The ability to look ahead is essential, both when we work with our organization and when we work with our customers to enhance their ability to quickly seize new business opportunities.
Innovation [ˌɪnəˈveɪʃn]: the introduction of new things, ideas or ways of doing something, in the rule for the better.
The digital evolution is rapid, urging businesses to adapt continually to meet the users’ requirements. This in turn puts demands on us as the customer’s supplier and partner. Users expect the company’s services and information to be personalized. Furthermore, they expect to be able to perform transactions on the fly, on whichever platform they prefer. Social media has for several years changed business models and challenged businesses to find new, more efficient and customized ways to deliver services and products. The keyword is innovation.
High rate of innovation is challenging for an organization. It is resource intensive to be ahead of trends, and it takes expertise and capacity to develop new solutions and concepts. Itera uses its insight to advise on how the trends develop. Through our delivery model, with development resources both locally and in Ukraine, our capacity is almost unlimited in order to handle projects where the requirements regarding time-to-market, volume and expertise are high. The response from the market is positive, and we experience our delivery model as mature. We are very pleased that expertise within security and law is characterizing our delivery model, methods and procedures as solid.
From national to Nordic
In 2011, we continued on the course we set in 2010. We move towards Nordic scalability, larger customer relationships, utilization of skills across the group and joint marketing approach. The strategy works: the turnover ratio of the largest customers increased significantly during the year. The Nordic co-operation works well, both for us and for our customers. We work seamlessly across borders and areas of expertise, and assist customers operating in the Nordic market in a flexible and intimate manner. Our range of expertise is complete, and we are a partner in the entire lifecycle of the solution, from strategy through flexible development to stable and safe operation.
Strong growth rate
As planned, Itera had a strong growth rate in 2011, especially in the first half. The number of assignments increased, and recruitment efforts were intensified in order to adapt and prepare the organization for further rapid growth. Throughout the year we welcomed 79 new colleagues.
Many changes in parallel with strong growth are challenging for an organization, and we experienced the consequences of this at the end of the year. Although the last months of 2011 continued to show strong growth, we experienced somewhat lower capacity utilization than anticipated. At the same time, risk management in connection with completion of certain projects was somewhat too weak. The combination of these conditions affected the results of Itera, which lead to a decision to conduct cost adjustments at the end of the year. The adjustments are made, and Itera enters 2012 positioned for profitable growth. We look forward to gradual, positive effects from the first quarters of 2012.
Heading forward
The desire for moving forward is deeply rooted in Itera’s identity. We are impatient, curious, focused on learning and have a strong go-ahead spirit. This approach affects the entire organization. I am proud of all our employees in four countries who in their own way, with their own expertise and strong will, have contributed to our development in 2011. They are dedicated people who are motived by our vision:
Making a difference. Always!
Our customers also deserve gratitude for our co-operation in 2011. They show us confidence, and include us in their central strategic discussions and plans. We are involved as a partner. This is a trust we are proud to receive and are taking good care of.
I would also like to express my gratitude to the Board of Directors for their contribution in 2011. With interdisciplinary expertise and deep knowledge of our industry, they are an important support in both strategic, tactical and operational issues.
The starting point for 2012 is good, and we are looking forward to continuing the journey. Always ahead!
Arne Mjøs
Chief Executive Officer