Tribhovandas Bhimji Zaveri Limited (TBZ) is one of India’s oldest and largest jewelry brand. These days, the 155-year-old jewelry major is leaving no stone unturned to go digital and enhance key business processes, bottom lines and customer experience. And technology, particularly robotic process automation (RPA), is proving to be a great enabler in this process.
Typically, TBZ deals with thousands of jewelry vendors on a daily basis. The reconciliation of invoices with purchase orders and other supporting documents was done by a large number of employees spread across the country as the company has a presence in 29 cities and 41 retail stores across India.
“With the growing number of stores and vendors, it’s a challenge to keep on adding people to perform the same tasks. The monotonous nature of the work sometimes makes the employees error prone. All these were the primary business challenges facing the company,” says Pooraan Jaiswal, CTO, TBZ.
Moreover, TBZ had to hire staff and train them for big sales days as the demand used to spike up suddenly due to the nature of business. This created a bottleneck in performing big tasks in short time and increased dependency on humans, adds Jaiswal.
Leveraging RPA to Enhance Efficiency and Accuracy
The company used RPA to automate a few processes that were earlier done manually, for example, keeping tabs on the ledger, taking invoices from customers and vendors for verification purposes, etc. This helped increase operational efficiency, accuracy, scalability and availability to get the work done. The proof of concept (POC) was done quickly in 2019 and one of the world’s top three RPA provider was zeroed down. The process gave them the confidence to move ahead with RPA implementation in back office operations.
According to Jaiswal, the business impact has been highly promising. The innovative use of technology has led to improvement in process efficiency by a whopping 500% and resolved human errors. The RPA has also increased vendor confidence, as the process is now getting completed much faster than before. TBZ has also seen increase in overall company-level productivity, as all departments have come forward to follow the innovation train and achieve targets faster using the latest and innovative technologies.
The Gems and Jewelry industry has a significant role to play in the Indian economy. It contributes about 7% to the country’s GDP and around 15% to the total merchandise export.