Future group Essay

Introduction:

Harmonizing to Green ( 2007 ) “ The retail industry is one that lives and dies on borders, with directors on a ceaseless pursuit to increase gross and lessening costs. Technology has been an country of intense focal point in retail industries as a manner to carry through both ends. Improvements have been made in countries such as supply concatenation direction, stock list direction, client experience, and loss bar ” . Wireless engineering, enables communicating to take topographic point between people and electrical devices without overseas telegrams, this enabled a transmutation of concern activities in the yesteryear, and continues. However, this has been limited in the past due to security demands, deficiency of criterions, cost of deployment and handiness to advanced solutions. Many of these barriers have been eliminated today due to the progresss in engineering. Green ( 2007 ) discusses the applications needed for this engineering, the security demands and considerations while choosing the right medium for implementing wireless engineering in the retail sector.

Future Group, one of India ‘s taking concern houses, led by its laminitis and Group CEO, Mr. Kishore Biyani has multiple concerns crossing across the ingestion infinite. “ While retail signifiers the nucleus concern activity of Future Group, group subordinates are present in consumer finance, capital, insurance, leisure and amusement, trade name development, retail existent estate development, retail media and logistics. “ ( www.futuregroup.in )

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Led by its inaugural endeavor: Pantaloon Retail, the group operates in over 12 million square pess of infinite in more than 71 metropoliss and towns and 65 rural locations all across India. The group owns several retail mercantile establishments including Pantaloons, eZone, Big Bazaar, Home Town, Food Bazaar and Central. “ Pantaloon Retail was awarded the International Retailer of the Year – 2007, by the US-based National Retail Federation, the largest retail trade association and the Emerging Market Retailer of the Year 2007 at the World Retail Congress in Barcelona. ” ( www.pantaloons.futurebazaar.com )

Future Group believes in the construct to rewrite regulations and retain values.

Mobile Point-of-Sale:

Point-of-Sale ( POS ) is the counter from where goods are sold to the clients or where the hard currency registry is located. Customers have to que up at the counter and delay for their bend to be served. Gross saless counters nevertheless were fixed and can back up merely a fixed figure of people at a clip. Increasing the scope of the gross revenues counter is non executable as it would affect increasing infinite and costs and so the clients are forced to wait in long lines during congested periods. Reports show that one in 10 clients leave the shop without doing a purchase if asked to wait in a long que. This besides makes clients less likely to come back to a shop in the hereafter. Wireless engineering helps in the undermentioned ways:

  • Fully portable point-of-sale Stationss could be put up utilizing hand-held computing machines, pressmans, scanners, and with incorporate recognition card readers so that during peak gross revenues periods, the shop staff with these POS terminuss can be throughout a shop at little tabular arraies. This to a big extent would extinguish the nuisance of standing in long lines for the clients but payments by card demand to be unafraid and so the security steps need to be in topographic point.
  • Staff can besides travel through the lines with these handheld POS to speed up the check-out procedure procedure for recognition card clients with a little sum of ware. “ For other clients, ware can be scanned with a barcode scanner and a ticket printed with monetary values and a maestro barcode on it. While waiting in line, the client has the opportunity to reexamine monetary values printed on the ticket. Upon making the check-out procedure counter, the ticket is scanned, the entire sum is recalled from a backend system, and the dealing is completed without the check-out procedure clerk necessitating to treat each point separately. ” ( Green, 2007 )

Old hard currency registries and scanners could besides be attached to the backend systems via radio LAN to profit retail merchants by cut downing telegraphing costs and besides increasing flexibleness in shop scenes. So this wireless-connected equipment and check-out procedure Stationss could be shifted easy without the demand of telegraphing contractors to be hired. This is what is meant by Mobile Point-Of-Sales.

Management procedure:

The Future Group of companies are known for their unbelievable and honest attack to pull offing the retail concern. Each and every concern unit is treated as a separate entity, from the female parent company with its ain set of determination shapers and directors. All major determinations are made by the female parent company on execution of new thoughts and engineering whereas all determinations on staff and enlisting are made by the single concern units on their ain. The same manner of determination devising is adopted by the female parent company and the single concern units. The concerns believes in measuring the hazard before doing any determination and so explicate the program for any advanced technological alteration. This manner is every bit stated below:

Gun triggers for the alteration:

Organizations face both external and internal forces that make alteration of import. Harmonizing to the APQC ( 1997 ) some of the factors that have forced alteration in the hereafter group go slightly like this:

  • Changing legal environment– since the Indian authorities has passed a ordinance for all organisations to treat ‘pakka measures ‘ to clients and enforcement of gross revenues revenue enhancement act, it become really indispensable to keep a strong database of all gross revenues and so this system was implemented for its lastingness and stableness.
  • Competition– to derive market portion and cut competition from the root, it was indispensable to present such a system wherein rivals are treated with extreme attention. This would assist the company cut competition of many other retail merchants.
  • Customer satisfaction– by decrease in the clip taken to be served, future group has implemented this system for complete satisfaction of clients on an overall degree.
  • Increasing market portion and net incomes– 1 of the motivations behind presenting the nomadic POS was to increase the market portion in the retail sector and by manner of this lessening gross revenues related costs as to better net income borders and gross for the house.
  • Employee Morale– employee who work for a market leader were bound to be more motivated towards their work and so for this ground of increasing employee morale so as to construct a trade name name ; this system was implemented.
  • Public image– to be known as the laminitis of a new engineering would better the trade name image of the full group and so this POS system was introduced as a technological promotion for the retail industry.

Execution of Mobile POS:

Harmonizing to Schein ( 1999 ) Kurt Lewin has theorized a 3 phase theoretical account for execution of any alteration called as the ‘unfreezing-change-refreezing ‘ theoretical account. This theoretical account can be easy be used to implement merely about any alteration required in the concern. Harmonizing to www.infed.org the execution of the Mobile POS system in Future Group has taken topographic point slightly as shown below:

  • Dissolving– phase this is a motivation for alteration phase, wherein the employees were given the complete cognition about the alteration. The company besides assessed and took feedback from the employees on how the employees would acquire affected by this new engineering. The company besides took all possible stairss to seek and do certain that the regular operation of the concern does non acquire affected by the new procedure and so they took stairss such as created a squad to implement this procedure, so that all mercantile establishment employees can go on there day-to-day modus operandis as ususal.
  • Change– the chief execution phase. At this phase the squad really visited the retail mercantile establishments and checked the full system for public presentation and serviceability. In this phase many mercantile establishment employees were given developing on how to manage such equipment and taught what to make when a job occurs. This phase was really important for the company because for the first clip, an Indian market retail merchant had used such a engineering in shops. A concise study was besides made on the alterations in public presentation of the engineering when used by semi-skilled staff to identity the spread between the unfreezing and altering phase. Once this system was set up in all its mercantile establishments around India, came the clip to travel to the following measure.
  • Refreezing– to do the alteration permanent in nature. In this concluding phase, the company merely tried to market their new construct in the market and develop a new relationship with its audience.

Changes in Performance:

After the execution of the nomadic POS system in over 2500 retail mercantile establishments owned and managed by the Future Group all over India ; certain alterations in public presentation could be observed such as wonder amongst staff as to when they would acquire trained to run the new system. Employees began to execute in a more profitable manner, much quicker than what the employees were earlier on. This happened because merely a limited sum of employees could acquire trained for the new system every month and this would be based on the public presentation of the employee and feedback from the clients. Directors reported better gross revenues studies than of all time and client satisfaction and feedback was at its extremum. Employees after being trained on the new system worked at least 20 % faster than earlier as reported in the imperativeness release by Kishore Biyani. This has besides helped the Future Group to capture about 12 % of the full Indian market portion in the retail sector, an addition of more than 3 % over 2 old ages as reported in the Annual Report ( 2007 )

Resistance:

“ An inability, or an unwillingness, to discourse or to accept organisational alterations that are perceived in some manner damaging or endangering to the person ” ( Huczynksi & A ; Buchanan, 2001 ) . Any new undertaking or set abouting would ever incur some or the other type of opposition. When this strategy was planned to be implemented, most retail mercantile establishments had expostulations because they were fring staff that would hold to travel on preparation, and this would ensue in an increased work load on the other staff members. Besides the manner of choosing staff who would be eligible for the preparation was ill-defined and so the employees dejected this thought, as stated by Rajiv Shukla ( 2010 ) .

Awards and Recognition:

Harmonizing to the Annual study ( 2007 ) the undermentioned awards were won by the company:

  • The International Retailer for the Year 2007 at National Retail Federation Awards. National Retail Federation is the universe ‘s largest retail trade association with over1.4 million members in the US and across the universe ;
  • The Emerging Market Retailer of the Year 2007 at World Retail Congress Awards ;
  • Business Leadership Award 2007 – Retail Class from NDTV Profit ;
  • Trusted Brands Platinum Award ( Supermarket Category ) to Big Bazaar at Reader ‘s Digest Trusted Brands Platinum Awards ;
  • The Numero Uno Retail Organisation of India by Retail Asia Publishing ;
  • The Best Employers in India -Rank 14 in 2007 based on the one-year study of best employers done by Hewitt Associates ;
  • Large Bazaar won the award for Best Value Retail Store, every bit good as Best Retail Destination, Food Bazaar bagged the award for Best Food & A ; Grocery Store & A ; Shri Kishore Biyani, was awarded the Retail Face of the Year at Images Retail Awards 2006 ;
  • Large Bazaar won the CNBC – AWAAZ CONSUMBERAWARD 2006 in retail class as the most preferable, big, nutrient and food market shop ;
  • Big Bazaar & A ; Pantaloon shops were ranked in the top10 trade names in Retail /Leisure class in India ‘s most trusted trade names 2007 by the list published by Brand Equity, Economic Times ;

Future waies:

Future Group, is presently seeking strategic ways for spread outing its paths to other states such as Africa, USA and Australia. However, competitions from oversesas giants like Wal-Mart and Cosco have affected the enlargements due to clients in abroad markets being really trade name scruples and loyal.

It can be assumed that Future Group will spread out its concern to Asian districts foremost since of the propinquity of client penchants and so would perforate into other markets throughout the universe. New advanced attacks in the retail industry can be expected from the Future Group in this context. It is besides possible that advanced attack adapted by Future Group will enable them to be in a place to keep a alone USP and give all rivals a really healthy competition.

Decision:

This study found that Future Group is a really strong and powerful trade name name through its advanced attack ‘s. There are a few hurdlings which can be foregone by manner of organizing more strategic confederations and changeless development through invention and farther globalization of the trade name. The new advanced attack and methods adopted by the Future Group are applaudable. The company has ever thought in a forward manner and ever invested to a great extent in research and development. The company feels that by manner of new and utile innovations, the cost involved in concern can be reduced and future net incomes can be maximized. The new innovations undertaken by this company have helped them in bettering non merely net incomes but besides public presentation. Future Group has besides ever been known for its ability to incorporate every new innovation into its concern scheme. Such advanced steps have besides enabled the company to acquire international celebrity through awards and acknowledgments and non merely this but besides in the signifier of foreign coactions and thought sharing between states.

Mentions

  • Technology Progresss in Retail: improving borders utilizing radio webs, Jon Green, White Paper Publications, 2007
  • hypertext transfer protocol: //www.futuregroup.in/aboutus/ , assessed on 26/02/2010
  • hypertext transfer protocol: //www.pantaloons.futurebazaar.com/common/storespantaloon.jsp, assessed on 01/03/2010
  • Organizational alteration: pull offing the human side, American Productivity and Quality Centre, 1997
  • The corporate civilization endurance usher: sense and bunk about civilization alteration, San Fransisco: Jossey-Bass Publishers, E.H.Schein, 1999
  • hypertext transfer protocol: //www.infed.org/thinkers/et-lewin.htm, assessed on 03/03/2010
  • Student resources portal: London school of Commerce for MFP pupils, Tatiana Pavlovsky, 2009
  • Huczynksi & A ; Buchanan, 2001
  • Rajiv Shukla, director E-Zone ( Powai Branch ) via Telephone Interview, 2010
  • Annual study, Future Group Ltd, 2007
  • hypertext transfer protocol: //www.walsall.gov.uk/print/business-continuity-management-process.jpg ; assessed on 08/04/2010
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