LANCET NAMED "FAST 50" GROWTH COMPANY BY MINNEAPOLIS ST. PAUL BUSINESS JOURNAL
Q/A with Lancet President, Tom Niccum, sheds light on how Lancet drove it's growth.
How has your company managed to grow in this economy?
We have long-term trust-based relationships with our clients. They benefit from our help, and it was easy for them to justify spending for our services.
While those relationships preserved our base of business, there was overall growth in the field of business intelligence. Companies have learned that in tough economic times, the best possible data analysis is required; without it your business is flying by the seat of its pants. New clients came to us based on our reputation, and we are able to help them fulfill their objectives at a reasonable cost.
What are the biggest untapped opportunities in your industry?
Our business is helping companies sift through data to spot trends, identify fraud, determine response to marketing campaigns and other uses of data. First, the tools were expensive, but recently have become cheaper, allowing them to move into the small- and mid-sized company market, which is something we’ve been doing for a few years. Second, the practice of business intelligence isn’t a fully formed discipline, and that opens up opportunities for companies like ours to create repeatable solutions that reduce the cost to our clients. Third, there are many industries that haven’t yet adopted these tools, allowing for opportunities to adapt our methods to new niches.