INNOVATORS VS COVID 19
Digital Transformation is Business Transformation
Marc Lamoureux, CEO at Veriday tells us about digital transformation in business.
First of all, how are you and your family doing in these COVID-19 times?
Marc Lamoureux: This past year has certainly been a unique experience for everyone. Fortunately, there have been no serious incidents for my family and friends. It goes without saying that it has shaken up everyone’s routines, but this gave us the opportunity to spend more time as a family and try new activities.
Tell us about you, your career, and how you founded Veriday.
Marc Lamoureux: At the time, after an exit from a firm where I was a senior executive and seeing my business unit through the first two years of integration, I decided to leave the organization. I called my brother, Chris, to see if he would be interested in teaming up to start a new venture. That was the beginning of what is now Veriday.
How does Veriday innovate?
Marc Lamoureux: In the early years, using our experience in technology and consulting, Veriday was intentionally built as a services business to build client relationships. Through significant reinvestment of the profits in research and development, we grew the team, its capabilities and launched a leading Digital Marketing Solution for the Financial and Insurance industries.
The principles that pushed us then still apply to how we work today – always seek out interesting opportunities that can drive growth and value for our business.
How the coronavirus pandemic affects your business, and how are you coping?
Marc Lamoureux: On the one hand, we were fortunate to retain the bulk of our business and avoid employee layoffs. Seeing as our team is highly technical and often works remotely with our clients, the transition to working from home was relatively seamless. While employee satisfaction and engagement were important before, it is a key focus of us with everyone working remotely for an extended period.
On the other hand, we experienced many clients slowing their spending. Through the summer, we experienced a significant but manageable short-term drop in new business. We are optimistic that the investments that we made in our people and to improve go to market strategy that we will return stronger. We are trending clearly in that direction.
Did you have to make difficult choices, and what are the lessons learned?
Marc Lamoureux: We did have a few difficult choices to make. Among them was the commitment to not lay off staff and invest in the families that depended on us.
What specific tools, software, and management skills are you using to navigate this crisis?
Marc Lamoureux: We use all of the major teleconference tools like Google Meet, Zoom, Teams, etc., depending on our client’s preference. Internally, we have also incorporated Slack as a real-time communications utility for employee and partner relationships.
The most important adjustment we made was to improve employee communications. Our managers are more proactive in the communication and well-being of their team. We have also established more regular all-staff meetings and increased our time for individual and group social activities.
Who are your competitors? And how do you plan to stay in the game?
Marc Lamoureux: We compete against many product and services organizations for Digital Transformation market share. Our Digital Marketing platform for Financial Services, we see Broadridge often, and our plan to win is non-stop innovation programs inspired by our clients, the market, and our leadership. This formula has proven successful for us due to the lack of progress we see in the market.
Your final thoughts?
Marc Lamoureux: Innovation is at the heart of most organizations, and Veriday is no different. Our ongoing investment to improve is sometimes tested by short-term demands and events such as COVID, but our clients expect us to be innovative and effectively balance priorities. That is what we keep in mind every day.
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