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Electrocomponents describe themselves as a high service distributor for engineers. This means they stock and distribute more than 500,000 different electronic and industrial products, many of which require a skilled salesforce to service their global customer base. 

New management joined the firm on April Fool’s Day 2015 and so far they have proven to be anything but. Where previous management had become unengaged and uninspiring, the then new CEO, Lindsley Ruth set about correcting some of the mistakes of the past. 

The first important decision to make was whether Electrocomponents was to be an international company domiciled in the UK or a UK company with some international operations; Ruth chose the former and appointed an executive board to suit.
Since then they have begun a wider reform, aggressively taking out costs by removing a layered management system, putting the customer back at the heart of the business by monitoring a Net Promoter Score and mobilising the existing sales force through the introduction of financial incentive schemes. 

Initial results have been extremely impressive but what is striking is the number of opportunities that still remain for Electrocomponents to continue to brighten their ever optimistic outlook. 

Understanding Finance

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