MOND for Shoppers Stop, India
Shoppers Stop is an Indian retailing company, started in the year 1991. Shoppers Stop Ltd has been awarded "the Hall of Fame" and won "the Emerging Market Retailer of the Year Award", by World Retail Congress at Barcelona, on April 10, 2008.
Shoppers Stop has more than 80 retail stores retailing clothing, accessories, handbags, shoes, jewelry, fragrances, cosmetics, health and beauty products, home furnishing and decor products.
Shoppers Stop is listed on National Stock Exchange (NSE) of India.
- Supplier on-boarding is a critical yet time consuming process in the retail industry involving cross functional team's review and approval.
- It involves a review of the business model by the Merchandising team, review of the suppliers production capacity, ability to meet volumes, the delivery capabilities, the freight and insurance charges & other terms of the supplier.
- It further involves review of the taxes by the Sales tax team, review of the margins by the Finance teams, review of the legal contracts by the legal teams etc.
- During this process, documents were exchanged by physical post, email etc. resulting in a lack of proper tracking mechanism.
- It was difficult to find at what stage a particular vendor was in the overall registration process, resulting in frustration and significant loss of opportunity both for the vendor and SS.
- The whole process, including the time taken by the potential vendor to submit various business documents for registration, took 2 to 3 months before a vendor could be on-boarded.
The MOND Solution
- An Electronic Vendor Registration Solution, commonly called eVRF Solution, was implemented on the MOND BPM Platform as an on-premise solution.
- Using MOND Form designer and data modeller, more than 400 attributes are captured electronically and a signed agreement PDF generated. All documents submitted by the vendor are stored in a single repository.
- A management dashboard offers a complete overview of the different vendors that have been onboarded, the current status of the vendors being on-boarded etc.
- In the solution, there is a clear visibility to the vendor and all the vendor registration participants within SS on the status of a particular vendor registration.
- The solution enabled SS Merchandising team to initiate a vendor registration where the vendor could login and complete the registration form and submit relevant documents online.
- It is also possible to view/download documents submitted by a vendor from a single online repository, providing visiblity to both SS employees and the vendor employees.
Benefits of the MOND Solution
- The time to onboard a new vendor significantly reduced from 3 months to less than a week.Email is no longer used to track and onboard new vendors.
- The MOND platform was selected after evaluating several leading BPM vendors. None of the existing products could handle the complexity required by this BPM process.
- Quick resolution with vendors using the ability to add review comments, ability to send the task back to vendors from any step etc. has made the on-boarding process smooth.
- The solution has been extended to existing vendors as well, to create a single repository of all vendor documents and term sheets.