Winner of the 2018 award for Excellence in the Management of Innovation, the category for small enterprises
Click on the clip for a synopsis by our expert adjudicator Mark Fuller on the dynamic way in which Cura Risk Management manages innovation in their organisation.
How to outperform your peers in a listless economy
In today’s grim economic climate, revenue growth of over 60% is an unimaginable feat for most South African companies. “If you innovate constantly, you can outperform the market, despite the economy. Maybe we would have done even better if the economy had been up to speed,” says Alex Roberts, Regional Director: Sales and Operations of Cura Risk Management.
That level of growth in 2018 might be understandable in a start-up coming off a small revenue base, but Cura is an established company with a 16-year track record, not a start-up. So how has its South African business unit managed to buck the trend of flat sales and sluggish growth?
A contributing factor is the nature of its business. Being in the business of providing Governance, Risk and Compliance (GRC) software solutions, Cura is in the right place at the right time. “South African companies are getting a lot more pressure for good governance and we are in that space,” says Alex.
But that would only be part of the story – and a small part at that. The real secret behind Cura Risk Management’s success is its mastery of innovation. Take its ability to service customers at both ends of the market, from small to large, as well as everything in between.
“Competitors generally focus on one end of the market or the other,” says Ross Saunders, Director for Global Technology Services. “We service both ends, from corporations that require very complex nuances to small clients that want enterprise-grade software in a hosted environment.”
In the past, enterprise-grade software would have been out of the reach of most small enterprises but Cura has bridged the gap. “With SMEs, affordability is the problem and historically, they would only have been able to afford a lesser product. Now, because our product set is unique and we use different business models, we can offer small clients a solution similar to something a massive financial services company would use, yet focused to their own needs,” says Alex.
As for large companies – Cura’s traditional market – they too are under pressure to up their Governance, Risk and Compliance game, and tend to be receptive to Cura-style innovation. Its business model for large enterprises is integrated and built on a single source of the truth, he says. “We combine risk management, business continuity, internal audit, SHEQ, incident management, IT risk management, etc, all as a single, fully integrated solution.”
This differentiation, along with a technology platform that is constantly evolving, underpins the kind of growth that many South African companies can only dream of. If you innovate, you can grow.