From Challenge to Opportunity – How Covid-19 helped shape Singaporean Innovators Red Apricot

News
January 28, 2021

Singapore — January 28, 2021

Singapore-based tech innovators Red Apricot, developers of the JustPerform solution for fast, smart SAP solution adoptions, have completed a successful 2020 despite difficult business conditions. The young organisation has announced a significant return on investment for the calendar year and is well-placed to achieve its planned growth objectives for 2021. This comes despite the challenges associated with the global pandemic, which has, in a sense, inspired the company to innovate faster.

“As a young company with ambitious plans, we invested a lot of time, effort and capital in setting up our growth trajectory in 2020, and then of course had to contend with unprecedented business conditions that hit our plans unexpectedly. Fortunately, our faith in our JustPerform solution, and the goodwill we seem to be generating among our existing customers has seen this effort and outlay rewarded in spite of everything, and we now move into 2021 with all the pieces in place and are expecting to grow significantly,” said Shameek Bhushan, Chief Growth Officer at Red Apricot. “Further to this, we are finding that forward-looking organisations are driving greater demand for our solutions, based on the fact that we can provide better processes and governance around Enterprise Performance Management. Many organisations are accelerating their digital plans in order to compete, and those who want to do this properly need to look at risk, processes and having proper structure in place. This is where we come in.”

In 2020, Red Apricot had five solutions accepted into the SAP App Center (SAP Store), formalised several reseller partnerships and signed significant deals with enterprise customers in Singapore as well as expanding into new territories including the Middle East. The company has witnessed over 400 percent growth in the number of users on the platform in 2020.

“We are also continuously working on innovating JustPerform to address the customer pain points. Innovation is always at the core of Red Apricot and JustPerform is a result of our relentless focus to improve the way EPM solution implementations are done. We aim to release regular updates of JustPerform in 2021 with improved functionalities and user-friendly features that benefit business users. ” said, Kranthi Kumar, Chief Innovation Officer

The company, which was founded in 2016, spent 18 months developing a smart, AI-powered platform to help large organisations upgrade or move to SAP Enterprise Performance Management (EPM) solutions. JustPerform simplifies collaborative business process definition, enables visual process modelling and automates process deployment using advanced Artificial Intelligence and Machine Learning algorithms.

“We all come from a background in Enterprise Performance Management (EPM) and finance planning & analysis, helping enterprise customers implement or upgrade their EPM solutions. We looked deeply at the current reasons why so many application configurations were less successful than they should be, and developed a smart platform that allows users to input their current set-up and what they hope to achieve, and have an AI-powered algorithm produce a unique set of code which will move them from step one to a finished product. The whole thing takes less time, is more accurate and efficient, and saves a whole lot of capital,” continues Bhushan.

The company is proud to have maintained stability and even continued growing in 2020, despite making major investments early in the year, and countering unprecedented business conditions.

Kumar concludes by saying: “The pandemic has accelerated digital trends across many areas. This underlines the importance of having a proper process. With dispersed and remote workforces you can no longer rely on jumping up and speaking to the IT department when a challenge arises, so people are starting to realise the importance of processes. Our core capabilities lie in process definition and governance, so we are very well-placed to assist with enterprise business challenges in the current economic conditions.”

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