Today marks a turning point for anyone responsible for managing technology assets. As of today, accounting professionals are obliged to put technology in the Sarbanes-Oxley (SOX) spotlight.
Just about everyone has heard of SOX, the legislation passed in 2002 in response to notorious accounting scandals at Enron, WorldCom, and other public companies. The premise was that if we could ensure the quality of corporate financial reporting based on secure internal controls, we could enhance the integrity of our financial system. SOX ushered in a number of new requirements for company management and boards, as well as for the accounting profession. Among the more noteworthy aspects, per Section 404 of the Act, CEOs and CFOs have to personally affirm their responsibility for maintaining an adequate internal control structure and procedures for financial reporting, and (per Title III) can be individually liable for shortcomings in the accuracy and completeness of corporate financial reports.
Less well known is just how corporate management and the auditing community design and evaluate internal controls. The answer is that they rely on the Committee of Sponsoring Organizations of the Treadway Commission, or COSO, an organization that provides thought leadership and guidance on internal control, enterprise risk management, and fraud deterrence. COSO promulgated foundational guidelines in its Framework as far back as 1992 and updated its guidelines in May 2013. Generally speaking, the updated guidelines accommodate a business landscape that has changed considerably over the past two decades. Of interest to those who are naturally drawn to this blog is that the new Framework draws special attention to technology assets. The updated guidelines set a deadline of today for companies to adopt their new Framework for internal controls. (more…)
Thanksgiving is more than turkey, pie, and football; most importantly, Thanksgiving is a day to reflect and give thanks for the gifts and blessings we’ve received, and also to remember those who are less fortunate.
As a way to help those in need during the holiday, last week SHI and VMware partnered to raise money and secure goods for three worthy charities near SHI’s Central New Jersey headquarters: Summit Animal Rescue Association (SARA), a nonprofit animal rescue and placement organization; Elijah’s Promise, an organization that provides food to those in need, as well as education and job training in the food industry; and Resource Center of Somerset, a women’s shelter that provides help and hope for people affected by domestic abuse.
More than two dozen SHI and VMware employees traveled to New Jersey from around the country to spend a day shopping for and delivering supplies and donations designated for each organization.
Overall, SHI and VMware raised or donated over $21,000 among the three charities. We hope these donations will make the holidays a little bit brighter for those in need.
We couldn’t be prouder of the joint SHI-VMware team, and we thank everyone for their hard work and commitment to our community. We’re grateful to have such a dedicated and conscientious group of employees and partners, as well as customers. We wish a happy and healthy Thanksgiving to all!
SHI released its quarterly earnings statement last week, revealing powerful growth and record-breaking revenue in yet another quarter. SHI brought in $1.48 billion in revenue during the third quarter, attributable in great part to growth of legacy hardware partners. But the other driver was the many organizations upgrading their systems in preparation for the end of Windows Server 2003 support next year. This achievement brings SHI’s year-to-date revenue to $4.05 billion, a 15 percent surge over the same period in 2013.
For more details and CEO Thai Lee’s perspective on the growth, read our official press release.
SHI is proud to announce it has won Microsoft’s Operational Excellence Award for the 11th consecutive year, and 13th time overall. This honor is bestowed on partners that have demonstrated “market-leading operational excellence” in support of Microsoft technology and solutions.
SHI’s goal has always been to help our customers maximize their investment in technology and better manage their IT environments by educating them about the Microsoft products, licensing scenarios, and updates that could have the biggest impact on their organization. We help them connect with these technologies and make educated IT decisions through our series of Microsoft webinars and blog posts about licensing changes and what they mean for customers old and new. We’re proud to once again be recognized for these efforts!
We’d like to extend a big thank you and congratulations to the SHI employees integral to this win. We could not have achieved this award for 11 consecutive years without your hard work and dedication. Thanks also to our Microsoft customers, whose dedication and support have helped SHI thrive for the past 25 years.
This week SHI is hosting its annual Global Sales Conference, where hundreds of SHI employees and dozens of partners have gathered to celebrate SHI’s 25th anniversary and collaborate on how to continue to deliver exceptional value and experience as we help customers select, deploy, and manage technology.
The theme this year? Growth — in partner relationships; hardware, data center software, security, storage, and other business divisions; employee count; and revenue.
And so, in that spirit, we revealed today SHI’s revenue for the first half of 2014. In the first six months of the year, SHI recorded $2.57 billion — a 12 percent jump year over year — keeping us on pace for another record-breaking year.
Take a look at our official press release below for CEO Thai Lee’s thoughts on this latest milestone, and follow our hashtag, #SHIGSC, for additional updates from our event.
It’s award season over at CRN, and we’re proud to say that SHI’s achievements are once again being recognized.
This morning CRN released its 2014 Solution Provider 500 list, which ranks the top VARs, solution providers, and integrators in North America, based on revenue. SHI’s been steadily climbing up this list over the past few years, and today CRN revealed that we jumped up two spots from last year, to the number 15 position.
And last week, Thai Lee was named to the CRN 2014 Women of the Channel List and recognized as one of this year’s Power 50 Solution Providers. The annual Women of the Channel list highlights the accomplishments of female executives within vendor, distribution, and solution provider organizations and the impact they are having on the advancement of the IT channel. The Power 50 honors an elite subset of female executives at solution provider organizations who are extending their respective company’s sphere of influence as trusted advisers.
We’re excited that Thai’s and, for that matter, all SHI employees’ hard work and dedication to growing our company and building strong relationships with our customers has been recognized. With a record-breaking start to 2014, we’re on pace to continue our strong growth and add a few more feathers to our cap next year.
Happy Earth Day! In honor of the world’s largest environmental celebration, I wanted to take a moment to highlight SHI’s small part in making our world a healthier place.
SHI’s commitment to going green has been years in the making. In 2011, we installed 1,596 rooftop solar panels at our software and hardware integration center. Since the installation, the system has produced 1,017,044 kilowatts of solar energy, and shrunk our carbon dioxide (CO2) output by 1,343,042 pounds. Today, the system plays a huge role in energy creation, accounting for 40 percent of the building’s total energy usage in 2013.
But our journey to energy efficiency didn’t end there. When we took over 290 Davidson in Somerset, N.J. as our corporate headquarters, we completely renovated the building with LEED certification in mind. Our main mission in the renovation was to install a solar project to help reduce our carbon footprint and decrease overall utility costs. At the project’s completion in 2012, we had installed 2,119 solar panels for a total array of about 500 kilowatts and gained a LEED Gold certification.
Since the installation, the solar project has produced 1,156,689 kilowatts of power and accounted for 8 percent of the building’s total energy usage in 2013. Not only did we decrease our energy consumption, but we shrank our CO2 output by 1,574,963 pounds–the amount of CO2 produced by a one-ton pickup truck after driving 1,351,960 miles. (more…)
Late yesterday at the 2014 HP Global Partner Conference in Las Vegas, HP presented SHI its PartnerOne Award for Global Reseller of the Year. As we noted in our official press release, SHI was recognized for “driving growth through innovation, strong teamwork, and overall commitment to excellence.”
We could not be more proud of this achievement. Echoing the sentiments of SHI CEO Thai Lee, this award is a tangible representation of the strength of one of SHI’s longest and most strategic partnerships. Here I’ll dive a little deeper into exactly what that means.
SHI grew our overall HP business by 20 percent year over year in 2013 by remaining committed to offering as diverse a portfolio of HP product lines as possible to both new and existing customers in North America and beyond. Our growth spanned each HP segment, including the HP Enterprise Group (including Servers and Storage), HP Networking and Services, HP Software (including Vertica and TippingPoint), as well as HP Printing and Personal Systems.
And yes, despite the never-ending reports of the demise of PC sales, SHI’s sales of HP notebooks and PCs were up as well. (more…)
I’m proud to share that this week at VMware Partner Exchange 2014, SHI received the Solution Provider Partner of the Year Award. This is the sixth VMware Partner of the Year Award we have won during the last several years — an indication of the strength and maturity of our VMware partnership.
2013 was a strong year for our relationship with VMware. We became one of the first partners to offer VMware vCloud Hybrid Service (vCHS) and, in fact, booked the first ever vCHS order! The addition of this service to our portfolio of VMware virtualization and cloud solutions no doubt contributed to SHI’s 44 percent increase in VMware revenue in 2013.
Equally impressive is the commitment we made to developing and training VMware support personnel. SHI currently has on staff:
- 25+ VMware Certified Professional (VCP) — certified engineers and architects
- 50+ VMware Technical Solutions Professional (VTSP) — certified sales resources
- 500+ VMware Sales Professional (VSP) — inside and outside sales
Congratulations to everyone at SHI who contributes to the success of this partnership! And to our customers, you can be sure we will continue our commitment to providing unparalleled VMware solutions and support.
2013 was a great year for SHI, bringing tremendous growth, new service offerings, and widespread recognition. In a press release issued yesterday, we reported $5 billion in revenue for 2013, a 15 percent increase from 2012. For the first time ever, SHI’s public sector, corporate, and enterprise commercial sales divisions each surpassed $1 billion in revenue.
“If we were a public company, SHI’s $5 billion in revenue would rank us among the Fortune 500, which includes many of our valued customers and partners,” CEO Thai Lee said yesterday. “It’s clear that the close relationships we’ve built with our clients, partners, and, of course, our employees have been–and will remain–the key to our success now and well into the future.”
As Thai mentioned, SHI’s employees were a key component to our success in 2013, and we’re pleased to be expanding. We added over 400 new employees at offices throughout North America and Europe last year, expanding our headcount to 2,500–the most in company history.
SHI also continued to be recognized for its outstanding partnerships, winning the Microsoft Channel Partner of the Year for state and local government and academic, as well as VMWare Solution Provider Partner of the Year. Dell also named SHI its DMR Partner of the Year for the fourth consecutive year, and the company won the Microsoft Operational Excellence Award for the 10th consecutive year.
Has the best yet to come? We don’t think so. We look forward to an even bigger 2014!