Despite ongoing challenges such as low consumer confidence and high inflation, adumo Payouts saw robust growth in 2023. “We had a remarkably good year with some positive growth,” says CEO Steve Mallaby, adding that diversification has been a key factor in the company’s ongoing success.
“We reduce the risk on our side as there are a broad range of sectors we are involved with,” explains Mallaby. The company serves industries ranging from FMCG to mining and motor manufacturing, strategically positioning itself to weather economic downturns. Bottom-line growth has also been accelerated by a revaluation of the business and its processes prompted by the challenges faced during Covid-19. The company not only focused on improved efficiency but undertook a comprehensive review of how it ran its business, so it could adapt to evolving circumstances and better serve its customers.
A critical aspect is an unwavering commitment to customer service. “Our biggest differentiator is our ability to service our customers.” Many long-standing clients, spanning over a decade, continue to endorse adumo Payouts with positive testimonials and referrals, underscoring the importance of understanding and addressing its clients’ business needs. The company underwent a strategic rebranding 18 months ago, shifting from being perceived solely as a rewards and incentives business to positioning itself as a holistic payout solutions provider. This move allowed it to craft specific use cases for different industries, significantly expanding its scope and opportunities.
Acknowledging the impact of technology on various sectors, Mallaby says that, in the rapidly evolving fintech space, technology must be an enabler rather than a barrier. Technology adoption needs to be considered carefully so it aligns with the specific needs and goals of both the company and its customers. Looking ahead, Mallaby sees the economic outlook tied closely to inflation and interest rates. He encourages businesses to think creatively and implement unique use cases to foster employee engagement and competitiveness in a challenging environment.
In terms of specific plans for 2024, adumo Payouts aims to further expand its engagement in the mining industry, tapping into opportunities with mining houses, unions, and other stakeholders. The company plans to address the downstream supply industry in mining and explore solutions for greater transparency in fund flow for ESG initiatives. In addition, it will focus on junior miners, who are also faced with the need to drive safety and productivity incentives. “Traditionally, mines tended to hand out grocery vouchers as an incentive. But what if it is the middle of the month and you need to pay school fees, or in fact you want to try and save money for the end of the year for other needs?” questions Mallaby.
“It is always about making the employee feel appreciated and giving them a choice. They become much more engaged at the end of the day, and it has a knock-on effect. Mineworkers are more empowered as we have increased their spending power. Increased production means the mining industry contributes more to economic growth. If the mining industry is doing well, as a result, service providers such as adumo Payouts benefit as well,” says Mallaby.
With a customer-centric approach, a focus on diversification, and an eye on emerging trends, the company looks set to navigate the dynamic business environment and continue its upward trajectory in 2024 and beyond.