Companies globally were forced into unprecedented business transformations to adapt to the new face of both economic and business settings. A recent report presented by Mckinsey, indicates that business areas around the globe have a digital adoption acceleration of 7 years. This acceleration is years ahead of the average adoption rate compared to 2017 until 2019.
By 2022, KPMG is projecting that 80% of revenue growth will come from digital services and operations. With such a huge value to consider, how will companies whose business models built on traditional practices continue to thrive in the digitally-enabled business market?
Hear the story of how a company from the United Arab Emirates serves as a pacesetter in revolutionizing the aftermarket industry’s business model.
Mineral Circles Bearings, a trusted technical service provider in the Middle East and Africa for the Automotive and Industrial Aftermarket, capped off the challenging year of 2020 with affirmative organizational performance results. Having known for its avant-garde and trailblazing initiatives, MCB seamlessly drove innovative business practices that hedged its organization from looming business fallouts brought by the pandemic.
Reinventing the corporate business model
Mineral Circles has long started its organization’s paradigm shift even before the COVID-19 outbreak transpired. With its futuristic and strategic approach, it was without a doubt easier for such an organization to deploy a much more viable business game plan. Years before the unexpected surge of digital adaptation across different industries, MCB went on full throttle to invest in its digital efforts with its best effort to provide better service to its expanding global footprint. These lucrative contingency plans have been instrumental in the organization’s overall success as it allowed its whole organization to fully and seamlessly remain operational despite the abrupt increase in remote working.
“While the pandemic has put everything on a complete standstill, we have ensured that our organization and our people were fully-armored against any potential delays or abruption. This was made possible with our technology-driven strategies implemented years ahead of the pandemic which helped us simplify both of our internal and external transactions,” Hassanein Alwan, Managing Director mentioned when asked how he took over the helm of the risk management planning to safeguard the company in the middle of a global crisis.
“Our employees underwent certain digital training to fully utilize the available technology along with digital hangout sessions such as virtual coffee breaks to ensure that our productivity isn’t compromised while everyone was at the comfort of their homes safely working remotely,” Alwan added.
While most executives in the aftermarket industry had some quite of resistance to the role of technology in the business, MCB fully invested and prioritized its corporate digital transformation strategy in its best efforts to substantially adapt to the ever-changing market dynamics.
“It’s more than just being merely present on different platforms. We aim to stay relevant and at the same time provide a unique value proposition to our customers regardless of the global turmoil,” Alwan mentioned when asked what’s the main driving factor for their digital transformation.
MCB’s best efforts and unique ways of easing the process of doing business have won the trust of many customers resulting in at least 74% of its 2020 regional share from its market focus which is the Middle East & Africa. It’s a consistent record-high regional performance for the past years despite of the sudden decline and business challenges globally.
Leveraging technology to simplify the customer journey
MCB has officially launched its multichannel customer service in the second quarter of 2020. With its ultimate aim to streamline the inquiry processes and to shape a new way of doing business, MCB strengthened its presence in leading Messaging platforms such as WhatsApp for Business, Telegram, and Messenger to provide a better service and unique value proposition to its customers.
What are the key takeaways?
Customers don’t longer need to wait for 1-3 working days to check their requirements’ availability. They can easily receive a quotation through their phones within a span of 30 minutes up to an hour. These channels currently support 5 different languages to provide clearer communication and service to its target customers.
On top of this, MCB ended 2020 as it proudly introduced its revamped corporate identity and corporate website. Its new identity represents a color palette that represents modernity and diversity in the organization while on the other hand, its revamped corporate website showcases its new user-friendly features aimed to simplify the customer journey.
A quintessential industry partner
COVID-19 has put into test the majority of the organization’s ability to adapt to the ever-changing market dynamics. For MCB, it’s imperative for organizations to earmark a quantum of their capital expenditures to invest in digital technology given that the world is noticeably transitioning into digitally-enabled business models. This will allow the organization to easily adapt to the ever changing customer demands and would establish a stronger sense of reliability and business stability with your existing and future partners in the longer run.