PRESS RELEASE
PROCESSION LAUNCHES A NEW VERSION OF ITS FINANCIAL
FORECASTING SUITE
CHESHAM, United Kingdom. May 1st 2003. Business
process management (BPM) specialist, Procession plc, has launched
version 4.0 of its sales and financial forecasting system, the Financial
Forecasting Suite (FFS).
This release provides a new module to control
the forecasting of cash and its receipt. This new module integrates
seamlessly with the suite's Opportunities, Recognised Revenue and
Invoice modules, and provides similar functionality.
Procession's Graham Pearson explained: "As
an opportunity progresses through the sales cycle, it reaches the
point at which invoice forecasts should be made. The salesperson is
prompted to select the relevant 'spread', and the invoice forecasts
are generated automatically.
"At the same time, the process generates a
complete cash forecast, based on the invoice forecasts and offset
by the debtor days. The system uses a default value for the days outstanding
- set by the user organization - but this can be overridden on any
specific forecast.
"The cash forecasts can be modified manually
- and are modified automatically should the opportunity details change,"
he added.
Sales users can view the details of the cash
forecasts, analyse them through monthly and quarterly cash forecast
reports and use Procession's unique ClickThru™ capability from the
cash Stagger Chart. The cash Race2theFinish™ report provides full
gap analysis between current performance and targets, and the Management
Dashboard provides visual analyses of performance.
Other major changes introduced in this release
include:
Customised literals - any literal
in the system can be changed to meet the specific need of the users,
thus allowing the system to be used in any language
Navigation - the user can move directly
from any report in any module to any other report in any other module
Improved hierarchy - managers can
go directly to view the system as would be seen by any of their
employees, thus easing all management reviews
Finance hierarchy - the finance department
can now 'browse the hierarchy' in exactly the same way as sales
users
Forecast replication - the sales
user's life is made even easier by allowing the replication of existing
or completed opportunities
Monthly Opportunities Report - a
new report detailing projected sales by month
Updated Opportunities Report - a
new report that shows what movements to all current opportunities
have taken place
Management Dashboard - a completely
new Management Dashboard is provided, allowing graphical viewing
of the organisation's key performance indicators.
Procession's managing director, David Chassels,
commented: "Procession's Financial Forecasting Suite is a flexible
and sophisticated solution that enables companies to perform and monitor
a number of essential forecasting functions, such as sales, revenue,
invoices and cash. The system is simple and quick to use, and is accessed
and updated in real-time via a standard browser.
"In common with other Editions of Procession®,
the Financial Forecasting Suite is a highly scalable, standards-based
solution providing a comprehensive, secure and tiered access audit
trail."
-ENDS-
About
Procession
Procession develops and markets Business Process Management (BPM)
software for the emerging process automation marketplace.
Supporting the operational aspects of Six
Sigma Plus* and conforming to the Business Process Management Initiative
(BPMI) standards, it enables organisations to implement, control,
monitor and improve their processes - leading to continual improvement
in customer focused quality and falling operational costs by allowing
managers to take control of their key business processes. The architecture
uses an RDBMS (Oracle), along with Java and J2EE application servers.
Procession's products are task-driven - unlike
applications such as CRM and ERP, which are based on data. Based around
a unique Process Engine, Procession's range of products includes:
- The Financial Planning Suite - covering sales management and forecasting
for leads, opportunities, revenue and invoicing
- Grant management
- Custom applications
Procession also provides low cost conduits to link 'front end' systems
such as the web with 'back end' systems, such as mainframe and ERP
systems. Procession Software Ltd, formerly known as Datacore Ltd,
was founded in 1994. It became Procession in 2000. Its current clients
include the Bank of Scotland, UK Sport, Edinburgh City Council and
the New Opportunities Fund in the UK, along with Magma in the USA.
Procession has also recently formed an alliance in Holland.
* Six Sigma is a management philosophy originally
developed by the Motorola organisation. It sets extremely tough objectives
for the collection of data and the analysis of results. Its targets
are to reduce defects in products and services as far as possible.
Further information from:
David Chassels, Procession, 01494 781444 Bob Little,
Bob Little Press & PR, 01727 860405
