The industry roadmap
The demand for furniture and designing companies has shot up in recent times. The sector has also evolved incredibly from being a small-scale business to a full-fledged industry.
In March this year, the furniture and furnishings industry of Singapore unveiled a road map with the aim to make the sector an Asian hub by 2021. As per an article published in The Straits Times, Mr. Mark Yong, President, Singapore Furniture Industries Council (SFIC) said the global furniture industry is expected to grow from $631 billion last year to $766 billion in 2021, with the highest growth coming from Asia. The road map urges local companies to be innovative and tap on technology, rather than rely on traditional business concepts and supply chains. The whole idea is to keep the industry competitive and sustainable for long-term growth.
Here is the success story of Sen Wan, a leading plywood and lamination specialist company, who identified their issues and used the right technology to become more innovative.
About Sen Wan
Sen Wan is a reputed name in the furniture and interior designing industry. Established in 1988 as a pure wood-based resource business, Sen Wan provides superior design plywood laminates and impeccable customer service. It is the largest supplier of infrastructure building needs such as timber, plywood, veneer, and so on. Sen Wan has a good hold over various local industries – construction, marine, furniture & interior design, and MICE (i.e. meetings, incentives, conventions and exhibitions).
This 28-year-old company has proved its mettle as a reliable and efficient business partner over the years. Sen Wan is involved in various landmark projects such as Singapore F1 Grand Prix, Singapore Asia Aerospace Airshow, Singapore Youth Olympic Games, SEA Games 2015. At the same time, they have other recurring projects supplying materials via partner companies such as PICO Art, Kingsmen, Keppel Group and Gain City.
Their business challenge
As Sen Wan continued to grow, they began facing difficulties managing their day-to-day business operations. For instance, due to lack of automation, the accounting team had to manually record through journal entries, all the financial transactions, hence consuming a considerable amount of labor and cost. For accurate tracking of consignments, Sen Wan required accounting and bookkeeping services. They wanted a solution that could handle multiple consignment tracking and management. Invoices were sent to department heads manually for approval. Sen Wan officials spent significant man-hours on accurately tracking Accounts Receivable and Payable. Automatic transaction processing, audit trail generation, and financial reporting features were unavailable. As a manufacturing company, Sen Wan needed a multi-level bill of materials and costs for manufactured goods.
Additionally, Sen Wan wanted a tool that could accurately forecast monthly or annual budgets, without spending substantial man-hours. Accurate revenue generation forecasting for business accounts was not available. Also, the company lacked proper collaboration between different business departments.
Soon, they realized they were in need of a web-based ERP system to handle complex accounting operations.
The Deskera solution
Deskera ERP automated the entire process of recording and tracking of financial transactions. Its web-based interface with Web 2.0 features allowed quick and easy entry for Service Orders, Purchase Orders, Delivery Orders, and more. Additionally, Deskera ERP streamlined the entire procure-to-pay process by setting up a robust approval workflow. It provided a single integrated view of all business accounts via an interactive ‘chart of accounts.’ With a flexible billing mechanism, one had access to multiple pricing models and slabs.
A fully compliant accounting system with IRAS guidelines, Deskera facilitated automatic generation of GST report and IAF (Internal Audit File). The intuitive reporting tool provided detailed descriptions to forecast and gain insight into Sen Wan’s revenue generation figures. It also offered forecasting and budgeting for monthly and annual entries.
How was the association beneficial?
With time, there was a significant reduction in errors that occurred because of manual data entry. Sen Wan witnessed an overall 60% increase in business productivity.
Deskera has also seen a rise in its market share with more than 20,000 customers and 100,000 users across the globe from various industries.
Are you able to identify the small gaps in your business? Deskera field experts are just a call away. Do contact us so that we can help you run your business better.