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Irish Times Innovation Magazine, Friday 4th December 2009

Cut Costs Efficiently

DUBLIN-BASED StaffBalance has developed a software package to help companies decide how to cut costs efficiently.

The company was launched two years ago by Ciaran McGowan, who was incapacitated at the time due to two broken knees sustained after falling from a ladder while painting ahead of his son’s christening.

The technology builds up a model of a business and shows managers where there is spare capacity and instances where staff are over burdened.

It uses human resources data, financial information and measures business volumes to establish a transaction-based picture of how the business operates.

The software employs simulation modelling to pull together large volumes of information in widely dispersed companies which may have multiple distribution channels and products.

“You have to know exactly where to cut costs and how to improve efficiency or you could potentially destroy the character of your business,” McGowan says.

The product has been used by a number of firms including Bord Gáis, Zurich and KBC Bank. The company says it can model a business team within five days.

McGowan and his business partners, Fiona Flynn and Rachel Killeen, are in the process of raising investment funding.

They have invested €90,000 of their own money, have applied for €125,000 in seed capital from AIB and hope that Enterprise Ireland (EI)will match that. It is also looking to partner with American firm Acorn to aid distribution in that market.

The company is based in the National College of Ireland Business Incubation Centre in Dublin’s IFSC.

View the online Irish Times article.