50 Most Admired Companies to Watch 2022
Founded in 2018, Danavation Technologies Corp. is a North America-based Internet of Things (IoT) technology company widely known as a leading provider of micro e-paper displays to organizations across the continent. The company’s Digital Smart Labels™, powered by IoT automation technology and software Platform-as-a-Service (PaaS), enables companies across various sectors to automate labeling, price, product, and promotions in real-time, enhancing data accuracy and improving performance by removing high labor costs and low productivity associated with traditional labor-intensive workflows.
Danavation Technologies Corp. is focused on generating revenue and driving growth supported by its established client base, including retailers, grocery stores, convenience and big box stores across the U.S. and Canada, and healthcare providers and manufacturing and logistics companies.
We recently interviewed John Ricci, President and CEO of Danavation Technologies Corp., to know more about the company’s work and innovation. In this interview, Mr. Ricci spoke about how Danavation Technologies Corp. maintains its exclusivity in the marketplace and more. Read on for the excerpts from the interview.
Q. How is Danavation Technologies disrupting the retail sector with Digital Smart LabelsTM ?
We are disrupting it by changing the way we do pricing at retail, which is an antiquated system of paper tags, perforated paper, stickies, computer/laser-generated pricing systems that are very labor intensive. Our Digital Smart LabelsTM system replaces extra labor on the floor and streamlines the entire process. This enables store associates to spend more time doing more important tasks at the store, which can range from making sure product is available, serving customers, doing product demos, etc. So, we are delivering an operational efficiency system and it is bringing in huge labor savings for retailers.
Q. How does Danavation maintain exclusivity in the marketplace?
One of our biggest advantages is that Danavation originated from a business that’s still in existence. It’s a privately held company, “Dana Industries”. We have 30 years of experience in the retail marketplace in North America. So, we have a legacy business to fall back on. We started Danavation within that company four years ago. Danavation has since become its own entity, and now it’s a public company.
Danavation is the only company in the electronic shelf label space that is grounded and founded in North America. So, we are a local company. We design and engineer our own hardware and software in-house. Our support team, including server, network, marketing, sales, and technology is based out of our office in Ontario, Canada. We give our customers something that no one else can, and that’s – “home field advantage.” I feel that we have a very good knowledge of the North American marketplace because we have the experience of 30+ years selling to various retailers and businesses in North America.
Q. Could you tell us a bit about the challenges that you have had to overcome at Danavation Technologies?
As you know, it’s hard to get in front of customers right now due to COVID, but we do a lot of video conferencing via “Zoom,”“Microsoft Teams,” and “Google Meet.” Getting our name out and visiting customers has been a bit of a challenge, but we’re making it work. We do a lot of outreach. Digital marketing efforts have helped us. We have done a couple of trade shows too. We’re happy with how things are going right now as we are making a lot of inroads, having opened some new accounts in the past year or so.
Q. How responsive is your company to the changing needs of its clients?
That’s one of our sweet spots. We’re not just a company that changes pricing on tags. Obviously, our system does that, but we take a different approach. We are a software company. We look for pain points. We’ve been able to solve pain points for one of the largest retailers in Canada. We worked on their back-end software, to maintain and manage their pricing strategies, data capturing, and batching information that comes from various points to our customers. We were also able to work internally with our customers’ existing software system, and we either enhance it or build out software that works in conjunction with our pricing strategy software. So, having that flexibility and the knowledge and experience has helped us immensely in solving our customer’s needs.
Q. Why should investors look to invest in Danavation Technologies?
We’re progressive and a very tech-forward company. We don’t sit on old technology. With our current tags, we are 5-7 years ahead of the curve. We’re introducing multicolored screens.
With a young, dynamic team, we design and engineer all of our products, hardware, software, in-house in North America. So, we are a self-contained company, and we think outside of the box. We look for opportunities, not just in retail; we explore food and non-food industries, big box, healthcare, office furniture companies, warehouse and distribution, the military, animal shelters, and hospitals as well as automotive. So, we have various markets that we go after. Anywhere that it’s important to automate pricing, information, or brand promos at shelf – it’s a potential customerfor us.
Q. What is your piece of advice to the young entrepreneurs?
It’s a cliché, but you must expect your failures to be your springboards to your successes. Every idea is a good idea if you believe in it and there’s nothing wrong with pursuing something. If it doesn’t work, you can just get back on the horse and try something else again. Don’t settle for being mediocre; don’t settle
for the norm and look to raise your own bar. And don’t let anyone tell you – what to do or what you can or can’t do. It’s probably my number one thing. If you truly believe in it, and you have the passion to do it and you have the drive, then I think it’s worth pursuing!
About the Leader
John Ricci, President and CEO
John is the founder of Danavation Technologies Corp. Through his leadership, and over 30 years of experience in retail marketing, Danavation has grown to become an industry-leading organization. He oversees and manages company operations inspiring action and forward-thinking while maintaining a stable financial base that levers the business.