With funding from the European Union under the EU4Business initiative, the European Bank for Reconstruction and Development (EBRD) has helped an Armenian IT company to introduce Information Security Management Systems in accordance with international standards, leading to a soaring growth in exports.
Under its Advice for Small Businesses (ASB) programme, the EBRD supported VOLO LLC, an IT consulting company specialised in outsourced software services and IT business solutions, to introduce Security Management Systems, resulting in improved security policies and control, as well as compliance with international standards.
As a result, the company managed to expand both locally and globally. With a new office opened in Armenia’s second city of Gyumri, and representations in Ukraine and Japan, it saw a 168% growth in exports and 191% increase in turnover.
VOLO LLC was established in Armenia in 2006 as an IT consulting company. Its speciality is outsourced software services and IT business solutions to companies from around the world, designed for secure, scalable and reliable business systems.
Innovative approaches, a wide range of services, and customised solutions enabled the company rapidly to expand their market – primarily into the USA and Canada. As much as 87% of the company’s output is exported.
VOLO has already completed 140 projects all over the world covering such sectors as finance, telecommunications, energy, healthcare, e-commerce, tourism, food and beverages, education/eLearning, and logistics.
One of the strategic targets is the European market and EU countries specifically. This requires compliance with information security international standards set by ISO. The company’s existing partners also increasingly require alignment with internationally recognised quality management standards, and this is where the EBRD and EU4Business stepped in to help.
Based on the identified business needs the EBRD connected the client with a local consultant specialised in Quality Management and ISO certification, who:
- formulated security requirements and objectives
- managed security risks in terms of cost efficiency
- ensured compliance with laws and regulations
- set a process framework for the implementation and management of control
- defined an internal audit process
- provided relevant information about information security policies, directives, standards and procedures.
As a result, the company multiplied its export volume and turnover, all the while increasing its productivity by 44%.
Based on the positive experience with the local consultant, VOLO expressed interest in International Advisory with ASB. The project has already started, with a specific focus on HR management, exports, marketing strategy, and operations.
EBRD Advice for Small Businesses
The EBRD Advice for Small Businesses programme, funded in the Eastern Partnership countries by the EU under its EU4Business initiative, aims to promote good management in the SME sector by providing assistance to individual enterprises, helping them to grow their businesses. It supports SMEs to make structural changes and develop new business skills, helping them to thrive and compete in market economies. The programme also enables SMEs to access local consulting services on a cost-sharing basis by providing grants of up to €10,000.