2018 Veracity State of the Union
Veracity has a time-honored tradition for the CEO to report on the “State of the Union” at the beginning of each new year. With the passing of the torch in 2017, colleagues have been asking, “How did Veracity fare under the new CEO?” and even more important, “What comes next?”
So, without further ado, let’s answer those burning questions that enquiring minds want to know.
HOW DID WE DO IN 2017? Very well. A few key indicators:
- Financial Performance in 2017 was our best ever, with over 40% revenue growth, and operating income that more than doubled, even while we invested in growth, systems and marketing.
- Client Retention was strong, with more than 80% of business from repeat clients. In addition, we had more $1MM + client relationships than ever before.
- Consultant Retention was solid with core consultant retention at over 80%, even while we added many new consultants to meet growing demand. In addition, revenue per consultant increased 50% over 2016, because utilization and stability increased dramatically.
So, the financial indicators are solid. What about less concrete cultural factors?
- Converge, our annual consultant conference, had the highest attendance and best reviews to date. In 2017 we added a New Consultant’s training day that was popular with both the consultants and the operations team.
- Professional Development increased dramatically, with more training and certifications completed than ever before. 70% of our agilists and principals certified to become Senior SAFe Scrum Masters. I attended the three-day training and can attest to the real work it takes to earn the certificate (and yes, I also certified).
Additional training included TOGAF for our architects, Product Management simulations for product managers and clients, SAFe training for clients and consultants, and soft skills training for the entire community.
- Expanded Capabilities. in 2017 Veracity cemented its partnership with ZMA Associates, a highly regarded Product Management consulting group with deep healthcare expertise. We have found through this partnership, that we are “better together”, and our clients have benefited from access to this additional strategic skill set.
- External Recognition: Veracity was named to the “50 Most Promising Healthcare Solution Providers 2018” by CIO Review magazine. And we just received word that Veracity was named to the WTC Shatter list – 44 tech companies (in Utah) that are creating cultures that remove the glass ceiling.
SO, WHAT COMES NEXT?
Rather than rattle off a list of financial targets and project initiatives, our “next steps” focus on key differentiators we’re working to strengthen in 2018 and beyond. These stem from discussions with clients and prospects over the past few months, as I’ve sought to better understand Veracity’s value added for them.
- Blendsourcing™ continues to be key for Veracity. Our focus on blending the Veracity team’s skills with the client’s team, and intentionally transferring core knowledge is unusual, and highly valued. In 2018, we’ll increase our Blendsourcing™ efforts through scheduled team transitions, and clearly defined knowledge transfer responsibilities for each project.
- Career Consultants are a strong selling point. Our consultants deliver results in “consultant time”. They understand the value of speed, and the importance of clear, measurable ROI. They also know the need to keep their skills fresh and relevant. In 2018, we will continue to recruit the best career technical consultants available, and increase our emphasis on training, certification, and sustained professional development.
- Soft Skills are core to Veracity’s success. Our consultants are not just great technical experts, with high IQ’s. They also have strong EQ’s (emotional intelligence) and BQ’s (business intelligence), with the ability to combine all three to create successful technical, organizational, and human solutions to clients’ critical needs. This combination is unique to Veracity. In 2017, identifying individuals with high EQ and BQ became core to our recruiting efforts. In 2018 we will systematically increase awareness and use of EQ and BQ throughout the team.
- Strategic Services that drive demonstrably better outcomes are in high demand. Veracity achieves those better outcomes. Whether creating product strategies, developing architectural roadmaps, or leading agile transformations, in 2018 and beyond, we will continue to reduce client risk while improving long-term results by identifying and resolving the root causes of clients’ pain points in the early stages of the product launch cycle
As we dig in to 2018, the entire Veracity team is energized by the prospects for growth both personally and organizationally, as we partner with our clients to continue to deliver “better software, every time.”