CODA-Financials, revenue generation of #30m and over 200 new deals has helped CODA to victory
UK software house CODA has made substantial progress in recent years, re-establishing itself in a position of considerable strength. And its Financials offering has played no small part in the turnaround of its fortunes.
The company has managed to fend off extremely tough competition, not least from last year’s victor OpenAccounts, to pick up the Enterprise Systems category for 2001.
CODA-Financials is a multinational, best-of-breed financial accounting solution that combines the power of the internet, collaborative commerce and business analytics, to provide corporates with self-service accounting, e-procurement, e-collaboration and business intelligence across the enterprise.
Last year, the company posted financial results for the first time as part of the Science Systems Group. It generated #30m in revenue, helped by over 200 new deals, and contributed #3m.
The judges agreed there was extremely tough and ‘fantastic’ competition, in the category. But factors that helped tip the vote in CODA’s favour included its long and extremely well-established presence in the market and the exceptional references included in the entry.
The judges remarked: ‘CODA has always been the best accounting engine on the market – it is brilliant and can be deployed just about everywhere.
‘This entry has demonstrated the good thoughts running through the company management. The company has been successfully resurrected and it now has a decent management team.’
The panel added: ‘CODA has references who are obviously very happy. That is what ultimately matters at this level – you just have to get it right. With Financials you can implement this product and it will work. If you are an accountant you will understand it, you don’t need to be a brain surgeon to operate it.’
The operational and ease of use factors are extremely important in a sector that has, in the past, been accused of over-promising and under-delivering, while the product was praised for delivering value.
The company has been recognised as securing some good sales despite the unstable economy, while at the same time, the company’s biggest customers are still happy to remain with the product. The judges added: ‘CODA-Financials is a superb product with tremendous potential. There were other excellent proposals – but with this entry, which closely followed the entry criteria, we were able to see exactly why it should win’.
It was also noted that the functionality of Financials in terms of the UK market was exceptional. ‘The problem with many international products is they throw out a lot of what is required in each country and instead build one product version,’ judges concluded. ?: