Dynamics Communities Biz Apps Partner Podcast

Biz Apps Partner Podcast: Stoneridge Software CEO Eric Newell on Company Growth, Recent Acquisition

Episode Summary

Welcome to the “Biz Apps Partner Podcast,” a weekly video series designed to decentralize intelligence about how partners can scale their Microsoft practice by having short, to-the-point discussions with Microsoft leaders in product, engineering, marketing, partner management, programs, and more. In episode 34, John Siefert welcomes Eric Newell, CEO, Stoneridge Software, to discuss the company's growth strategies and Stoneridge Software's recent acquisition of an organization called TEAM Technology.

Episode Notes

Key Takeaways

• Decentralizing intelligence: Newell describes his book, "Mastering Microsoft Dynamics 365 Implementations," to address the lack of resources for clients on implementing business applications, combining "waterfall and agile concepts." The book was published 2021, and has since been well-received by readers. The book touched on key points such as dealing with change management throughout a project's lifecycle and identifying key stakeholders before starting a project.
• Adressing project challenges: Newell began his career as a GP Support Engineer in 1999 and held various roles at Microsoft, including managing support systems and leading the Premier Field Engineering group for Microsoft Dynamics. His experiences with challenging client situations inspired him to found Stoneridge, intending to start projects on the right foot and address issues from the beginning.
• Highlights of company growth: Elaborating on the growth of Stoneridge Software, Newell explains that when starting the company, it didn't have any clients lined up and didn't know what to expect, but he appreciates those first clients who took a chance on us and are still with us today. Highlights include the company's big go-lives in 2014-2015, being named the best place to work in Minnesota in 2015, breaking into the agriculture market, and growing from three to 300 people over 12 and a half years.
• Extending into agriculture: Microsoft's products lack built-in functionality for agricultural enterprises, so StoneRidge has extended FSC&M to include features like advanced contract management and commodity pricing. This allows agricultural businesses to digitally transform using the Microsoft platform, Power BI, and Power Apps, which is not possible with outdated competitor software.
• TEAM Technology acquisition: When discussing the acquisition of TEAM technology, Newell explains this as an opportunity to grow its Business Central business, which is performing well in the market as clients seek to leverage Microsoft platform connections to Power Apps, Power BI, and Copilot. With Microsoft's announcement to end support for GP in September 2029, it's important to transition clients to Business Central or Finance and Supply Chain Management.
• Vertical focus: Major industries for Stoneridge Software are manufacturing and distribution, which align well with our clients and members. In his book, Newell discusses the four quadrants to deciding when to buy software: fit, platform, implementer, and cost. While clients often prioritize fit and cost, Stoneridge Software excels in platform and implementation, and has worked hard to find industry fits to showcase success in those markets.
• Sharing knowledge with community: Implementing a new ERP system is a significant change that affects everyone's daily tools and processes, and there is no easy button for it. Understanding the gravity of the change and having clear success criteria will greatly improve the outcome. To share knowledge with the broader community, Stoneridge Software will be hosting Stoneridge Connect Community Conference, a free, virtual event happening on April 23. The conference will include training sessions covering Finance and Supply Chain Management, Business Central, CRM, Power Platform, Copilot, and GP.