Ma'aden’s core business is built on geology, on mineral wealth laid down billions of years before mankind appeared on the planet. This fact always makes us aware of how important it is for us, as a company, to take a long-term view. We have a responsibility to our business, our products, our customers, and our staff - both for now, and for the future.
That is why Ma'aden is always looking forward, whether seeking more effective ways of working, identifying new sources of mineral wealth, or acting in a sustainable way that looks after the needs of the future as well as those of the present.
We are proud of what we have achieved and remain ambitious to achieve more. This means that we are always looking at new ways of working that will help us to deliver value for customers, investors and stakeholders. 2020 witnessed the launch of the Ma’aden Transformation Program, a major new initiative led by the Ma’aden Transformation Program Committee, to change the way in which we work for a digitally enabled future.
This is a critical initiative vital for the future growth of our business and was one of our key priorities in 2020. Central to the Transformation Program is the need to unify our business processes. We are a single company, bound by a single set of values. It is right that we move to a way of working which recognizes this, and creates standard approaches, methods, and systems across the organization as a whole. This will drive efficiencies, support innovation, and create a culture that puts customers at the heart of everything that we do. As part of the Transformation Program we have already conducted over 250 workshops and reviewed and optimized over 266 processes across our shared services.
We are confident that the Transformation Program will act as a catalyst to firmly enhance our leadership position in Saudi Arabia, directly supporting our work as the National Mining Champion. It will drive down operating costs in order to create organizational efficiencies and support further growth. Alongside the Ma’aden Transformation Program, we will continue with our ongoing efforts to implement modern business practices that drive efficiency. In 2020 we rolled out "lean management" and "Six Sigma" principles. This was built upon a 2018 pilot which showed the potential for new approaches to improve working practices and drive business efficiency.
We have also provided a platform for all employees within the organization to share their ideas towards cost optimisation, increase in revenue and working capital management. These ideas are evaluated and then, if they have potential, are further worked upon for value realisation.
Ma’aden has already saved hundreds of millions of dollars through the application of these cost management initiatives.
