Recently, Oracle and Inc. Media revisited our "Secrets of Success" survey of America's fastest-growing companies. We wanted to know what they were doing to maintain their double- (even triple-) digit growth rates.
The results came back surprising/not surprising, for there is not just one ingredient that leads to success. In this case, there were three.
- Focusing on great sales and marketing (noted by 41 percent of respondents as one of their three top choices)
- Having the right management team in place (noted by 37 percent of respondents as one of their three top choices)
- Keeping costs in line with growth (noted by 27 percent of respondents as one of their three top choices)
But our curiosity was not sated. We wanted to hear it straight from the horse's mouth, so to speak. Then an epiphany hit. Within our expansive partner network, Oracle works with several Inc. 5000 honorees; we thought it would be interesting to hear from them in regards to this recent survey.
So we reached out to two partners, each on opposite ends of the country and each focused on different areas:
- Peloton Group (#2357), located in Boston, MA, specializes in advisory, consulting, and managed services for designing and implementing solutions around Oracle ERP Cloud, Oracle HCM Cloud, and Oracle EPM Cloud
- Inspirage (#3185), located in Bellevue, WA, are integrated supply chain specialists who focus on products within Oracle SCM Cloud and Oracle ERP Cloud
Both companies found their experiences dovetailed perfectly with the survey results.
It's All About Sales/Marketing, the Executive Team, and Scalability
Both Peloton Group and Inspirage felt that their ability to correctly read their respective markets and nimbly address any/all shifts in those markets was a key factor to their success. As Kevin Creel, President, Inspirage stated, "With our proficiency in cloud-based solutions and the quick shift to digital transformation, we will continue to expand our high-expertise consulting practice. We have employees spanning the globe in North America, Europe, and Asia in addition to our partnership with Oracle. The talent and commitment by our consultants to help our clients achieve success is the primary reason we achieved this level of growth."
Guy Daniello, CEO/Founder, Peloton couldn't agree more. He told us that when "the market underwent major changes, Peloton was able to rapidly expand our digital transformation capabilities to drive value to our customers."
Second in importance to sales, Peloton Group felt that they have done well by having the right management team in place, whereas Inspirage's No. 2 success factor was their ability to able to scale to keep costs in line with growth as additional reasons for their long tenure on the Inc. 5000.
Customers and Digital Transformation
We also wanted to know if the Inc. 5000 was putting their money where their mouth was. Survey respondents came back with four key areas where they were focusing their expenditures:
- Getting new sales and retaining current customers (85 percent as one of their three top choices)
- Hiring (and keeping) the right skill sets (80 percent as one of their three top choices)
- Having real-time insights into their financials (25 percent as one of their three top choices)
- Investing in the right technology to help spur growth (33 percent as one of their three top choices)
Both our partners agreed with this list. For Inspirage, the name of the game is to always have the right skill sets within management to provide the leadership needed to focus on customer experiences. This in turn leads to loyalty levels and referrals. "The talent and commitment by our consultants to help our clients achieve success is the primary reason we've achieved this level of growth. Ninety-one percent of our projects finish on time and on budget, and 96 percent our customers achieve their business objectives. As a result, our customers not only rely on us to help solve their biggest supply chain challenges, but they also recommend us to their peers," states Inspirage's Creel.
But there is another crucial component to success--scalability which is the foundation of the agility, nimbleness, and flexibility needed to continually shift and transform a fast-growing company as the market demands. Peloton recognizes the power the cloud brings to the table as the foundation for this transformational growth. "Peloton rapidly pivoted from on-premises applications primarily focused on Enterprise Performance Management (EPM) to cloud applications focused on Enterprise Resource Planning (ERP), Human Capital Management (HCM), Enterprise Performance Management (EPM), and Platform-as-a-Service (PaaS)," states CEO Daniello. "This pivot allowed Peloton to transition to be an emerging leader in digital transformation. Honestly, it has been a game changer! Peloton has been on the Inc. 5000 for four consecutive years and we expect that to continue given how we have boldly transformed our business capabilities."
However, sales and future growth go hand in hand, like mac and cheese. Both our partners are multi-year members of the coveted Inc. 5000 honor, and they both point to sales growth and a focus on the future as the reason why. "Sustaining continued double-digit growth requires the constant addition of net new customers and the hiring, education and retention of top talent," says Peloton's Daniello.
Inspirage's Creel adds, "It is important to always have a growth mindset. As companies have successfully made the transition to the cloud our focus now is on the next big transformation."
To get more detailed information and insight. Download the survey results--Inside the Heads of the Leaders of America's Fastest-Growing Companies--today.
About the Survey
Oracle revisited our partnership with Inc. Media to survey leaders of companies that are current or recent Inc. 5000 honorees. The Inc. 5000 list ranks companies by three-year sales growth, among other factors. The top company on the 2017 Inc. 5000 list, Skillz, had a three-year growth rate of 50,059% with 2016 revenues of $54 million.
About Oracle Cloud solutions for SMBs
Today Oracle delivers an entire suite of business applications--for Enterprise Resource Planning (ERP), Enterprise Performance Management (EPM), Supply Chain Management (SCM), Human Capital Management (HCM)--including talent acquisition--and Customer Experience (CX)-- including sales, service, loyalty, CPQ, and ecommerce. Oracle Cloud applications are mature, highly functional and backed by the Oracle name as well as the millions of dollars invested in software development and infrastructure to build and deliver application suites. If lead a growing business and are looking to get your hands on the latest capabilities without the headaches often associated with hefty upgrades, contact us and explore the benefits of Oracle Cloud applications.