Indian jewelry retail business: Shrenuj and Company

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Shrenuj and Company: Not Just About Diamonds

Going for an ERP not just helped put best business practices in place but it created a robust integrated system

Urvashi Kaul

Tuesday, June 05, 2007

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The Rs 850 crore Shrenuj and Company, majorly into diamond exports, was looking for an enterprise application that would help consolidate data and put best business practices in place.

Shrenuj also manufactures jewelry and is headquartered in Mumbai with offices in Dubai, Hong Kong and Antwerp. The company was using the Oracle-based systems for materials, which worked in the islands. This meant lot of manual work to run routine business activities. The issue of availability of right data at the right time was a matter of concern for the management, which had to take important decisions quickly.

Shrenuj's branches and factories were also not connected with the headquarters. The system was not equipped to handle imports and exports related documentation, processes.

ERP Benefits

Export sales/consignment sales/local sales/export sales are live

Budget controls with four levels of hierarchy

Multi-currency, multi-branch operations with select consolidation of financial reports with drill down facilities

System allows multiple item entry in a single form in sales, export, purchase and inventory, required due to peculiar product properties

Grading of diamonds during exports for business specific need of MIS

On-line data transfer is facilitated to Excel application from within the ERP for some specific reports

Export/ Import revaluation

Consolidation across the companies with conversion of currency

Going the ERP Way
The materials management system, developed by the IT team at Shrenuj wasn't fully-functional nor was it completely integrated.

The company wanted a robust, integrated system, which would take care of materials management, sales, exports, loan accounting, purchase and finance due to high value transactions involved.

Shrenuj, which employs around 1,200 people, needed a system that would help them grow without increasing manpower. The management wanted to strategically manage accounts and improve cash flow. Bank exports loans also had to be taken care. While the ERP had to look into improving the system of working and get rid of adhoc business practices, consolidation of MIS, accounts and consignment stock tracking were other areas of attention.

As the issues multiplied, it became necessary for Shrenuj to use technology in order to be able to make smooth business decisions. The company went in for Ebizframe, an ERP solution from ESS Limited. The already existing Oracle platform supported the launching.

Counting Returns
The total cost incurred on implementation and support of ERP, along with hardware, has been around Rs 30 lakh till date.

After necessary customization, the product was adopted to the typical industry requirements. The implementation of Ebizframe started by November 2003 and went live within a year. The export cycle available in Ebizframe was further enhanced with features like packing credit, export credit, direct export, consignment export, packing list and more. After the implementation local sales, export sales, consignment sales, local purchase, imports purchase, inventory, stock transfer, certification and finance were all live.

The ERP has a good control over cash flows. It has facilitated faster decision making processes as management can pick live data from across the enterprise for MIS. The company has been able to stick to structured business practices. This has made the company confident of handling the projected growth in a more organized manner.

Looking Ahead
The company now seems comfortable with ERP implementation for its Dubai branch too. Starting operations on the ERP at Hong Kong is also on the cards. Production is the module next in line. It hopes to have further improvement in inter-department control. Shrenuj will be looking at more enhancements in ERP functionalities as the business grows.

Source: Dataquest

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