Eontek : Better sales results through efficent procurement process

Candidate for the Grand Prix 2018 / CSR

Project has been realized for a client that is selling pre-owned luxury watches. They primarily sell online through their ecommerce website as well as other sales channels. Owners of luxury watches have multiple channels that they can use to sell their luxury watch. Our client is facing competition from solutions like: ebay, craiglist, watchbox, chrono24, luxury watches auctions etc. To be competitive we have implemented a solution with a goal – Deliver as best as possible offer to watch seller in shortest amount of time.

Solution is based on CRM platform from company called SugarCRM who’s partner is Eontek. Solution implementation had multiple phases.

First phase was based on construction of data model that has a goal to show current market value of a watch. For this model to work and to be successful we had to mix and compare data from various departments from the client, such as procurement, sales, accounting, watch technicians etc. In the end data model was available for use in the implemented solution. Data model allowed sales team to quicker find current market value of a watch and lower time required for sending first offer to watch seller. On the other side, sales department was able to leverage same data model to decide what will be initial sale price of the watch which improved time it took to sell a watch.

Second phase of the project was focused on improving internal watch authentication process and it’s further sale. For sales team to deliver first offer to watch seller, they had to rely on information about the watch that was supplied by watch seller. In many cases that information was incomplete or not correct. Afte watch seller has delivered watch to client, it had to be authenticated and watch details had to be confirmed with what watch seller has provided. Since in many cases watch didn’t match the supplied information, client needed to correct the offer which required careful and detailed communication back to watch seller.

To improve watch seller experience and satisfaction we have analyzed the communication channels as well as authentication process. Improvements to authentication process were based on standardization of the process it self, aggregating data produced during authentication into implemented solution and automated notification of procurement/sales department when authentication is complete.

Because of these process improvements, procurement team was able to get authentication results quicker with all required details to continue communication with watch seller.

During authentication process improvement we have implemented a solution for digital signature. This resulted in ability to complete whole procurement process without any paper documents, which resulted in less paper used throughout the company. Team was also able to quicker finalize procurement since there was no wait time until both sides sign the required documents.

After successful purchase of a watch from watch seller, procurement details were further passed to accounting team in automated way so that watch seller could be paid on time according to agreed terms.

Throughout whole procurement and authentication process, gathered data is stored in implemented solution which resulted in decrease of time it took to list a watch on website for further sale.

This project allowed client to have one solution that would manage watch throughout it’s whole lifecycle.

Achieved results:

  • Time to first offer decreased more than 40%
  • Time it took from procurement to getting watch listed on site decreased by over 2 days
  • Decreased average time to sell a watch
  • Use of paper documents completely eliminated in procurement process
  • Increased average gross margin percent
  • Increased number of watch sellers that immediately purchase another watch from client 

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