Venzee Technologies CEO Peter MacKay feels his company brings to market a long-awaited solution for streamlining communication with suppliers and retailers.
Placing a priority on expansion, MacKay plans to keep assimilating new and viable technologies like blockchain into Venzee’s arsenal in order to stay abreast in a rapidly changing industry.
In the interview below, MacKay described Venzee’s innovations in removing human error and increasing efficiency from the process of data exchange. Before Venzee, suppliers and retailers had to convert their raw data before it could be compatible with each other’s systems, leaving costly room for error. By eliminating the communication asymmetry between suppliers and retailers, MacKay believes Venzee can acquire sizable market share.
Below is the transcript of our interview with Venzee CEO Peter MacKay. It has been edited for clarity and brevity.
Investing News Network: Please give our investor audience an overview of Venzee and its artificial intelligence solutions for retailers.
Venzee Technologies CEO Peter MacKay: Our technology sits between the system used by suppliers and retailers, which is transforming data into compatible updates. You might ask me, why is that important? Simply put, the systems that are used by suppliers and retailers aren’t compatible, so they use different software in order to move the data from one business to another. Spreadsheets tend to get used to fill the gaps, creating costly delays and human error.
The data can be anything from a supplier’s new product line that the retailer wants to sell online to subsequent updates, such as cost changes and how much inventory is available to ship. Real-time, error-free data delivery is critical in e-commerce, and Venzee is one of the few cloud-based solutions that does this for the retail and supply chain industries.
INN: What are the types of industries and clients that Venzee is targeting to deploy its solutions?
PM: Venzee is in the unique position of having some of the most powerful data transformation technology available to the retail industry. Our technology represents cost savings and revenue acceleration which is music to the ears of both suppliers and retailers, so we’re focused on both types of companies.
INN: What is Venzee’s biggest challenge? And how are you working towards solving it?
PM: We’re at the stage where we’re ticking all of the boxes. We have the technology, we have a strong team, we’re addressing an underserved market that is breathtaking in size, and we have the software-as-a-service (SaaS) solution. This is all about the execution on building on our core key performance indicators (KPI): strong closing rates, low-churn and an efficient sale cycle. With SaaS, the data doesn’t lie. We’re at the stage with Venzee where we’re able to build upon, and get excited about, the metrics we’re seeing at the moment.
INN: Having recently strengthened your sales and partnership leadership, what are your expectations for 2018?
PM: We made some changes to our sales leadership in December and the results are starting to show. Based on the KPIs that we’re seeing, our sales team are expecting a strong 2018. Again, it’s all about the execution. If you have a great technology, a product that’s in demand and a sales and onboarding team that’s able to build an engine for success, you’re off to the races. We’re excited about 2018 and beyond.
INN: What is next for Venzee and how does that fit into the company’s long-term goals?
PM: We’re heads-down and adding customers to make sure we’re executing to meet customer and investor expectations. We have a real opportunity to make a land grab here and acquire as much of the market as we can. That’s our day-to-day focus. That said, our technology and continued innovation are why we’re in such a strong position: we are listening to our customers and continuing to monitor our industry for opportunities. As an example, we are seeing decentralized data storage, or blockchain as we know it. Now, this is starting to emerge in the retail and supply chain, so we’re making sure that our technology is in a position to meet the emerging demand.
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