An up-and-coming global firm from Australia manages financial reporting, audits, billing, resources, project delivery, and margins in one connected enterprise-grade application. At speed and without the enterprise-grade cost.
The Datarock story
Datarock provides Machine Learning solutions for the global mining industry. Its products enable companies to extract valuable insights from underused Geoscientific images and point cloud data.
Its story began in 2019 as a way to extract value from underused drill core imagery, when they found that there was an opportunity to make the process vastly more efficient.
Today, Datarock is on track to be the leader in providing specialist products and services that use state-of-the-art artificial intelligence and other emerging technologies, to solve complex, resource-intensive problems across all stages of the mining chain.
Datarock being in the start-up phase meant they had the opportunity to set themselves up right from the start.
Solid backing from established industry heavy-hitters supports their scale-up but also puts high demands on Finance & Control and reporting challenges of its own.
Challenge # 1: Juggling many revenue types
Datarocks sells platform services, including onboarding, one-off processing, subscription services, and more traditional consulting services. Tracking these different services in terms of their current and future revenue was key. As well as ensuring that they are invoiced correctly and on time, and knowing their profit margins at any time. All vital for Datarock to grow its business and to keep their investors’ support in the process.
What I found with VOGSY, the ability to manage invoicing and profitability of all these different types of products and projects in the same system made it a no-brainer to incorporate VOGSY into our operating system.” Emma Crowl, CFO Datarock
Challenge #2: Forecasting Delivery and Capacity Planning
For Datarock, everything we are doing is generally very new, so we do not yet have a good understanding of how much effort it will take to deliver different products to clients. The ability to track time against multiple types of products and projects gives us a great ability to understand the resourcing requirements and track how we improve over time.
VOGSY connects project budgets and projected margins to resourcing plans. As a result, any potential resourcing crunches are surfaced by the software. In addition, the resourcing suggestions, based on skill, seniority, and availability, pro-actively support staffing and hiring decisions.
Analysis of the profitability of Datarock’s products and services, even at the most granular level, informs quotes for new opportunities so that the company is ready for new – profitable – clients and projects that are delivered on time.
Challenge #3: Accurate Capitalization
In addition to fierce control on revenue and margins, Datarock is required to track the effort accurately it spends on the development of its software platform. Watertight reports from VOGSY facilitate the correct capitalization of the Software Development to ensure Datarock meets all financial accounting requirements while satisfying their Auditors’ requirements and keeping investors happy.
VOGSY’s integration with Jira has provided us with a perfect solution to easily track the time spent on platform development and link it back to the epics in Jira as support. We can track and report on our investments in real-time without additional effort. Emma Crowl, CFO Datarock
The Solution: Everything Connected
VOGSY provides ERP for services companies that don’t want to lose time on traditional consulting-based implementation projects. Moreover, VOGSY is for those who understand that modern Enterprise-grade software delivers robustness, scalability, and security without the Enterprise-grade cost.
One of the key aspects of this new type of ERP is that data, people, processes, and systems are easily connected, and the software follows your changing business so that you can keep growing and improving.
Datarock looks forward to years of cooperation, with frequent exchanges of ideas on what feature builds could come next as Datarock evolves. With more history in their production data in VOGSY, Datarock will keep improving their diligence for auditors and shareholders alike, whether is for revenue forecasting & recognition, margin predictability, work in progress accuracy, book to bill, or any other ratio; their connected ERP provides it.
VOGSY is for companies that are in that middle ground of company sizes.” says Crowl, “They are the ones that want to scale up; they need more complexity and maturity from their business operations, and they can gain customizations in areas that they do need, but also, be able to take best of practice to be able to grow their businesses. This is Datarock, and this is why we went for VOGSY and why we will stay with VOGSY.