Logistics network and software applications specialist The Descartes Systems Group Inc. (Waterloo, Ontario) won this year's "Best Business Turnaround" in The International Business Awards.
The International Business Awards are considered the business world's version of the Oscars and nicknamed similarly after the trophy as "the Stevies." Stevies are recognized as the only all-encompassing business awards honoring great performances in the workplace.
Descartes won for its marked improvement in operating performance over the past year and will join winners in other categories at a gala dinner in New York on June 26. International Stevie Award winners were selected from more than 700 entries received from companies and individuals across more than 30 countries.
Descartes' award entry identified a series of changes that turned the company into one of the financial performance leaders in its market in 2005. The company achieved four consecutive quarters of profit and operational cash generation during its fiscal year ended January 31, 2006, contrasted with its losses and cash use in previous years.
"The real story here is found in the results our customers have achieved through our new business model," said Arthur Mesher, CEO. "We've transformed into a preeminent software-as-a-service company by changing our mentality along with our pricing structure. Our win in the turnaround category reflects the success of our shared-risk philosophy, where Descartes gets paid when the customer receives value."
The company credits its turnaround in part to a new "leading with our intellectual property forward" strategy which more closely aligns its logistics and technology expertise with customer needs. Mesher said select leaders in their respective industries, including Eastman Kodak, Schenker, Kintetsu, Samsung and CVS Pharmacy, are benefiting from this strategy as they attack some of their trickiest logistics challenges.
Source: The Descartes Systems Group Inc.
