Paragon ID has marked the start of 2018 with not one, but two Business Masters award nominations. After our success at the Yorkshire Post Excellence in Business awards last years we have been shortlisted in two different categories for the Business Desk, Business Masters Awards; Turnaround and Investment.
Investment in our manufacturing capabilities, as well as our Yorkshire based talent, has been crucial when we look to meet with our strategic plans to increase our sales and becoming an employer of choice.
Having recognised that there were only two manufacturers of magnetic ink throughout Europe, we identified an opportunity within this specialist market place. What became increasingly apparent was that this would require a sizable investment and the appointment of a professional chemist.
By establishing a relationship with the University of Hull through the Knowledge Transfer Partnership scheme, we appointed Hayden Ward, a masters Chemistry graduate who took the position of project manager.
As a result of this investment and Haydn’s appointment, we were able to create a division that would focus on the manufacturing of magnetic inks. Just two years on from this and we have seen a fantastic return on our investment.
Investing in order to innovate has always featured at the forefront of our business and we are delighted with the positive impact that this has had.
In 2012 the company was faced with a number of challenges, not least the loss of one of our main contracts. Changes within the rail ticketing market posed further threats to the company’s long-term viability. Addressing these issues head-on required resilience, determination and a desire to succeed in an increasingly competitive market place.
As a manufacturer that has built up a reputation over more than a hundred years as a leading supplier of magnetic stripe tickets, we recognised that as the market changed, the business would have to change focus and embrace smart technology, turning our attentions to RFID enabled smart cards and applications.
Maintaining our market leading position as a trusted manufacturer and distributer of magnetic tickets, while combining this with the ability to produce technologically driven products including RFID smart cards, has seen us strategically drive the turnaround of our business.
Not only has this allowed us to launch a full bureau service, that supports our clients as they transition from one product to the other, but it has also resulted in a 150% increase in our turnover.
We’ll be tying our dickie bows and putting on our best frocks as we head to the Queens Hotel in Leeds on April 26th with our eyes on the prize. Knowing that our achievements have been recognised gives us a renewed confidence that we are able to remain as market leaders in the ticketing industry as we look to extend our presence in to other markets.