It’s been an incredible time at Lavante over the last year, and the excitement continues into 2012. I covered some of the advances Lavante made last year in a short video segment, but I wanted to talk about a few other areas, namely around our technology advances and the benefits our customers say that L
Because Lavante is, at its core, a technology provider, I tend to lead any discussion about Lavante’s advantage with advances in our software. And last year we made some great strides forward, in areas which are being recognized by our customers. First, we announced the first technology patent in the recovery industry. This patent, which covered software and processes for statement auditing, reinforced the role of automation in the recovery process.
Our patents are expanding, with two pending approvals related to Optical Character Recognition (OCR), and how we use this technology system to dramatically speed up how faxed invoices & statements are processed. Based on Lavante’s proprietary software, we are able to electronically read through massive volumes of documents at the line-item level, and automatically input this information into the Lavante system. This means faster processing for our customers leading to much faster return of dollars. Look for more on this technology innovation next month, with a video conversation with one of our key developers on this project.
Because of the many advances and real benefits our recovery product delivers, we have experienced rapid customer adoption. Last year, we were fortunate to win customers across industries, with a focus in retail, manufacturing, healthcare and hospitality/travel. Our forward momentum with new customers, added to expanded work with our existing clients gave Lavante a 44% year-over-year revenue increase.
One of our new customers, Lennox Industries, Inc., was kind enough to include several very supportive comments about their experiences with the Lavante team, and the benefits they have so far experienced:
“Lavante has exceeded our expectations. They quickly identified recovery dollars, and literally turned our A/P Shared Services Group into a profit center in Q4 of 2011. Together with Lavante we believe our A/P Shared Services Group will be in a position to contribute to our company’s bottom line in 2012.” ,Matt Mears, manager, Financial Shared Services, Lennox Industries Inc.
Lavante also moved forward last year in expanding our management team, adding superstars in engineering, with Vinay Ambekar as Senior Vice President of Engineering, and operations, with Sanjeev Srivastav as Chief Operating Officer.
We are looking forward to an even more eventful, exciting year in 2012. I’ll be back with an update later this month with our next product release, which will include new levels of visibility, interaction and collaboration through the Lavante Recovery solution. So stay tuned for further postings here and on the video blog page!
As always, I welcome your feedback about this and other Lavante blogs.