New Platform Capabilities, Expanded Customer Base and Increased Visibility Position Company for Continued Growth
BURLINGTON, Mass., July 31, 2023 /PRNewswire/ -- ETQ, part of Hexagon, today announced that it has continued its growth trajectory and achieved strong momentum in the second quarter of 2023, underscoring the positive impact that quality management is having on business outcomes. Among the highlights, the company released new product features of its ETQ Reliance NXG cloud-native quality management system (QMS), expanded its customer base, showcased the innovation excellence of some of its key customers, and increased its presence at leading industry forums.
"As manufacturers across several core industries issue a record number of product recalls this year, never has it been more important to demonstrate the measurable business impact of quality," said Vick Vaishnavi, CEO, ETQ. "At ETQ, we are focused on the impact of optimal quality processes that touch every aspect of an organization, from improving decision velocity and maximizing supply chain quality to reducing the cost of poor quality and helping bring products to market faster and more profitably."
Delivering Product Enhancements
During the second quarter, ETQ released updates to its award-winning ETQ Reliance NXG® cloud-native quality management system (QMS). New capabilities include enhanced reporting and features that improve the user and administrator experience, such as new Copy View functionality to let users quickly create new views from existing ones, and a new administrator capability to view all settings using the new Reliance Engine application. The latest version of ETQ Reliance NXG also elevates the built-in analytical reporting tools with new data visualizations and automated alerts to make it easier to manage compliance, reduce risk and achieve operational excellence. This functionality lets users create configurable reports using pie charts, bar charts, stacked column charts, and more. Additionally, a Favorite Charts widget has been added allowing users to see their favorite chart with real-time data on the homepage.
Customer Expansion
Domestic and international expansion of the ETQ customer base represents another driver of the company's growth. During the quarter, ETQ welcomed new customers across the globe from industries such as life sciences, chemical and materials, packaging, food safety, professional services and aerospace and defense. A few new ETQ customers include PPG, Bekaert, Institut Straumann, Velsera and DSV A/S.
Additionally, a host of current quality-driven customers expanded their use of ETQ Reliance in their quality and safety programs. In the second quarter, several long-time customers such as Keurig Dr Pepper, Pentair, SkyWater Technology and Emerson expanded their investments in ETQ Reliance.
Innovation Awards
In June, ETQ announced the 2023 finalists of its annual Innovation Excellence Awards. This year's winner was ETQ customer Trane Technologies, which showcased a supply chain quality innovation that has allowed it to compress standard cycle times, improve its recovery method, realize faster and more consistent return revenue and enable better overall supplier communication. The runners up were Nutrien, which integrated ETQ Reliance with the US Department of Transportation for commercial vehicle safety; and Varian, which developed a Field Actions application for maintaining global compliance. The Innovation Excellence Awards spotlight customer ingenuity in implementing ETQ Reliance in unique, creative, and unprecedented ways to address challenges in quality and health and safety while unlocking significant business value.
Industry Event Participation
ETQ hosted and participated in several industry events during the second quarter to showcase how quality management can be leveraged to reduce risk, achieve compliance and improve operational excellence. In June, ETQ hosted Quality Vision, its annual customer conference, which this year was held in conjunction with Hexagon LIVE Global 2023, a premier global technology conference hosted by Hexagon that focuses on digital transformation, innovation and networking. ETQ CEO Vick Vaishnavi served as a keynote speaker at the event and attendees took advantage of a broad set of presentations featuring dozens of customers who shared how they use ETQ Reliance to add value to their organizations. ETQ also participated in the ASQ World Conference on Quality and Improvement, Hannover Messe, Paris Air Show, and the Control Conference.
Industry Recognition
ETQ was featured in several industry journals during the quarter, including Machine Design, Quality Magazine, Forbes and Today's Medical Developments. The articles focused on business strategies that are enabling organizations to ensure new product success, achieve operational excellence through proper document control, standardize quality processes and documentation across a product life cycle, among other strategic initiatives designed to deliver better business outcomes.
About ETQ
ETQ, part of Hexagon, is the leading provider of quality, EHS and compliance management software, trusted by the world's strongest brands. More than 600 customers globally, spanning industries such as pharmaceuticals, electronics, heavy industry, food and beverage, and medical devices, benefit from ETQ to secure positive brand reputations, enable higher levels of customer loyalty and enhance profitability. ETQ Reliance offers built-in best practices and powerful flexibility to drive business excellence through quality. Only ETQ lets customers configure industry-proven quality processes to their unique needs and business vision. ETQ was founded in 1992 and has main offices in the U.S. and Europe. To learn more about ETQ and its various product offerings, visit www.etq.com.
Hexagon is a global leader in sensors, software and autonomous solutions. Learn more about Hexagon (Nasdaq Stockholm: HEXA B) at hexagon.com and follow us @HexagonAB.
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