Posts tagged Finance

Poor data = poor results

Every season there is a new bugbear for retailers in India, whether it be competition local, domestic, discounting, luxury or a fickle customer. But one of the key reasons why we as a group are struggling is due to lack of respect for data and measurement. Data analysis is not a back-office part-time job, it needs a full-fledged team and resources. i.e. Computers, ERP systems like Ginesys and people who can analyze and summarize data for others.

Forget Demming and Six-sigma retail today is not even at 1-sigma. Poor fill rates, master data mismatch, no shelf-life information, items with missing vendor / supplier information all of this and other data errors could cumulatively lead to Rs. 40 – 50 billion loss over the next 5 years according to a GS1 India report.

In the study it was observed that three out of four retailers had 28 to 53% of their internal item codes associated with two or more GS1 codes. The average exact match of data received from four retailers for the same SKU was less than 50% across parameters / attributes, barring a few attributes like MRP and product dimensions which showed close to 0% match.

In effect we are duplicating data multiple times even after introduction of GS1 and with more errors each time. This is a sure recipe for inefficiency.

Instead we could reuse data from Global data synchronization network and also enter information completely and correctly. Once we start getting the basics in place there is a whole different level to which we can take our analysis e.g. shelf fill ratio, shelf fill plan, dimensional data for logistics support, basket analysis and much more.

Currently we are focused on making profits from given set of options i.e. MRP, tax, sale, traffic, cost price but we need to move to a way of thinking about creating new options and opportunities.

Send Account Outstanding Mails Easily

Ginesys has just made it easy to send account outstanding mails with bill-wise breakup to your customers. The option also works for sending mails to vendors of outstanding. You can send to a single customer or to all of them at one shot. If you have already configured the email addresses, you do not need to enter the destination again. Status of the mails is also shown so that you know which ones failed. Hope this helps in keeping the payments coming.

Temporarily Add-On Software users during Stock Audits

`Stock Audits in Retail SoftwareIt has been a common request by many customers that they need to add on man-power during a stock audit phase without the burden of extra payment for permanent licenses. Ginesys (ver. 10.29.4) now allows users to access stock entry module without adding licenses.

Now you can deploy any number of computers and users to carry out stock audit essentially free.

With this feature stock audits should become even faster.

GINESYS 10.26.3 and 10.26.4 Release Notes

1. Select Item Modify Manage Item – Advance Search

Division and Section fields have been enabled for search criteria. So now a user can search for items by selecting just Division or Section. Value lookup has been provided for both Division and Section fields. In the Section field pressing F2 will open the value list in tree format and F3 will open value list in column format.

All You Need To Know About Garments and Excise Duty.

The Government of India has announced in the Union Budget 2011, an immediate excise duty payable on branded garments. If like everyone else you have been a bit confused by the notice check the answers below and start using GINESYS to prepare yourself.

What was the situation before?

Branded goods under chapter 61, 62 and 63 were exempt from excise duty and it was optional to pay duty at 5% on cotton items and 10% on others and take cenvat credit.

Who needs to pay, how much?

Excise duty at the rate of 10% shall now apply to ready-made garments and made-up articles of textiles when they bear or are sold under a brand name. The cenvat credit facility can still be availed but there is no concessional duty if availing this.