SilverBridge, a provider of software solutions to the financial services industry, has posted a profit after tax of R2.3-million for the year ended 30 June 2013, a significant turnaround of the loss of more than R6-million for the comparative period last year.
\”Over the last two years, the organisation has worked hard to become more efficient and reduce its expenses. With the year end results, we are showing the market that the hard work is beginning to pay off,\” says Jaco Swanepoel, CEO of SilverBridge.
And while revenue for the period has remained at stable levels, Swanepoel ascribes the success of the organisation to the fact that SilverBridge has been able to improve its efficiency and reduce costs thereby positively impacting on its margins.
\”We have managed to reduce both our indirect and direct costs. The revenue of the business is still intact but our processes and personnel have become significantly more efficient. And together with a reduction in overheads, this has resulted in a reduction of costs.\”
SilverBridge adopted a new approach to its project methodology to keep its client contracts on track with reduced risks and to improve its overall delivery processes. While it was a difficult transition initially, once the organisation got more comfortable with the process, it started seeing efficiencies come through.
\”We have consolidated our processes and expenses. Now we are looking at generating more revenue. Essentially we have improved our internal operations and can now look outside the organisation to start generating more revenue. To this end, we will put renewed focus on local markets as well as those in eastern and southern Africa.\”
Swanepoel says that despite the difficult financial conditions in South Africa, there is increasing demand for the solutions of SilverBridge as financial services companies are looking for new sources of revenue and efficiencies in their own business.
\”Businesses are now considering new ways to do business and are starting to use our solutions to improve efficiency and create opportunities for themselves in the market.\”
As part of its consolidation, SilverBridge is building a solution eco-system with specialist and strategic partners. This includes improving its implementation and support methodologies, software testing processes, and training for both users and experts.
\”We have made progress in empowering our partners and clients with an easier path to customising and installing our solutions. We now look forward to the future successes that this should bring. Our Nedgroup Life project implementation is also progressing well.\”
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