59. Lorven Technologies
Revenue Growth: 40%
HQ: Plainsboro, NJ
Lorven Technologies is a fast growing company among many other accolades, providing technology services in the area of Software Development and IT Staff Augmentation services across diverse business domains like BFSI, Telecom, Media, Retail, Manufacturing, Pharmaceuticals, Healthcare & Energy. "Our key assets are our people. Our ability to understand client needs, deliver solutions in a nimble and agile fashion has resulted in a high retention rate of clients," says Bala Shan, President & CEO of Lorven Technologies. Shan sat down with Consulting to discuss the firm's financial performance and revenue growth.
Consulting: What were the main factors that contributed to your firm's exceptional growth?
Shah: I'd say there are several: Focus—This is the source of our growth. We focus on our strengths and the goals with continuous effort in improving our process, quality and customer satisfaction; Customers—Customer satisfaction and retention is the key factor for our growth. Customer demands are delivered with quality services with good turnaround time; Plan—Strategic planning with specific goals with required infrastructure and the resources for the execution of the plan has put us on the growth fast track; Execution—Execution of the planned strategy is an important factor. We set clear priorities and ensure the strategies have been implemented effectively. Change is the only constant factor, we revise the plans if required; People—People are the key asset of our organization. We hire the best minds, with a drive for achieving their dreams. We strongly imbibe the culture of design thinking to all the associates and thus it kept us challenging and motivated.
Consulting: How is this year shaping up for your firm?
Shah: It's shaping up in terms of revenue growth by acquiring new clients; focusing on diversification of business; and, emerging into digital technologies, IOT, AI and ML.
Consulting: How would you describe your firm's outlook for 2019? Where do you see the most opportunities?
Shah We see a few: Focusing on latest technologies by expanding IT solutions; and organization expansion in terms of increase in number of employees/consultants for the exponential revenue growth.
Consulting: What would you say are your firm's biggest challenges in 2019?
Shah In the recent past, client budgets have been continuously squeezed; clients are more budget conscious due to political and economical uncertainty; and, one of our biggest challenges is finding and retaining the best talent.
Consulting: What does being named one of Consulting's Fastest Growing Firms mean to your firm, your employees and your clients?
Shah It strengthens the business platforms that we have already built. It's a great sense of achievement in our organization. It also brings reassurance on our quality process among our clients, an expansion in business growth in various domains and better brand image for the organization.
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