FinancialForce Top Ranked Professional Services Automation Solution in SPI Research Annual Survey
SAN FRANCISCO, Feb. 18, 2020 /PRNewswire/ -- FinancialForce, the #1 Enterprise Professional Services Automation (PSA) and only customer-centric ERP cloud solution native to the Salesforce Platform, has once again been recognized as the most adopted PSA solution in the thirteenth annual PS Maturity(TM) Benchmark published by SPI Research, the global authority for the professional services sector. FinancialForce PSA stands head and shoulders above other providers, having been adopted by 33% of the 513 professional services organizations that took part in the survey. By way of contrast, the second-most prevalent PSA solution is used by only 9.7% of respondents.
SPI Research reports that 2019 was a banner year for leading professional services organizations. The top 11 professional services firms who participated in the survey -- recognized by SPI as the "Best-of-the-Best" -- increased their consulting workforces by 14.4% compared to 8.7% for average firms. Their revenue growth was even more impressive, eclipsing average firms by 90%.
The Best-of-the-Best were far more likely to deliver mission-critical projects on-time to satisfied clients with 25% more reference clients than typical consulting firms. And, they were also far more likely to rely on FinancialForce PSA, adopting the solution in their practice more than any other PSA product. Indeed, four of the 11 Best-of-the-Best firms--Coveo, Guidewire, Navis, and VFP Consulting--trust FinancialForce PSA to keep projects on time, customers happy, and reports up to date.
"2019 was a stand-out year for VFP Consulting in more ways than one and being named Best-of-the Best by SPI Research is just the icing on the cake," said Stephanie Picardi, CEO of VFP Consulting, FinancialForce's most recent 'Partner of the Year.' "We've seen our business grow by leaps and bounds, with an average of 45% growth per year since 2016. We believe in the power and convenience of a single cloud platform that provides a 360-degree view of your business, and that's exactly what FinancialForce delivers."
SPI Research revealed that PSA solutions continue to find significant traction in the market, with commercial PSA adoption among professional services organizations jumping to 84.8% in 2019, up from 76.2% the previous year. The adoption of PSA technology is helping to deliver significant financial benefit to the industry, with overall revenue growth surging 10.6% annually. What's more, the annual revenue generated per consultant reached an all-time high of $207,000. And revenue per employee was equally impressive, reaching a record-breaking $170,000. All told, the 513 Professional Services organizations represented in the SPI report generated over $43 billion in services revenue.
"What sets FinancialForce PSA apart from the competition is our seamless ability to support the end to end process, from Sales through Delivery and Finance on platform, giving professional services organizations a true, 360-degree view of clients and projects," said Lori Ellsworth, vice president, PSA Product Management at FinancialForce. "FinancialForce is trusted by the world's best services organizations because it enables them to easily integrate service delivery with all parts of their business, while greatly increasing profitability and keeping their customers satisfied."
More information on SPI Research's 2020 PS Maturity(TM) Benchmark can be found here.
About FinancialForce
FinancialForce delivers the #1 professional services automation (PSA) and the only customer-centric ERP. We accelerate business value with comprehensive best practices and the most intelligent analytics -- all on the leading business cloud platform from Salesforce. Founded in 2009 and headquartered in San Francisco, FinancialForce is backed by Advent International, Salesforce Ventures, Technology Crossover Ventures, and UNIT4. For more information, visit www.financialforce.com.
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SOURCE FinancialForce.com, Inc.
