Syncron - Company of the Year
Company: Syncron, Stockholm, Sweden
Company Description: Syncron empowers the world’s leading manufacturers to maximize product uptime and deliver exceptional after-sales service experiences, while driving significant revenue and profit improvements. Syncron’s cloud-based service parts inventory, price, order and uptime management solutions are designed to continually exceed customer expectations.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Computer Software - Medium-size
Nomination Title: Syncron
Tell the story about what this nominated organization has achieved since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Syncron, the only after-sales service solution provider focused on empowering the world’s leading manufacturers to maximize product uptime and deliver exceptional customer experiences, achieved a 67 percent year-over-year increase in annual contract value (ACV) following the close of 2016. Continued global expansion and the addition of some of the world’s most recognized brands, including Motor Coach Industries, Electrolux and Perkins, cap stoned this impressive growth.
Customers across industries within durable goods manufacturing, including heavy equipment, motor vehicles, high-tech, aerospace and consumer and industrial products, are increasingly demanding high levels of product uptime.
With many manufacturers expected to meet agreements set in a service level agreement (SLA), or moving to a power-by-the-hour model (an agreement that allows a company to lease or rent equipment for a certain number of in-use hours, buying the functionality rather than the actual piece of equipment), there is more pressure than ever to keep existing equipment up and running. Combining these pressures with declining revenue from new product sales is leading many manufacturers to experience diminished profits and poor customer experiences.
As a result, manufacturers around the world are turning to after-sales service as a new avenue for efficiency and growth. Syncron’s cloud-based service parts inventory and price management solutions are designed to enable manufacturers to optimize service parts inventory levels and prices, not only leading to improvements in revenue, gross profits and operational efficiency, but also the overall customer experience.
Anders Grudén, CEO of Syncron states, “Today’s most innovative manufacturers realize after-sales service is a key growth and profit lever. At Syncron, we’re positioned to enable these leading brands to take full advantage of this significant area of opportunity.” In addition, the company’s reputation as a leader in this space is evidenced by consistent coverage in top trades including Manufacutring Business Technology, Industrial Distribution, Supply and Demand Chain Executive and more.
At the core of our success is the relentless focus on customer experience – exceeding our customers’ expectations is at the cornerstone of our company culture. At this exciting time in Syncron’s history, our growth not only solidifies our leadership position in the industry, but also validates the huge market opportunity ahead. We’re in the best position to deliver superior products and services to our customers, enabling them to improve corporate performance while simultaneously delivering exceptional customer service experiences. At the core of this success are our dedicated, hard-working employees, ensuring every day that the customer is at the center of their responsibilities.”
In addition to its increase in ACV, Syncron wrapped up 2016 as one of the most successful in the company’s history. Other highlights included:
-Continued growth of Subscription and Support revenue by 33 percent year-over-year, contributing to a 35 percent compound annual growth rate (CAGR)
-Nearly 50 percent year-over-year employee growth
-Continued global expansion with entrance into new markets, the opening of a new office in Paris and the addition of a research and development center in Bangalore
-Launching Customer Success and Employee Success business units to optimize the company’s focus on delivering measurable business value to its growing customer base
Ben Zubiate, Director of Materials for Syncron customer MCI stated, “To keep our fleet of 28,000 active motor coaches up and running, we base everything on customer demand and expectations. We have multiple warehouses throughout North America, and needed to create more of a balance between service parts availability and excess inventory. With Syncron, we believe we can better serve our customers, ensuring the right parts are in the right place at the right time, and maximize uptime. All of this contributes to happy customers and improved after-sales margins.”
For more information about Syncron’s solutions and customers, visit http://www.syncron.com/en/ .
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
-Syncron is 100% focused on after-sales service. Our customer-first approach guides everything we do. From industry leading investments in research and development, to providing the fastest time to value through ongoing innovation, our cloud based after-sales service solutions are designed to maximize product uptime and exceed our customers’ expectations.
-Syncron’s year-over-year ACV growth was nearly 70%, with near-zero percent customer churn.
-Syncron continues to grow its subscription and support revenues, increasing 35% year-over-year.
-Syncron’s customer base is rapidly expanding, increasing nearly 20% from 2015 to 2016.
-Syncron employees now number nearly 300, a 47% increase from 2015.
-Syncron’s global footprint expanded. In 2016, Syncron opened its offices in Paris and Bangalore, bringing the total number of global locations to ten. With headquarters in Stockholm, other offices include Atlanta, Chicago, Palo Alto, Birmingham (UK), Warsaw, Munich and Tokyo.
-Syncron’s fastest growing markets are North America and Asia.
Of the following measures of success, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?