How the Fastest Growing and Most ­Innovative Companies Utilize ­Technology for Their Success

As the Managing Director of RIHub, Rhode Island’s Innovation Hub, I have the privilege of working alongside an innovative group of ‘high growth’ business entrepreneurs who rely on technology to drive new business models and ultimately, the growth of their startup. For every business, technology is no longer a luxury; it’s a necessity for survival. In today’s fast-paced business environment customers’ expectations of your business change daily because of new technology. The talent that your company can attract will have expectations about how technology is used in your everyday business processes. Across sectors – whether in finance, staffing, or professional services – companies need to leverage digital tools to stay ahead of competitors, hire the best talent and meet the needs of a demanding customer.

I congratulate the businesses selected this year as the “Fastest Growing & Innovative Companies.” It is no surprise to hear how technology is essential to making their employees’ lives better every day. From customer interactions to providing employee safety, technological advances provide the framework for every business today.

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In this article you’ll hear from some of Rhode Island’s most forward-thinking business leaders, who are utilizing everything from automation and cloud computing to artificial intelligence and machine learning. These technologies are not just tools for growth but also critical components in ensuring resiliency and long-term success.

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It’s clear that as businesses become more digitized, they’re also becoming more agile and capable of adapting to the challenges of an ever-evolving economic landscape. At RIHub, we are committed to fostering this spirit of innovation by providing resources and support for ‘high potential growth’ businesses. Their growth potential  comes from their use of technology that can take them from the incubator today to global customers tomorrow. Through collaboration and the smart use of technology, Rhode Island’s business and entrepreneurial community is well-positioned to thrive in the digital age.

Annette Tonti, Managing Director, RIHub

How do you utilize technology to help your company grow and innovate?

Randy Stoloff At Delphi-US, we leverage a suite of online tools, including an ATS/CRM system, cloud-based phone system, MS Office Suite,  and candidate search tools. Additionally, we use various tools to boost our communication, branding, and visibility. Our business requires us to be online all the time, and that’s why we rely on Cox Communications to provide the necessary internet speed and bandwidth. If we’re down…we’re losing money.

Andrew Rogers As a community-based Credit Union, our knowledgeable staff and strong technology resources are key to serving our members.  From data and predictive analytic models to automation to advanced digital banking platforms, robust technology ensures we are able to provide the very best level of service that our membership deserves. 

Jon Roberts In the financial services industry, like many other economic sectors, we’re far past the days of investing in technology being an added bonus or a “nice-to-have.” In today’s hyper-connected world, staying at the cutting edge of technological advancements is an absolute necessity to stay competitive and meet the demands of both our members and our employees. 

Navigant Credit Union has been very proactive when it comes to investing in technology. Our members can see that in our constantly evolving suite of digital and mobile banking offerings, as well as in our physical branch locations – most of which are now home to high-tech interactive banking kiosks, which complement the personalized, one-on-one service members have come to expect from our excellent in-branch team members. 

This shift has proven to be a win-win for our members and employees alike. We know our members want (and expect) user-friendly, convenient, digital options to take care of their routine needs, which – in turn – frees up our staff to focus on the more complex needs that require more of a personal touch. 

Tony Folco Technology is key to our growth and innovation. We use automation and data analytics to improve efficiency and make informed decisions. Cloud computing and collaboration tools enhance our scalability and remote work. We invest in R&D and prioritize cybersecurity to protect our data. Digital marketing helps us reach and engage customers effectively. 

Emma Senerchia We are constantly evaluating new technology and software to help streamline our operations.  In our industry the ability to respond at a moments notice is imperative and part of our responsibility to our customers.  

Have you virtualized your business in response to rapid growth?

JR Especially since the COVID-19 pandemic made virtual and hybrid work more commonplace, we’ve certainly embraced technological tools that allow our employees greater flexibility when it comes to where they’re physically performing their jobs. That said, though, as a service-oriented business, we still feel very strongly about the value of in-person work. 

When it comes to attracting talent, we’ll always point to our strong, organically built company culture as the driving force behind our ability to find the right people. We’ve been a staple in Rhode Island’s business community for well over a century, and we’ve been able to stay successful all this time because we’ve stuck to our roots: We’re a people-first, community-first business that strives every day to improve the financial well-being of the members we serve. 

TF Yes, we’ve virtualized our business to keep up with rapid growth. This shift has enhanced our flexibility and scalability, allowing us to attract top talent from anywhere. The ability to work remotely has broadened our talent pool and improved our overall team dynamics. 

RS Yes, to an extent. Our ability to access data from anywhere and connect seamlessly allows us to expand our employee geographic footprint beyond Newport, even out of state closer to key clients. While in-person employee collaboration has clear advantages, our hybrid/remote environment is beneficial, too. We utilize tools like MS Teams for video and chat to maintain visual connections and ensure effective communication, and to deliver exceptional service to our clients, candidates and our co-workers.

ES We have adapted and allowed some of our office employees to work partially remote when possible.

AR Yes, virtualization has been instrumental in supporting our rapid growth. The scalability, flexibility, and cost-effectiveness it offers have been invaluable. Our virtual infrastructure allows us to adapt quickly to changing business needs and maintain high levels of productivity. Additionally, virtualization has helped us attract top talent by providing a modern, flexible work environment that meets the expectations of today’s professionals.

How do you protect your business from cyber-attacks and natural disasters?

AR Protecting our business from cyber-attacks and natural disasters is a top priority. We have implemented robust resiliency strategies that are regularly updated to address evolving threats and our growing business needs. Virtualized platforms, redundancy in communications and data storage, internal and external risk assessments, and adequate insurance coverage are all key components to maintain business continuity and protect our members’ data. 

RS Data protection is paramount at Delphi-US. We have multiple safeguards in place to ensure client and candidate data remains secure. Our network setup, software and employee training all contribute to data protection efforts. Our vendor partners play a crucial role in this, and we work closely with them to maintain robust data protection. Since the onset of the COVID-19 pandemic in 2020, we have also fortified our defenses against natural disasters and similar challenges, using data and software backups and more.

ES We work with IT and industry professionals to ensure our systems and staff are trained and protected from threats of all kinds.

TF We protect our business with a multi-layered approach. For cyber-attacks, we use robust cybersecurity measures, including encryption, firewalls, and regular security audits. To safeguard against natural disasters, we have comprehensive backup and disaster recovery plans in place, ensuring that we can quickly recover and maintain operations.

JR It all comes down to planning. We ask ourselves on a constant basis: What might happen tomorrow that could impact our business, and what will we do about it? What’s our contingency plan? What’s our contingency plan for the contingency plan? And, as scary as it sounds, the answers to those questions change every day. 

The reality is, by the time you finish reading this sentence, there will be a new cybersecurity threat that the vast majority of businesses in Rhode Island and across the country don’t understand and aren’t prepared for. That’s why the preparation process isn’t a one-time project; it’s an always-on, living-and-breathing part of our day-to-day operations. 

What technological innovations are you looking to make in the future?

TF In the future, we’re excited to explore advancements like artificial intelligence and machine learning to enhance our data analytics and automation capabilities. We’re also looking into emerging innovations in cloud computing to further scale our operations and efficiency. 

ES We never stop innovating. As technology continues to grow we are always ready to make improvements. 

AR The use of artificial intelligence (AI) and machine learning (ML) will be important as we continue to grow and scale. By investing in these technologies, we can enhance our member experience and provide personalized financial advice to help our members achieve their financial goals. These technologies will also allow us to automate administrative tasks, streamline processes, reduce errors, and detect fraud allowing our staff to better serve our members.

JR We’re seeing significant advancements in the payment space. From PayPal, to Venmo, to PopMoney, to Zelle, to PayRailz and countless other digital payment options, we’ve reached a point where we all know at least one friend or family member who threw away his or her physical wallet and processes every payment on their phone. Navigant Credit Union was an early adopter in this space, and we see that as one specific area that will continue to evolve in the coming years. 

RS We are always exploring ways to better serve our clients and candidates. Building strong relationships and executing tasks efficiently is central to our growth. Currently, we are rolling out a multi-phased AI strategy within our organization. Our goals are threefold: to help our team work more efficiently, to build client and candidate confidence in our organization through targeted marketing and communication, and to fill jobs at a consistently high level.

For companies that want to make a digital transformation, what do you think is the most important first step in order to be successful?

RS The most crucial step is to have a clear plan. Understand your short and long-term goals and communicate them throughout your organization and with your technology partners. Technology evolves rapidly, so your plan may change, but having a direction is essential. A reliable and trusted technology partner like Cox should be a cornerstone of any digital transformation plan.

ES Embrace change. Without change, you cannot learn or grow.

AR Digital transformation does not need to be daunting no matter how small or large a business is.  The most important first step is taking it one step at a time.  Be thoughtful and incremental in the changes made. 

TF The most important first step in a digital transformation is to clearly define your goals and understand the specific challenges you’re aiming to address. This involves assessing your current processes and identifying areas where technology can have the most impact. By setting a clear vision and strategy, you can ensure that your digital initiatives are aligned with your business objectives and drive meaningful improvements.

JR My advice would be to ask yourself two key questions. Why are we doing this? And are we ready to invest in it?

Companies need to have a strong answer to the “why?” question if they’re going to be successful. Just like every other aspect of a long-term business strategy, a technology-focused plan needs to be driven by a company’s overarching mission. Without a solid, researched, data-driven reason for implementing technology, you’re not investing in your business; you’re just playing with shiny new toys.

Likewise, it’s critical for companies to be aware that true digital transformations require significant investments – both in the form of financial resources and time. As mentioned earlier, keeping up with technology is a constant, always-on process. If you’re not ready to make the right investment, you’ll quickly find yourself falling behind.

How do you view the opportunities associated with AI and how can it be harnessed in a positive, ethical, productive way alongside a talented workforce to innovate and grow?

ES We are excited to learn more about how this new technology can improve our efficiency and not only make our company stronger but a better place to work. 

JR Artificial intelligence is, all at the same time, incredibly advanced, incredibly new, incredibly useful, and incredibly unknown. Similar to how cybersecurity threats are evolving every day, potential uses (and, to be fair, misuses) of AI are evolving every minute. 

Navigant Credit Union is experimenting with AI in several business lines. One top of mind focus has been implementing what’s known as Robotic Process Automation (RPA) into some our day-to-day operations. Ultimately, our goal is to leverage this kind of technology to take time-consuming, somewhat mundane tasks off our employees’ to-do lists so they can focus on the core, value-additive skills and expertise they bring to the table. 

While we pride ourselves on staying current on technological trends, we know these tools will never replace the value our employees bring to our mission.

TF AI presents tremendous opportunities for innovation and growth by enhancing decision-making, automating routine tasks, and providing deep insights through data analysis. To harness AI positively and ethically, it’s crucial to integrate it thoughtfully with a talented workforce. This means using AI to complement human skills, ensure transparency in AI processes, and uphold ethical standards in data usage. By fostering a collaborative environment where AI tools support and augment human creativity and expertise, companies can drive productive innovation while maintaining a strong ethical foundation. 

RS We are in the early stages of AI adoption, focusing on task-based efficiencies to better serve our clients and candidates. It’s vital for our staff to become comfortable with AI now, as this will be crucial when we transition to more advanced AI applications that can spearhead innovation and growth. The governance of AI is in its infancy, and we will rely on today’s industry leaders like OpenAI, Meta, Microsoft, and Google to guide us in harnessing AI positively and ethically.

AR We are committed to serving our members, we’ve done this every day for the last 75 years.  We see artificial intelligence (AI) as an opportunity and a tool to serve our members’ needs even better for the next 75 years.  AI will provide the Credit Union with greater data-driven insights, real-time anomaly detection and more robust scenario planning.  Most importantly, we believe that AI will augment the capabilities of our talented staff, allowing employees to focus on high-value tasks such as complex problem-solving, strategic planning, and personalized member interactions to improve our members financial success and wellbeing.