Salesforce Summer ‘19 Release is almost here, and we could not be more excited. Summer ‘19 represents Salesforce’s continued evolution that began with the initial roll out of Lightning Experience (Lightning). We featured Lightning in a previous post and in Lightning, you can see that the look and feel of Salesforce has been completely redesigned and modernized from Salesforce Classic.
With the Summer ’19 Release, deploying on June 15th, additional features have been added to further enhance the Lightning Experience. We have highlighted in this article the most important and useful enhancements for our Alternative Asset Management and Financial Services clients.
Here are the Top 5 Sales Cloud enhancements that we are excited about:
5. Improved Mechanism to Add Opportunity Contact Roles
4. Collaborate with Partners Directly from the Opportunity
3. A Better Way to Search Through Your Calendar
2. Historical Tracking Report Types
1. Improved Dashboard Visuals
The above are our Top 5 features that will be officially released in Summer ’19. We would be remiss not to mention Enhanced Related Lists, an important upcoming enhancement that is only being released in Beta in Summer ’19. We will preview this feature after diving into the Top 5 features.
5) Improved Mechanism to Add Opportunity Contact Roles
Opportunity Contact Roles let your users specify what part a person plays on the Opportunity. For example, a Contact can be the ultimate Decision Maker who is deciding if they will invest in your Fund. Or the Investor may have specialists evaluating your fund and be considered a Technical Buyer. For your Fundraising / Sales and Marketing teams, delineating what role each Contact is playing in the buying decision can be critical in your interactions on the deal.
Summer ‘19 replaces a previously inefficient process, with an intuitive efficient process where your user can easily add multiple Contacts with Contact Roles without leaving the context of the Opportunity they are working on. All Contacts on the Account are pre-populated on the Opportunity ready for your user to select and in what capacity.
Figure 1: Adding Multiple Opportunity Contact Roles
4) Collaborate with Partners Directly from the Opportunity
In Salesforce, Partners are external companies or individuals that your users collaborate with to help drive or close deals. For example, your Fundraising team may deal with external Placement Agents, “Consultants”, to help raise capital for a new Fund. On a Fundraising Opportunity, tracking which Consultant is working on any particular potential Investor is critical.
Summer ’19 brings the Opportunity Partner tracking feature back into Lightning. Partners can be added directly on the Opportunity using the Partner Related List resulting in a seamless experience. Prior to this, a separate App had to be downloaded and installed to support this functionality.
Figure 2: Partners on the Opportunity
3) A Better Way to Search Through Your Calendar
The Calendar in Salesforce is used to track and display all of a user’s Events. To date, we have seen very sporadic use of the Calendar in Salesforce by our clients. This has largely been due to the utility and functionality of the existing Calendar features in Salesforce.
Figure 3: Events in the Calendar View
Certainly, the Calendar in Outlook continues to be heavily used by most if not all Investor Relations and Sales teams because they can easily see and search through their Events in the Calendar view by Day, Week or Month.
Salesforce has finally caught up to Outlook in Summer ‘19 offering new powerful ways to work and interact quickly with Events.
The Event List View – What Salesforce has done here is make the Event / Calendar function just like any other Salesforce object, so you can sort and search and filter to find Events just like you would your Leads or Opportunities. Some examples of how our clients can use this functionality include looking through Investor Conferences or Investor Roadshows, the Investor Relations team can see beyond the Month now. By viewing their Events in a List (Tabular format) the team can:
- View Investor Conferences for the year, for the next year, or for all future and past conferences
- Search for Investor Conferences by Key Word to easily locate them
- Sort Investor Conferences by a variety of columns such as Date, Name, Status, etc.
Figure 4: Events in the New List View
2) Historical Tracking Report Types
Historical Tracking Reports (Historical Trend Reports) offer a veritable treasure trove of information as these reports can show you how your business is changing by capturing changes over time.
This new feature allows you to track the changes between 5 Historical Snapshots. These changes are highlighted, and you can visually represent the data using charts and dashboards. For example, your Fundraising team can use these reports to track the historical performance of their Fundraising initiatives.
This historical performance can be further analyzed to determine reasons behind success or failure due to economic cycle, seasonal sentiments, one time aberrations, etc.
Figure 5: Historical Tracking Report
1) Improved Dashboard Visuals
Dashboards do a fantastic job at consolidating real time data and portraying them visually to your team. For example, your Fundraising team is raising capital for a new Fund. With multiple active Fundraising Opportunities, the Dashboard is critical to track all of them in one coherent view.
The Summer ’19 Release enhances the way your Fundraising team can interact with and view Dashboards, particularly in the way you can organize, summarize and view the Dashboard.
- Improved Organization using More Sorting Options – In addition to sorting by Label or Value, you can now sort by Group (i.e. Fiscal Period) or Measure (i.e. Sum of Fundraising Opportunities). Furthermore, an additional layer of sorting is now supported, so you can sort by Fiscal Period and then by Fundraising Sum.
Figure 6: Two Level Report Sorting by Group (Sort #1) and Measure (Sort #2)
- Improved Summarization using Subtotals – By toggling Show Subtotals on the first level grouping on a table, you can now view the Sub Totals for each grouping in a two-level group. For example, in your Fundraising table, you group the records by Type (i.e. New Business) and then by Stage (i.e. Closed Won). Previously, you could only see the Sub Total on the second grouping, in this case, Stage. Now, you can also see the Sub Total on the first grouping, in this case, Type.
Figure 7: Show Subtotals Activated (#1) with the New Subtotal Displayed (#2)
- Improved Dashboard View – In the previous system release, you could not resize the columns on your table no matter how cramped the data was or how truncated the data was. In Summer ’19, you can dynamically resize any column to fit the data on your view.
Figure 8: Dynamic Dashboard Resizing in Action
(Beta) Enhanced Related Lists
As we have seen with Opportunity Contacts and Partner Contacts, critical supporting data is associated to a Fund Raising Opportunity through a Related List. Salesforce has created the next generation of Related Lists in Summer ’19 in the form of Enhanced Related Lists.
With Enhanced Related Lists, your ability to interact with and customize the list has been greatly enhanced. You can now show up to 10 columns, resize and sort your columns, perform mass actions, and wrap text. In addition, you can also configure the number of records to display at once, and choose whether to show the list view action bar.
Figure 9: Enhanced Related List Configuration (#1) and Enhanced View (#2)
With the Summer ’19 Release coming on June 15, 2019, Salesforce has once again greatly enhanced its features and usability of their application. Many of these features are huge enablers for your Investor Relations, Fundraising and Sales & Marketing teams.
FinServ is an official Salesforce Consulting Partner and one of the few Salesforce partners with the deep Hedge Fund and Private Equity Fund experience to ensure you take advantage of these features in ways specific to how your business actually operates. We have helped many Funds implement Salesforce, Pardot, Email Integration and Marketing Cloud. We have also helped Funds resolve operational issues caused by other Salesforce integrators that did not fully understand the application or their client’s business.
For help in implementing or enhancing Salesforce, contact FinServ at firstname.lastname@example.org or give us a call at (646) 603-3799.
About FinServ Consulting
FinServ Consulting is an independent experienced provider of business consulting, systems development, and integration services to alternative asset managers, global banks and their service providers. Founded in 2005, FinServ delivers customized world-class business and IT consulting services for the front, middle and back office, providing managers with optimal and first-class operating environments to support all investment styles and future asset growth. The FinServ team brings a wealth of experience from working with the largest and most complex asset management firms and global banks in the world.