Practus assisted the E-Commerce company in creating To-Be processes compliant with statutory requirements and providing guidance on industry standards and practices.
|Client Name||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|A Shopping Destination For Senior Citizens||E-Commerce||Private, PE-Backed||Professionals||~125||$2.5 million||2 Months|
About The Company
Shoponix is an Indian startup that aims to help older adults by combining third-party products and services into an easy-to-use omnichannel retail network. Shoponix is India’s first dedicated senior citizen shopping center. They cater to the medical and lifestyle needs of the elderly with a portfolio of thousands of goods, with the goal of making their lives easier and more independent. They currently operate out of a Pune experience zone and an e-commerce platform. They are backed by the RPG Group, which has a market capitalization of $3 billion.
- Perform a diagnostic investigation focusing on the process mapping exercise and map it on Visio—P2P, order to cash, record to report, statutory compliance, and so on.
- Identify bottlenecks in present processes and make recommendations for improvements.
- Prepare for the To-Be process and get it signed off.
- Make a closing checklist for each month.
- An evaluation of the current F&A team to see if the numbers and skill set are enough.
- To ensure that future penalties for non-compliance are avoided, To-Be processes are compliant with regulatory requirements.
- The bifurcation of functions has been cleared, resulting in a greatly enhanced F&A framework for future expansion plans.
- The F&A team were taught how to function more efficiently in their respective departments.
- The total finance function and related operations can be completed more quickly.
- Shared responsibility structures have been abolished, and process ownership has been cleared.