Business Intelligence company TARGIT presents a solid annual report and changes in the company’s structure, creating high expectations for increased growth in 2014, especially in the U.S.
2013 was a year of change for TARGIT, which included new products, new positioning, and a new international organization. Even though TARGIT put significant effort and resources into the initiatives, they are able to present a strong annual report. The report shows increased growth of 10 percent into $23,302,381 USD and an operating profit that reached $1,872,005 USD. These results place the company above the growth rate for Business Intelligence & Analytics, which according to the research and advisory firm Gartner, is expected to be seven percent prior to 2017.
“It is our dedicated goal to increase business tenfold within the next 10 years. In 2013, we increased growth and took a step in the right direction, but we still have unutilized potential in all markets, especially the international markets,” said Morten Sandlykke, TARGIT CEO. “In 2013, we invested significantly in changing our positioning in the market. We have made the greatest investments in the history of the company both in terms of products and marketing, and within the organization. Therefore, we expect even greater increased growth in 2014.”
In addition to strengthening the products, TARGIT’s marketing and sales departments have gone through extensive changes as they have revised their processes to support continued sales growth in new markets. TARGIT has segmented the market and the organization is divided into industry-specific teams. Industry specialists have been added both in Denmark and the U.S. Changes have also been made to the sales executive team and its management has been moved to the U.S.
“The new initiatives and changes have strengthened TARGIT’s growth potential significantly in all markets, particularly in the U.S. market,” noted Morten Sandlykke, who relocated to Boston in 2012. “It was important for us to globalize our predominately Danish organizational culture in order to fully realize our international potential. We are still Danish and proud of it, but we saw a need to calibrate our ambitions in order to better understand the American business culture. And the best way to do both is to live in the U.S.”
As part of the process, increased focus on Self-service Analytics, Big Data, and Data Discovery has been added to TARGIT’s product portfolio. Organizations are now able to analyze and keep track of the large quantities of data that are beyond both the traditional data warehouse structure and their control. This information may include data from Google, surveys in Excel spreadsheets, public statistics, or various pieces of data from social media. The organizations get new options for analyzing and acting on information, which they normally would not be able to monitor.
The organizational changes that have been made, as well as the product portfolio additions all support future growth for TARGIT as the company continues to expand its reach within the U.S. and the throughout the world.
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