Edge hardware vendor OSS reorganizes business, workforce to save an annual $3 million
Edge computing company One Stop Systems, Inc. (OSS) is undergoing structural change and cutting down costs to save between $2.5 million to $3 million per year to boost growth and sustainability, the company announced.
Effective immediately, workforce changes will be implemented including at the senior management level, followed by a reorganization of responsibilities and integration with acquired operations.
The company’s reorganization and cost cutback were initiated by the new leadership team which was appointed earlier this year. Considering market uncertainty derived from the coronavirus pandemic, these initiatives aim to help the company grow and preserve resources, executives said. The management team is working towards sustainability, and to increase margins, profitability and shareholder value.
“Looking beyond the short-term goal of ensuring sustainability during these uncertain times, we are laying a stronger foundation for the future,” said OSS director and interim CEO, David Raun, in a prepared statement. “While our sales team remains optimistic given the current level of customer activity, we realize we must plan for the possibility of an extended period of business retraction. I believe that with our diligent team effort we will get through these challenging times and come out stronger.”
OSS has finalized the integration of Concept Development, Inc. (CDI) following its purchase last year and moved operations to Escondido to save costs and boost collaboration and innovation.
The company has also focused efforts on product marketing ownership, making the product marketing team responsible for better coordination with sales, engineering, operations, and finance.
“As the result of these changes, I believe we have become more operationally efficient and integrated with a ‘lean and mean’ team leading the way,” said Raun. “Over time, we expect to add fresh talent who will bring new ideas and skill sets to help fuel our growth.”
“With these improvements in place, we will remain focused on three key objectives for 2020,” added Raun. “First, we will continue to invest in and improve our industry-leading product roadmap. Second, we will expand our customer base and reduce customer concentration risks by focusing more on targeted growth markets where we have competitive advantages. And third, we will improve how we deploy our financial assets and increase efficiencies.”
OSS is looking into both government and private financing opportunities to make the business more sustainable.
The news comes almost three months after the company reported banner results from 2019 along with new products aimed at enabling AI on edge server systems.
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Article Topics
edge computing | edge hardware | financial results | One Stop Systems
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