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Key differentiators of Information Edge, a revolutionary new business intelligence software, include accuracy and speed. Speed and accuracy were also the clear differentiators of recruitment consultancy Executives Online, according to Information Edge's CEO, Vilosh Brito. Brito turned to Executives Online in July when he needed to find a sales and marketing director in under a month, to allow the UK division of his New Zealand based technology business to take advantage of rapid expansion opportunities.
The groundbreaking Information Edge software is a new approach to business intelligence that transforms the way organisations make financial decisions, consolidate information, simplify reporting and impact business change. The software encompasses the full range of financial management processes including reporting, planning, budgeting, monitoring, analysing and forecasting. Among its clients it already counts top blue chips, including a prestigious financial company, as well as the UK Government Treasury.
Explaining the edge Information Edge can give clients, Vilosh Brito says: "So many businesses are really good at operational efficiency but neglect to invest in refining their management systems to deliver real returns to shareholders and clients – our business intelligence software bridges that gap and adds value to their operations."
The product's winning formula attracted the interest of NASDAQ-listed international technology holding company, Broaden Software inc, which invested venture capital to the tune of £1.8 million in November this year.
Simon Chadwick, Chief Technology Officer of Broaden Software, says it is Broaden's strategy to identify and partner with specialised technology and software businesses that have the potential to become market leaders.
Business intelligence software industry is growing 15-20% per annum, yet up to 60% of business intelligence projects fail. Chadwick explains his belief that Information Edge is destined for great success.
"Their size gives them the versatility needed to respond to client needs rapidly - more importantly they have vision and a long-term strategy which is well thought out," says Chadwick.
As the product is already way ahead of any competition and ready for market, only 20% of the Broaden funding was to be spent on R&D with the vast bulk, 80%, directed at sales and marketing in the UK, building on Information Edge’s excellent track record in both the public and private sector. CEO Vilosh Brito needed to find a high calibre sales and marketing director quickly. It was a tough call, as Vilosh Brito explains.
"Our brief was unusual – great product and great-track record but small company (with 12 staff currently employed in our UK division) no market awareness, and no infrastructure. So the typical high flyer, with a background in majors and multinationals wouldn’t be right for us. We needed someone of that calibre but with totally different experience."
Vilosh did a search on Google for recruitment consultants, which led him to Executives Online.
"I was instantly impressed with the professional nature of the site and with the fact that they place interims as well as permanent staff, since I believe anyone good enough and confident enough to be placed in short term projects must have top class skills."
Executives Online’s key differential though was sheer speed of response; the way they were able to generate high quality CVs at very short notice - Vilosh was "astounded at the quality and fit."
At a meeting at the IOD, Vilosh felt Executives Online played close attention to his requirements. "Unlike some recruitment agencies which employ a scattergun approach, Executives Online's consultants were extremely targeted. They took the time to examine exactly what we needed at the meeting, and then took no time at all to come up with the right people," he says.
"We were presented with four our five candidates we then narrowed down to two, who then went through to a conference call interview with our HQ in New Zealand. We selected Paul S, but either of the candidates could have done the job. It was incredible to be spoilt for choice when we started off wondering if we’d find one person who'd be right."
It took just three weeks from initial contact to an offer letter being dispatched.
After three months in the job, Paul S had already positioned Information Edge to bring in new business in the new year and fulfil the business plan which could mean over £18 million pounds of additional funding from a planned listing or second round of fund raising within ten to fifteen months – a process that will be facilitated by Broaden.