they grew, their internal tracking and processing systems could not keep up with their pace of sales.
Jaco’s legacy system for tracking and processing orders did not give them the capability to track orders in real time, manage repeat orders or automate processes. They realized they needed an upgraded and cohesive order management system that would allow them to take on new, better business and provide greater customer service.
Jaco executives became interested in the possibilities presented through Salesforce. Because Salesforce is primarily geared to Customer Relationship Management (CRM), Jaco needed a Salesforce expert to advise them on the best options for customizing the system for their specific needs and guiding them on creating a superior order management process.
Why CloudMyBiz?
CloudMyBiz, a leader in cloud-based technology, develops custom business solutions built on the Salesforce platform and helps companies implement and upgrade their systems at an affordable cost. From building custom systems to leveraging already built apps, CloudMyBiz is interested in creating the best possible solution for our clients and delivering tangible results.
The team of Salesforce development and implementation experts at CloudMyBiz had the skills to implement Salesforce and migrate Jaco’s processes and data onto the new system. CloudMyBiz also had the expertise to recommend a 3rd party Order Management System from the AppExchange and integrate it into Salesforce, dramatically improving Jaco’s business process with a powerful pre-built app.
The Result
The CloudMyBiz solution for Jaco was an immediate success. CloudMyBiz implemented Salesforce and integrated the best possible 3rd party apps. The result of which: Jaco was able to track all of their orders, reap the benefits of the Salesforce cloud platform and get powerful add-on functionality from the 3rd party apps, without the cost of building everything from scratch.
Following the initial project, Jaco and CloudMyBiz have continued to work and grow together, building upon the original system foundation and creating some fantastic results, including:
- A sophisticated system for tracking shipments, significantly reducing late deliveries.
- Powerful inventory maintenance and automation tools, the foundation for significant growth.
- Integration of new accounting software, which created a new streamlined financials process.
- Document generation for invoices, sales orders, and purchase orders became highly automated.
- Addition of in-depth reporting options so Jaco could better focus on their more profitable customers.
- Smart automation to flag orders and determine appropriate shipping needs.
Jaco has experienced tremendous growth in recent years, including upgrading to a new facility and acquiring a specialized tape supply company. The custom developments, integrations, and implementations by CloudMyBiz have given Jaco the foundation they needed to maximize their systems and take on more and more business. Jaco has maintained their strong relationship with CloudMyBiz, getting expert guidance and custom solutions, while steadily building a better and better system for supplying aerospace supplies to their customers.
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 | Apr 11, 2018 | Success Stories
Elotek systems is a leading manufacturers’ representative and solutions provider of technical products including sensors, measuring instruments, and telemetry instrumentation across the 13 Western States. The team has a 30-year reputation for sourcing the best product solutions, at competitive prices while always providing great service and delivering, on-time, everywhere.
The Challenge
Elotek’s existing database was developed over 30 years ago. A recent increase in developer and reporting errors, incorrect commission reporting and lack of order visibility had management and sales concerned that the platform would not be able to keep pace with the new market demands and the company’s growth objectives. Some of the issues included:
- Lack of responsive support.
- Change of management which led to lack of understanding by the developer.
- Too many sloppy development errors leading to loss of data credibility.
- Slow system, stored on a local server. A cloud-based version was available, but loss of confidence prevented the switch.
- Elotek was looking for a performance-based system with a high degree of confidence that there would be long term support.
They needed to switch to Salesforce for stability and to modernize their process.
The Solution
Elotek sought out CMB as their partner who would not only provide the analysis of the current system, determine which performance-based platform could support the anticipated long-term growth but also implement it quickly and cost-effectively and then train the staff and remote sales teams so that they would embrace and use the new toolset.
The Result
Multiple platforms were reviewed. Through the discovery process, CMB learned that the Elotek teams – sales, customer support, and admin – were not tech-savvy, and a formal training process never implemented. Ultimately, Salesforce proved to offer the most flexible and quickest platform to implement. It also proved to be the easiest for training staff and the remote sales teams. The entire sales process and the quote, order and invoice system was overhauled, enabling the sales team to increase sales conversion by more than 20% within the first year, while increasing revenue by 32%.
Key Benefits
- Lead conversion increase of 21% in the first year
- Increased revenue of 32%
- Developing custom-built components and features resulted in establishing a:
- Commission statement wizard and automation tool reducing the process from 3 days to 3 hours
- Sophisticated sales rep scorecard which made tracking the reps activities more transparent
- Monthly performance scorecards for the entire company resulting in improved efficiencies
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.
