Power of PAYBOX®
Video - Cloud-Based E-Invoicing Solutions: 6 Major New Customers, Filled Out Product Line
SNNLive caught up with Matthew Oakes, President and CEO of Direct Insite at the 2nd Annual Marcum MicroCap Conference 2013 in New York City.
Kraft: Hi, this is Shelly Kraft. We’re coming to you live on SNNLive. We are at the Marcum MicroCap Conference at the Grand Hyatt in New York City. I’m with Matthew Oakes. By the way, I’m going to call him, Matt. We are at Direct Insite Corp, symbol DIRI. Matt, welcome to SNNLive.
Oakes: Thanks, Shelly. Thank you very much. Nice to be back.
Kraft: Good to have you back.
Oakes: Appreciate it.
Kraft: Tell our viewers in an overview what the company does and then you know me, I’ll have more questions.
Oakes: Yep. You know an update from last year, we were at the show. I met with you last year. In the last year, we’ve signed 6 major new customers, we’ve filled out our product offering a little bit more, we really focus on the AP and AR transformation space, eliminating paper, increasing your cash flow, and automating all the manual processes inside your organization to help you cut costs.
Kraft: And the companies that you are getting as new client are trying to do what?
Oakes: Really large global 3000 companies, primarily here in North America, large shared services organizations, they have a lot of manual processes, a lot of paper, they are looking for tools now to implement as they grow their business to not really essentially hire more people but to automate their processes. Our software does that.
Kraft: You know, what is it a matter of people finding out about you for you to grow? It sounds to me like it’s a marketing issue, before you go crazy.
Oakes: Yeah, the last year we’ve seen a lot of growth, I think a lot of word of mouth from existing customers. So there are a lot of reference clients, large companies like Siemens, Hewlett Packard, Shell Oil. I think a lot of these shared services organizations share their information about where they are getting efficiencies and where they’re putting more cash to the bottom line. We play right in that space.
Kraft: I remember when law firms were the first ones to start outsourcing because they were going through more reams of paper than the forest had trees. And they were doubling the work that they did. Am I on point?
Oakes: Yes, I think you are very much on point.
Kraft: So the law firms kind of started it, pretty much.
Oakes: Yeah and I think what you have, large companies right now have a lot of different disparate legacy ERP systems. They are dealing with a lot of paper from a lot of different submission methods and they have these large departments that have to deal with all the paper, have to deal with the disputes and have to deal with the communication with their vendors. There has to be an automation play in order to go efficiently and save money and we provide that.
Kraft: Yeah because you’re almost taking away an entire department.
Oakes: Yes, that’s correct, that’s very correct. If you go to our Direct Insite website, you can look at the Siemens shared services case study or the IBM case study and you’ll find out exactly how we did it, what the benefit is, and how it could benefit your organization.
Kraft: And that’s a good segue for you to give the website.
Kraft: So where do you see the future coming from for the company?
Oakes: I think automation plays continue to play a large role in the way companies are going to grow. For Direct Insite we’ve made a lot of changes here in the last year in a half. We’ve got six new customer deployments we’re going through right now, we’re taking a very active sales and marketing, a proactive approach, and I think the company is going to grow and continue to experience the success we’ve had in the last year, since we last spoke.
Kraft: Well coming to conferences has to be a tremendous benefit to you. So why did you come to Marcum?
Oakes: Marcum has been our audit partner for quite a while and you know very close with Greg Juliano and the team here in New York and now that we are based in Fort Lauderdale we have a really strong core team down there. I just think Marcum provides you, as they’ve grown exponentially, they’re going to provide use the opportunity to meet and engage with new clients or create more connections. So I think this is a critical conference for us and I really appreciate Marcum inviting us here and talking with you.
Kraft: Ladies and gentlemen, Matt Oakes, Direct Insite Corp. Symbol: DIRI. I’m Shelly Craft this is SNNLive we are at the Marcum MicroCap Conference at the Grand Hyatt in New York City.
Matt a pleasure to see you.
Oakes: Thank you very much.