IMP Software, which has virtual teams based around Exeter and Peterborough, has won the Market Entrant award at the EducationInvestor Awards 2020, which recognise achievements in the business of education.
IMP beat off stiff competition from Chatsworth Schools, Forfar Education, Hotel.School and Thuso to take home the prize in the Grand Prix section of the awards, which were held online last month, for its organisational performance since launching.
The focus of the award entry was the development of IMP’s budgeting, forecasting and reporting solution specifically for use by Multi-Academy Trusts (MATs), IMP Planner, which has now been implemented by over 40 Trusts across over 500 schools since its first contract award in April 2019.
The Market Entrant category submission required a short overview of the business, what it does and how it fits into the sector; details of relevant activities during the 2019-20 academic year; and to show how the team demonstrated innovation and excellence in working on a specific deal/number of deals or in providing products and services.
IMP Software co-founder Will Jordan said: “We are extremely proud to win the Market Entrant award at the EducationInvestor Awards 2020. Twenty-one months ago we had an idea and a determination to help MATs with their strategic financial management. We have achieved strong, self-funded growth by establishing ourselves as the only provider in the budget planning/financial management space that has a solution designed specifically for MATs. This has been made possible by the recruitment of a team of MAT finance system experts, providing exemplary customer support, and offering first-class advice on budget planning and resource optimisation. The past year has been crazy for obvious reasons and we could not have achieved this without our fantastic team who have given everything, and our amazing customers that have trusted us to help them.”
Commenting on IMP Software’s award, the EducationInvestor Awards 2020 judging panel said: “The company’s clear understanding of the needs of MATs has resulted in a service that provides a single top-down solution to MAT budgeting and reporting which is finding a market that is receptive and ready to subscribe. IMP’s focus on quality and customer support and advice has resulted in an impressive year. What is clear is that the founders place great importance on the role that MATs can have in improving IMP’s products and service. IMP listens and learns, engages in detailed conversations with users and non-users, and continues to improve what it offers as a result. This, in turn, is ensuring that IMP is solving real problems that MATs encounter when budgeting and managing finances across multiple schools, saving them money and time. They are worthy winners.
Data and management solutions may not be the most visible elements of the education sector – but they are becoming increasingly fundamental as school groups seek to glean robust information on disparate institutions. IMP Software has developed an integrated market leader in a short space of time. Its success in signing up numerous MATs and delivering the forecasting and budgeting tools they deem essential is remarkable. Providing a single source solution to budgeting and forecasting for MATs, IMP creates an analysis of the key drivers impacting publicly-funded organisations and collates all aspects of the business into a clear overview of the landscape across the MAT schools. Given that many ‘bit-part’ solutions exist, the IMP system effectively streamlines information and provides direct outcomes to guide key planning strategies from a central source.
Removing the margins for error engendered by multiple systems, IMP is a ‘one-stop-shop’ specifically targeted for MATs and with potential to expand into other similar multi-school organisations. MATs across the country take note: IMP’s system facilitates a ‘top-down’ approach to financial management, not a ‘bottom-up’ aggregation of disparate systems. The impact of this is that its reporting can provide a richness and accessibility of data that can transforms analysis and empower informed decision-making. IMP has developed a product that meets a real need and looks set to scale further.”
In the 2020 awards, EducationInvestor continued to celebrate excellence and innovation in the business of education in the UK, as well as those who have showed great agility and resilience in the face of a challenging year. With more than 145 submissions and 118 finalists overall, 21 winners were crowned across the Advisory and finance, Content and education provision, Suppliers and Grand Prix categories.