TWST: Would you mind providing our readers with an overview of VITRIX, Inc. (OTC BB:VTTX.OB)? Mr. Bednarik: We are in the time and attendance workforce management business, which means we develop software products that a client would purchase to track an employee’s time, as well as to provide time management, leave management, job costing, scheduling and other related activities.
TWST: Does it help companies become more cost-effective, more efficient overall? Mr. Bednarik: Yes, it does. According to the American Payroll Association, automating Time and Attendance can save a company as much as $ 500 per employee, per year. It captures employee input and avoids the need to key or re-key information, and provides for an interface to other packages such as payroll systems. Our ROI calculation shows that the reduction in human error and elimination of manual data entry and manual calculation time can save a business up to 8 % on gross payroll and up to 80 % on payroll preparation time.
TWST: With regard to the industry that you’re in, what significant changes, developments or trends do you see taking place in the next few years? Mr. Bednarik: One of the main things that we have seen is more demand for Web-enabled applications, which we have now addressed with MyVITRIX. The second, as it relates to the overall market, is the apparent need and desire of companies within this marketplace to provide additional services to their clients. For example, we are in the process of forming a partnership with Zurich Payroll Solutions. They sell payroll products, and have a need within their environment to increase their services. Time and attendance is a natural adjunct to payroll and, therefore, we have mutually agreed that we will be providing our product to them under a license arrangement, allowing their sales people to sell time and attendance solutions, in addition to payroll solutions. We see this trend with not only payroll companies, but with PEOs, HR companies and others as well. I believe this private labeling is a very significant opportunity for us, and will provide not only VITRIX, but our partners, with the opportunity to expand substantially.
TWST: Do you have any plans on moving into spaces or companies that have more than 500 employees or are you pretty much focused on where you are at, right now? Mr. Bednarik: We do currently sell into organizations with more than 500 employees, but our majority seems to be within the SMB market. But, as our new ASP product (MyVITRIX) takes off, we will probably find that it brings a different perspective to that. Even now we are beginning to notice that larger companies are utilizing MyVITRIX for one division of say 100 - 200 employees, and then later considering deploying it throughout the entire organization, which in some cases is well over 1,000 employees. So it’s very possible that over time, based on the ease of use of the products, and more specifically MyVITRIX, that we will adjust our focus to larger businesses.
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