We were excited when Electric Way was called on stage to collect the “Gulf Capital — Business of the Year” award in recognition of re-inventing a traditional business model with the help of technology and innovative thinking. Conferred to us in October 2019, the award holds an important place in our history and also for our team to strive harder as we forge ahead.
Yet, I say that the real reward lies in the appreciation that we continue to receive from our supply chain partners; our principals and our key customers. They have benefited tremendously from our technology adoption and process innovation, and they have made this known to us in as many ways.
We have been in the business of trade for over three decades as a family and have followed the trade practices of our peers by acting as a traditional supplier to end-users, local traders and exporters. However, when young and dynamic minds come together, it also motivates seniors to modernize their thinking and accept new ideas and their participation makes change possible.
Most businesses can continue to thrive in a growing market but when pressures of margins, cash-flows and demand start mounting, survival becomes a priority and validated models start to fail. When our industry underwent one such cycle, we got the impetus to change and evolve our business model.
Today we are driven not just by technology, but also our new mindset which is now attuned to innovation and redefining the way we do business. We began our journey by first identifying the real needs of our customers and figuring out what could add value to our relationship. We realized that customers are looking for partners in progress and not just one more node in the supply chain and hence we realigned our processes to serve our customers better. We looked at our vendors and aligned them more closely to the real needs of the markets. Our business terms, delivery periods, our packing, our transport were all freshly analyzed to increase real benefit to our end users. It was not just investment and effort, but a lot of ideas fused to make a real impact.
The journey of innovation continues and we have inculcated this mindset among our team. We firmly believe that innovation and an open mind is a key element to our growth and our future plans to expand across geographies and product lines.
An award is a motivation to do better and we are thankful that Gulf Capital, selected us as the Business of the Year 2019. We hope that we will broaden our horizon and grow with the vision of this great country and its rulers in the year 2020 and beyond.