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Lean_Retailing_in_Tanishq_-_DM_Term_4_Projec

Lean_Retailing_in_Tanishq_-_DM_Term_4_Projec

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Published by Agraj Bhartiya

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Published by: Agraj Bhartiya on Apr 03, 2011
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12/13/2012

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COMPANY: (e.g. Cost reduction, Revenue enhancement, Branding etc)

• 5666 Kaizens (improvements) made by Retail Sales Officers. Best kaizens / practices implemented across

the showrooms

• Cost reduction in inventory carrying cost, store running expenditures, maintenance, repair, electricity

expenditure, diesel, telephone bills, retail space recovery, etc. as a results of Kaizens (continuous

improvements) done at stores. Cost savings through Kaizens 1.09 Cr

• Defective stock in retail system reduced from 1.65 Cr to 0.1 Cr.

• Product sales Vs stock ratio improved to 25% from 21%

• Savings through introduction of kanban system for packing material is 67 lakhs

• 20% savings through introduction of kanban for jewellery spares, stationary items, pantry items, cleaning

items

• Better store upkeep / organized. 7s audit, Score gone up to 71%. Ensured through audit , Retail space

recovery, Multiskilled employee ,search time is far less

• Simplified / Improved / standardized operations across the stores.

• Improved sales with optimization of Inventory and daily indenting by RSOs.

• Quick service – billing time reduction (about 50%).

CUSTOMERS : (e.g. enhanced C-sat, customer loyalty, etc.)

• Quick service – billing time reduced (50%), etc

• Informal comments like visitor book comments has been captured through portal system and action taken.

Opportunity for Improvement Vs positive comments ratio improved from 1:3.3 to 1:5.3

• The latest Customer Satisfaction score of customer satisfaction as on Mar’10 has gone to 8.6 from 8.0,

which is considered to be excellent in retail standards.

• Improved revisiting of existing customers (34% from 26%)

• Improved revisiting of existing customers 34% from 26% as depicted in Anuttara details.

INDUSTRY : (e.g. peers / business partners / etc.)

• Pioneer in the industry by applying lean principles into jewellery retail thereby getting competitive

advantage in the process transforming the practices of Jewellery retailing – making it more transparent and

organized.

OTHERS : (Employee)

• Simplified work and easy to understand visual communications

• Helped to work peacefully without fire fighting, satisfaction

• The focus on training and development for the boutique staff not only gave them the confidence but also

made them self managed, as well personal gain to apply at home

• Rewards & recognition of good kaizens ( 60 kaizens & 30 boutiques recognized )

• 550 RSOs rewarded for Tanishq fan club.

• Employee engagement 12.25 : 1

• Multiskilling score of employees improved to 69%

• It has given them an opportunity to think about a problem, come up with an idea to solve it, voice the idea,

and help in the final implementation. In that whole process, it has helped them discover their own hidden

talent and take pride in their contribution to the business. It developed the attitude to serve and to create

max time & resources to serve customers better – a prerequisite to create fans and aligned the processes in

the best possible sequence to deliver maximum value to customer.

No of Kaizens, Kanbans, 7S Score & Aged Stock Sold - 2009 – 2010

COST SAVING - 2009 – 2010

No of Kaizens, Kanbans, 7S Score & Aged Stock Sold - 2010 – 2011- Q1

COST SAVING - 2009 – 2010 –Q1

COST SAVING – 2010 – 2011 Q1

EXPECTED BENEFITS IN NEXT TWO YEARS :

• Cost reduction in inventory carrying cost, Kanban system for all consumables, store running expenditures

and through kaizens 9 Crore

• Sustaining & bringing the habit to implement 1 Kaizen / month / RSO

• Store upkeep >80%

• Multiskilling – 80% of employee know 80% of skill

• Zero stock out incident for all consumable items by maintaining kanban system

• Opportunity for Improvement Vs positive comments ratio improved to 1: 8

• C-sat Score will go up 90%

• Employee engagement score 15 : 1

• Improving revisiting of existing customers 50% from 34%

• Improving walk-in conversions 10%

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