We at EisenVault were running a teaser marketing campaign and a countdown over the past week. Suggesting an announcement or change this morning on July 5, 2021. The EisenVault team had been sharing these creatives on social media to increase reach. A no of us got inquisitive responses and questions. Is it a new product? Or Major additions to the team? Or A major customer acquisition? Or a new investor or funding?
These questions took me back to my economics class in college and got me reflecting on our journey until now and all the discussion we as a team do on our future. I still remember my economics class from college on creative destruction. Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. It was coined by Joseph Schumpeter (1942), who considered it ‘the essential fact about capitalism’.
Creative destruction refers to the incessant product and process innovation mechanism by which new production units replace outdated ones. This restructuring process permeates major aspects of macroeconomic performance, not only long-run growth but also economic fluctuations, structural adjustment, and the functioning of factor markets. Over the long run, the process of creative destruction accounts for over 50 per cent of productivity growth. At business cycle frequency, restructuring typically declines during recessions, and this add a significant cost to downturns. Obstacles to the process of creative destruction can have severe short- and long-run macroeconomic consequences.
EisenVault is no exception and like all businesses has constantly evolved and changed. It started off as physical records management company and pivoted to an electronic document management solution. Constantly added features to the product and kept expanding our customer base, and built a few adjacent products, some of which I list here.
· EisenLens – AI based document categorisation tool.
· EisenFlow – App based workflows.
· EisenScan – App based scanning.
Having completed 5 years and understanding the requirements of enterprise customers we already in the process of building a new EisenVault platform. It will be slick, modern, light and modular. We at it full stream. Anticipating showcasing a beta version in a few months.
We felt the need to change our brand identity and website to reflect the gen next platform we are building. We are embarking on the journey to EisenVault 2.0 and staring the change or creative destruction with revamping our logo, brand identity and website. Stay tuned to hear of all that we change and create on our journey to serve our customer better.