The one thing that came as a game-changer for companies with digital adoption is massive data. To analyze this enormous chunk of data and make it readily available to use, businesses today turn to the cloud. Cloud can help companies process and analyze data faster, giving insights that can improve the product line and impact the bottom line.
Intending to have data available on the click, Gold medal Electricals, a consumer electronics company, also started its cloud and data journey a few years ago.
They have managed the manufacturing processes more efficiently due to the quality of the generated data. The decisions are more proactive and based on data. They have a vast number of Stock Keeping Units, which would otherwise take a long time to reach conclusions. Real-time data, now available at a click of a button, can make better forecasts and better decisions regarding each product. This has led to optimizing the workforce, raw material, and infrastructure, leading to significant cost savings that directly impact the bottom-line.
Gold medal Electricals has used cloud technology right from the start of its digitalization. Therefore, the company has almost no physical data servers or physical infrastructure to maintain. Starting with accounting and sales, and gradually it has been able to digitize a significant part of its operations using cloud technologies.
Gold Medal Electricals have a pan-India operation with thousands of partners spread all over the country, automate those parts that took the maximum amount of company resources and time. This included various features of accounting, sales, and inventory management. Moving these processes and information on the cloud has reaped huge dividends for the company in smoothening methods and reduced management involvement in many routine decisions. Following that, they have moved many of our other areas of operations onto cloud storage.
The company realized how much better decision-making has become for its employees. By freeing management time from routine tasks, the teams can now focus more on improvising processes, introducing innovation in critical areas, and enhancing the product portfolio. With so much information available within the system, Gold medal Electricals can now observe details that the company otherwise would have missed.
The decision to shift on to the web has helped the company become a more proactive company in decisions in almost every aspect – from inventory management to stocking raw materials to budgeting, promotions, and even hiring. Initial investments in terms of time and money have all been worth it. It is one of the key reasons why the company could restart operations so quickly post the COVID-19 lockdowns.
Moving to the cloud has helped them become a more agile organization. Although the company has been increasing in almost every area, the increase in scale has not been overloaded. It had also helped the company identify its weak points precisely to take proactive decisions before it became too significant to handle.