Anita Joseph caught up with Joyce Raad, Senior Business Development Manager – UAE & KSA at Raqmiyat to discuss how the company’s strategic and future-forward approach has consolidated its robust position in a dynamic and fiercely competitive market. The company celebrates its 40th anniversary this year.
Raqmiyat has been a key player in the market for four decades now. How has the competitive landscape changed over this period, and how has Raqmiyat positioned itself to thrive amidst these changes?
Over the past four decades, Raqmiyat has thrived in the ever-changing tech landscape. By staying ahead of trends, collaborating strategically, prioritizing customers, nurturing talent, and innovating in marketing, to effectively communicate our value proposition, differentiate ourselves from competitors, and showcase our capabilities to prospective customers, we continue to lead the pack in the competitive tech industry, and we have demonstrated a remarkable ability to not only adapt but also thrive amid the changing landscape and continue to redefine success while also empowering women in tech to thrive and succeed.
We, as Raqmiyat, recognize that our success is driven by the skills, expertise, and dedication of our workforce.
Diversity and inclusion are at the heart of Raqmiyat’s ethos. We recognize the importance of empowering women in the tech sector. Women bring invaluable perspectives and skills to the table, and we are committed to promoting gender equality and creating opportunities for women to thrive in technology roles.
We place a strong emphasis on building long-term relationships with our customers by understanding their unique challenges, priorities, and goals. By providing personalized solutions and exceptional customer service, we have cultivated a loyal customer base and differentiated ourselves from competitors solely focused on transactions.
Over the last 40 years, Raqmiyat has undoubtedly experienced periods of growth. Could you elaborate on some of the strategies or initiatives that have fueled this growth?
Raqmiyat’s growth journey has been shaped by strategic initiatives that emphasize innovation, expansion, and collaboration. The company’s commitment to continuous improvement and customer satisfaction has driven our success.
One key strategy has been our investment in fostering a culture of innovation and embracing emerging technologies, we have been able to develop market-leading solutions that address evolving customer needs and preferences.
We had some strategic expansion into new markets and industry sectors that has also fueled our growth. By diversifying our portfolio and geographical presence, Raqmiyat has mitigated risks associated with specific markets and capitalized on emerging opportunities.
Raqmiyat has gained access to complementary expertise and resources, enabling the company to deliver comprehensive solutions that drive value for customers.
Market dynamics can be unpredictable. How has Raqmiyat adapted its business model or strategies to respond to fluctuations in the market and maintain sustainable growth over the years?
Raqmiyat’s adaptability, diversification, customer-centricity, and embrace of digital transformation have been instrumental in driving sustainable growth amidst market fluctuations. In response to unpredictable market dynamics, Raqmiyat has embraced flexibility in its business model, allowing the company to pivot quickly and seize new opportunities.
Diversification has played a key role in Raqmiyat’s resilience. By expanding our product and service offerings across multiple sectors, we have reduced reliance on specific markets and diversified revenue streams, enhancing our stability in volatile environments.
Furthermore, our customer-centric focus has ensured sustained growth. By prioritizing customer relationships and responsiveness, we have maintained customer loyalty and satisfaction, even during challenging times.
Raqmiyat recognizes the importance of digital transformation in today’s business landscape. The company will continue to invest in digital capabilities, including artificial intelligence, cloud computing, and data analytics, to drive efficiency, innovation, and customer engagement.
With Raqmiyat’s extensive experience in the industry, stakeholders often look to the company as a barometer for market trends and performance. How does Raqmiyat assess its own performance in the market, and what metrics or indicators does the company prioritize to measure success?
Financial metrics such as revenue growth, profitability, and cash flow provide insights into our financial health and operational efficiency.
Add to this, Customer satisfaction metrics, including Net Promoter Score (NPS) and customer retention rates, gauge our success in delivering value and fostering long-term relationships with customers.
Competitive benchmarking and market share analysis help us also to assess our positioning relative to competitors and identify opportunities for improvement or expansion.
Product performance metrics, such as adoption rates and customer feedback, inform our product development strategies and highlight areas of strength and opportunity.
Employee engagement and talent retention metrics reflect our commitment to organizational effectiveness and workforce development.
Environmental, social, and governance (ESG) criteria are integrated into our performance assessment, reflecting the company’s commitment to sustainability and responsible business practices.
By prioritizing these metrics, Raqmiyat gains holistic insights into its market performance and strategic effectiveness, enabling informed decision-making and continuous improvement.
As Raqmiyat celebrates its 40th anniversary, what are the company’s growth aspirations and strategic priorities moving forward, considering the evolving market landscape and emerging opportunities?
Raqmiyat’s unwavering commitment to sustainability and diversity in the tech industry. It is not just a goal for us; it’s a guiding principle embedded in our business practices. We are dedicated to minimizing our environmental impact, promoting social responsibility, and contributing to a more sustainable future through our operations and partnerships.
Strategic expansion into new markets and industry sectors will remain a priority for Raqmiyat, enabling the company to capitalize on emerging trends and opportunities.
Talent development and organizational excellence will continue to be focal points for our growth strategy to drive business success and deliver value to customers.
Overall, Raqmiyat’s future growth aspirations are guided by the strategic vision of our management that emphasizes all what I have mentioned and even more, positioning our company for continued success and leadership in the dynamic tech industry.
It’s inspiring to reflect on our achievements over the past 40 years and the exciting opportunities that lie ahead. At Raqmiyat, we’re driven by a passion for innovation, a commitment to our customers, and a vision for shaping the future of technology. I’m confident that with our Management, dedicated team, strategic focus, and relentless pursuit of excellence, Raqmiyat will continue to lead the way in driving meaningful impact and transformation in the tech industry. Thank you for your insightful questions, and I look forward to continuing our journey towards a more sustainable and inclusive future, where technology serves as a force for positive impact and advancement. “Together, let’s build a brighter and more equitable future for all.”
