WATCH | Evolve and collaborate: How transformation can be made easier in business

Transformation in the business sector has proven to be more than just a buzzword, with companies spending a staggering $7.5 billion on diversity, equity and inclusion (DEI) efforts in 2020. 

To keep up with the financial investments and pace of transformation Prithivan Pillay, the Head of Client Value Propositions at Nedbank Commercial Banking says businesses need to evolve and refine their solutions through collaboration.

"The challenge of implementing a viable transformation proposition is that it must be managed continuously to ensure the development of a robust and economically sustainable sector. We need to evolve and refine our solutions to keep up with the pace of transformation and to help companies implement their transformation objectives effectively through programmes and funding solutions as well as formalising partnerships with role players that understand and support transformation," says Pillay. 

As part of Nedbank Commercial Banking, Pillay and his team play a crucial role in transformation in terms of lowering the barriers to entry, facilitating seamless change of ownership transactions and introducing beyond-banking solutions to address industry pain points.

"Nedbank has had to consider alternative funding models and changes to lending policies. We offer differentiated funding structures where the barriers of entry are lower albeit finance assessment is still underpinned by a comprehensive risk assessment model," he says. 

Collaboration and teamwork

Like many things in life, transformation isn’t a journey businesses should forgo alone, it needs collaboration with other businesses that can offer policy guidance or funding support. 

"The importance of collaboration cannot be understated. Nedbank through various industry stakeholder engagements, identified early on that we need to identify strategic partners that can offer support to operators during pre and post-ownership," explains Pillay. 

An example of such collaboration is the strategic partnership Nedbank has with PetroCONNECT where the bank funds PetroCONNECT’s initiatives that are aimed to empower fuel retailers with sustainable solutions.

"PetroCONNECT assesses individuals that are looking to buy service stations. They assess potential new entrants and determine whether they have the necessary skills and competencies to run a service station. They pre-screen candidates for pre-ownership and offer a post-ownership solution. These interventions mitigate some of the associated risks for the bank," says Pillay. 

Partnerships such as this one aim to promote proactive change and transformation in these industries through targeted funding projects and tactics that include mentoring programmes, training, and other things. 

Partner with Nedbank Commercial Banking on your transformation journey HERE.