4 key product management strategies to grow fast & steady
The ultimate goal of every startup is to solve a real problem in the market and to be able to grow at scale with a positive bottom line.
Knowing that 90% of startups, unfortunately, fail meeting these goals, it would be interesting to put a spotlight on the startups who “make it” and to identify some replicable success patterns.
We were pleased to meet Cashforce at Vivatech 2019 and to get to know more about the fintech rising Star from Belgium.
We would like to thank Benjamin Bergers, Business developer, for kindly taking the time to talk to us about Cashforce mission, challenges and how they managed to make a remarkable breakthrough in such a little time.
May the (Cash) force be with you!
Cashforce in a Nutshel:
Cashforce is a cash forecasting and treasury management system that integrates all the companies’ financial data of all sources, whether it’s banking data, ERP data, etc.- into a unique platform.
Thanks to smart algorithms and A.I. capabilities, the solution offers visualization (charts, graphs) and provides a clear view on the current cash position as well as accurate forecasts for the future.
You can learn more about Cashforce’s solution and features , but here we are going to focus on the strategic product management and technical choices that contribute to the success of the startup today.
No lightsabers, no blasters, but the right decisions at the right time!
- Synergistic & strong Partnerships:
Since September 2018 Cashforce partnered with BNP Paribas.
Cashforce fully integrates with BNP Paribas core banking environment which gives access to its cash management and trade finance features through CENTRIC, BNP Paribas’ integrated digital banking platform. Another aspect of the partnership is the integration of real-time BNP Paribas data to further fuel the A.I.-based engine and therefore create more accurate cash flow scenarios, forecasts and impact analyses.
The partnership with BNP Paribas gave the platform the opportunity to meet with some of their corporate clients that are facing cash flow forecasting challenges, while simultaneously widening the spectrum of features for a more mature solution.
- Hybrid development model
In the last two years Cashforce more than quadrupled in size, going from development and implementation to customer success and sales, and is now entering new markets with offices in Antwerp, New York, Paris, London and Amsterdam. In order to carry out a fast and flawless “go to market” the startup has made a smart choice by choosing a nearshoring approach, where a dedicated team is working along on the further development on the product.
- Modular and ERP agnostic platform :
Through the modular and open architecture, specification and customization are made easy. This was a choice from the technical team in order to be able to integrate with various data sources. This enables Cashforce to adapt to the evolving market needs and through the modularity, clients can simply pick the features and sources that fit with their business needs.
An easy integration with clients’ technical environments and (legacy) systems is what the majority of companies are looking for in their digital transformation journey. Cashforce seamlessly interfaces with most ERPs and banking systems, which is another smart technical asset in the platform.
- Moderate opportunism
Cashforce is scaling quite quickly and with a lot of opportunities in the market, it’s not always easy to choose in which way the company should develop. Being able to prioritize their efforts is very important and challenging at this stage of the startup life cycle.
” We are still focusing on further improving the solution to provide even more value to the end user. We listen cautiously to the market but we should not try to make everything at the same time. An important part of the roadmap is still based on users’ feedback and clients’ requirements, while keeping an eye on the long-term vision. In the past we used to accept every request and tailor the application at will, but we have learned to stay within boundaries in order to keep the focus on improving our core proposition: automated and accurate cash forecasts & working capital analytics.” Benjamin Bergers – Business developer
Shortcuts for headline readers:
A successful go to market: Cashforce wouldn’t have had these opportunities without a technically solid and market-ready platform. The flexibility provided by the modular architecture helped the startup to adapt to customers’ needs and to evolve to the right direction.
Taking calculated risk: listening to the market is always the best strategy to find the best market fit and adapt in order to have a product that solves real problems and reflects realistic business scenarios. Cashforce found a “healthy combo” between international fast-scaling ambitions and a pragmatic / “feet on the ground” mindset.
Managing the growth: we have intentionally put in the title growing “fast” and “steady”.
In fact, we have seen a lot of startups being burned out by their own flames.
The growth stage is, paradoxically, the NO stage: startups have to say a lot of Nos and focus on a few Yess. Cashforce made sure that it can relies on a solid modular and scalable, ERP agnostic platform before going international or dealing with important partners such as BNP Paribas.
Adaptability: Technical innovation must reflect business innovation. Companies look for solutions that adapt to their systems and not the opposite. They will choose the platform that can drastically reduce their workload. So before starting to develop, technical teams must make sure that they are building adaptable, evolving and easy to integrate systems.
Cashforce more success you will achieve!