Cornerstone Creates New Innovation Group

Cornerstone announced the creation of their new Innovation Group. The division will be led by Cornerstone Founder Mat Orrego along with a group of dedicated innovators, developers, and analysts that includes Senior Vice Presidents Rock Blanco and Aaron Hosey. The Innovation Group will focus on the development of new products and integration with a variety of technologies that will help broaden the value of Cornerstone platforms and introduce new products to expand its portfolio.

Cornerstone’s operations and product platforms—iBank and iQCX—will be led by Ron Childress, who was named President and Chief Operating Officer. Ron has been with Cornerstone since 1999 and will directly manage the operational aspects of the company including development, systems, support, facilities, and training. Shaun McDermott, Cornerstone’s CFO, will continue to manage the financial components of the organization. Alan Minton, Cornerstone’s SVP of Sales & Marketing, will lead the sales, account management, marketing, and product teams. The leadership team will continue to work with Mat Orrego as CEO.

“The consolidation in our industry is creating some real opportunities for us to take a leadership position in driving efficient travel process and decision making for our customers. In order for us to deliver on these opportunities, we need to focus our efforts on growing and scaling our core operations while building new functionality that allows Cornerstone to be better prepared for how agencies and corporations are going to work in the future. I am thrilled to be working with Ron Childress as our President and am thankful for his leadership in helping to drive the success of our company,” said Orrego.

“I am very excited to lead the business of Cornerstone as we focus on improving the value our technology provides our customers. Having resources dedicated to new product innovation enables us to focus on a multifaceted agenda of expanding important features and functionality of our current application platforms for our existing customers while exploring new opportunities, customers, and markets through dedicated research and development,” said Ron Childress, Cornerstone’s President and COO.

Cornerstone announced these changes at its Customer and User Conference in Indianapolis last week, and the team is already excited about the new changes. “As someone who believes that there are no old roads to new directions, I am thrilled to be part of a company that truly understands the best way to predict the future is to invent it,” said Rock Blanco about the change. “Innovation has long been a part of Cornerstone’s history, and innovation will continue to be the rallying cry behind our current and future product initiatives in the months and years ahead.”

Cornerstone Introduces iBank BI

The first product release of the Rock Blanco era is out—and it’s already a hit. In March, Cornerstone conducted a soft release of their new business intelligence tool and the results have been favorable, including a nearly 8% jump in transactions. Late last year, Blanco completed the design of a new user interface for Cornerstone’s iBank platform and produced a beta version in under a month. After a five-week test period, the new product was released. The second version of the new application was presented today at the Cornerstone Customer Conference to rave reviews.

“We are excited to further extend our initiatives around the development of business intelligence solutions like iBank BI. By building around a data analytics engine like QlikView, we can ensure our clients get the next generation of product solutions they need to meet the travel data management requirements of their clients today,” said Blanco.

“With the addition of the OneScore application and On-Demand reporting, we have further added to our full complement of business intelligence solutions which provide instant access to key performance indicators (KPIs) measuring all aspects of travel performance on a global scale”

The highlight of version two is the addition of the OneScore Scorecard, which enables companies to track traveler behavior and their financial impact. With clear graphics and a focused set of metrics such as days advance purchase, online booking usage, and preferred hotel usage, the company can quickly see which travelers are following policy and the benefits when they do. An element of gamification provides an opportunity for corporations to introduce competition when identifying which employee is the best steward of the company’s finance.

This release also includes a new “Design Your Own” Reporting tool. This feature provides users with a dynamic “see it as you build it” custom report builder that has access to hundreds of data points from iBank and iBank BI. It also makes it easy to collaborate and share reports using the “Share Session” feature.

“I was blown away with the sneak peek I saw of iBank BI,” said Rebecca Martin, President of A&I Travel Management. “It’s everything you’d want a travel management analysis tool to be: intuitive, fast, and thorough with amazing output options and capabilities. Based on the quality of the analytics and the prep time it will save us in delivering actionable travel management data to our corporate customers, it’s a new must-have!”