Earlier this winter, IQNavigator put a press release on the wire that referenced some strong 2011 growth numbers (in defense of IQN's competitors, including arch rival Fieldglass, the general market and other individual players within it realized strong growth too; for a quick snapshot of what is fueling this market growth, check out our recent summary post on the the topic here). We recently caught up with IQNavigator and will be featuring an update on their solutions and general progress in the market. What's more interesting to us, though, is the "why" and "how" supporting both sector and individual vendor growth and adoption -- and IQN's numbers tell a story in and of themselves. Hopefully in this series, we'll provide a flavor of both.
According to IQNavigator's announcement, the company "achieved a number of significant successes and milestones in 2011" including the largest number of "new client" wins it has realized to date. For implementation, IQN completed 50 individual deployments in 2011 and "10 additional go-lives in January of this year." Revenue was up 21%. For those curious about implementations as a proxy for revenue growth: within the VMS space, they are almost always a leading indicator of where a vendor will fall on a revenue growth trajectory 12-18 months following go-live, at least in the aggregate (individually, some deployments result in expected and growing contingent and now, SOW and project-based spend under management, while others flounder for various -- and nearly always internal -- challenges). Hence, we expect 2012 revenue growth percentages to be even higher based on new customer implementations in 2011 and the early 2012 numbers.
In the announcement, IQNavigator referenced a number of areas driving general growth, including:
- Technology innovation (we'll cover this in a subsequent post in this series, including a significantly enhanced user interface compared with where the product was only 18-24 months ago)
- International expansion and focus, primarily Europe (and Asia/Pacific)
- Enhanced reporting and cross-functional (finance, procurement, IT, HR) metrics to drive collaboration
- A new pricing index service, IQNdex, which tracks temporary labor bill rates based on actual transactional data
Stay tuned as we dig below the surface to explore some of the elements fueling IQNavigator's numbers. Check back for related posts on other providers in the VMS market as well.