#SMETowkay: Gearing for growth with digitalisation
Soon after taking over Ricardo Group, his father’s automotive servicing and repair business, in 2011, Jeremy Soh was met with his first major challenge of a business slowdown.
With its core revenue stream under threat, Jeremy had to think on his feet and unravel new business opportunities, or risk the inevitable demise of this 42 year-old family-owned business. He then decided to diversify the company’s portfolio by creating a car financing arm that has since become Ricardo’s most profitable amongst its auto sales, insurance, and servicing businesses.
“I tried to create a whole new ecosystem around our core business (of servicing cars), rather than to rely solely on it,” he explains.
To shift into new gears of growth, the 35-year-old placed equal emphasis on digitalising and modernising the company’s archaic work processes. In addition, the diversified business portfolio of the revamped Ricardo Group is linked by a common IT system which allows its employees to cross-sell relevant services to customers.
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Text by In Plain Words.