Accounting Firm Parente Randolph Selects Interface Software's InterAction as Centerpiece of Strategic New Business Initiative.Business Editors/High-Tech Writers OAK BROOK, Ill.--(BUSINESS WIRE)--Jan. 8, 2003 Regional firm views Relationship Intelligence as critical for maximizing client retention, cross-selling and new business development Interface Software announced today that Parente Randolph, one of the nation's top 30 regional independent accounting and consulting firms Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , has selected InterAction(R) to support its strategic new business initiative. InterAction, the leading CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. solution for professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. organizations, will provide firm principals and managers a unified view of clients and prospects, enabling them to more effectively compete in this highly challenging and competitive economic climate. Officials at Parente Randolph believe that InterAction will provide the CRM infrastructure needed to overcome previous limitations and help professionals leverage the strengths of their growing regional practice. To ensure success, management is working to properly align firm culture and processes with the CRM system. Principal and manager compensation has been tied, in part, to effective use of InterAction. The system has also been integrated with Navision Financials, the firm's time and billing system to provide secure visibility into relevant data. "We're very serious about taking InterAction into the future," said Robert Ciaruffoli, Parente Randolph's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "It will allow us to understand clients and prospects better and tailor our services to their needs more effectively." Parente Randolph's new business initiative focuses on three primary objectives that include developing better relationship networks, practice management and growth. Creating a single, centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. repository for the firm's Relationship Intelligence was viewed as critical to the success of this initiative. "We had a lot of exciting activities under way, but we couldn't leverage our achievements firm wide because there was no practical way to share information," said Rhonda McDermott, Parente Randolph's Vice President of Marketing. Enhancing principals' and managers' ability to uncover new business opportunities would be critical for success in these initiatives. The firm is using InterAction to set up "line of business" views in which users can categorize cat·e·go·rize tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat and code prospective clients, profile their businesses and share information across offices. InterAction is also used to maintain competitor intelligence, such as information about competing firms' strengths and weaknesses and other data that assists in the RFP (Request For Proposal) A document that invites a vendor to submit a bid for hardware, software and/or services. It may provide a general or very detailed specification of the system. 1. (business) RFP - Request for Proposal. 2. process. "If we're bidding against another firm on an engagement - we can track that firm's history and formulate our strategy in light of what we know," said McDermott. Previously, without the means to share client information and activities across its 16 locations, marketing additional lines of business to existing clients was challenging. InterAction will play an important role in supporting Parente Randolph's cross-selling capabilities. "With so many offices, it was difficult for professionals in one location to know what other offices were doing," McDermott recalled. "InterAction brings everyone together, serving as the springboard to our marketing-focused culture." InterAction will also help Parente Randolph protect its hard-earned professional image and reputation. Without the centralized system In telecommunications, a centralized system is one in which most communications are routed through one or more major central hubs. Such a system allows certain functions to be concentrated in the system's hubs, freeing up resources in the peripheral units. , keeping contact information accurate, up to date and duplicate free was extremely challenging, making it difficult to execute mailings, newsletters and other marketing campaigns without error. Another factor critical to the success of Parente Randloph's new business initiative was the knowledge and commitment of their CRM provider. McDermott said that Interface Software demonstrated the greatest understanding of the accounting industry. "It was important that our vendor have domain expertise in accounting and professional services. Interface Software had insights into our business needs and could provide us with a growth path as those needs evolved." McDermott also cited the importance of partnering with a software vendor willing to invest time and resources into their success. "Interface Software stands by its customers. It lives up to the best client service model that any software company can." "Parente Randolph views CRM as a business strategy," said Rick Klau, Interface Software's vice president of vertical markets. "By establishing goals and objectives, aligning their culture and processes with that strategy, and implementing InterAction to provide the needed Relationship Intelligence infrastructure, the firm is demonstrating its commitment to winning and its ability to execute in this challenging economy." About Interface Software Interface Software is the leading provider of CRM solutions enabling professional services firms to create the Relationship Intelligence they need to generate new business and enhance client service. Its flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , InterAction, is a flexible and uniquely designed platform that delivers this Relationship Intelligence throughout the organization, quickly, efficiently and cost-effectively. Relationship Intelligence is a firm-wide asset that reveals the unique and complex connections between people, companies, relationships, experience and expertise, empowering professionals to leverage who and what they know to uncover new revenue opportunities, differentiate themselves from the competition and enhance client service. InterAction is internet-enabled, allowing professionals to view information however they choose--through knowledge management platforms, corporate portals An internal Web site (intranet) that provides proprietary, enterprise-wide information to company employees as well as access to selected public Web sites and vertical-market Web sites (suppliers, vendors, etc.). , intranets, extranets and wireless devices. Interface Software has received numerous accolades, including the Inc 500, the Deloitte & Touche Technology Fast 50 for Greater Chicagoland, the Deloitte & Touche Technology Fast 500 and the Upside Upside The potential dollar amount by which the market or a stock could rise. Notes: This is basically an educated guess on how high a stock could go in the near future. See also: Bull, Downside Hot 100. For more information please visit Interface Software's website at www.interfacesoftware.com. About Parente Randolphe Founded in 1970, Parente Randolph is a leading mid-Atlantic independent accounting and consulting firm, and is among the top 30 in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The firm's 375+ employees provide accounting, audit, tax, and general business consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to corporations and closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. businesses from offices in Pennsylvania, New Jersey and Delaware. Industry expertise includes healthcare, senior living services, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , education, government/nonprofit, manufacturing, construction, real estate, retail, wholesale and distribution. Specialty services include corporate finance, business reorganization, forensic accounting Forensic accounting, sometimes called investigative accounting, involves the application of accounting concepts and techniques to legal problems. Forensic accountants investigate and document financial Fraud and white-collar crimes and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. support, change management and HR Services. To learn more, visit www.parentenet.com. InterAction is a registered trademark of Interface Software, Inc. All other product names mentioned are trademarks or registered trademarks of their respective owners. |
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