Consulting major Accenture is collaborating with Malabar Gold & Diamonds to accelerate the jewellery retailer’s technology operations through an artificial intelligence-powered, cloud-enabled digital core. The collaboration aims to elevate the customer and employee experience, enhance business agility, and drive value and growth for the retailer’s global operations.
Accenture will develop a scalable and secure technology platform to streamline Malabar Gold & Diamonds’ business processes, including finance, manufacturing, supply chain management and retail. By leveraging a strong data foundation, the jewellery retailer is aiming to better forecast demand and adapt to changing market needs faster.
The custom-built platform will work towards enhancing productivity and customer satisfaction by dynamically adjusting sales, marketing and fulfilment plans, using real-time information on the availability and pricing of precious metals and stones. It will also try to bolster both online and offline shopping experience for customers from browsing to buying, including billing and check-out.
Abdul Salam KP, vice chairman of Malabar Group, said, “Malabar Gold & Diamonds has always been at the forefront of embracing technology to enhance our services and thereby improve the shopping experience of our customers. By teaming with Accenture to deploy a unified, scalable digital platform, we are reiterating our commitment to becoming a future-ready organisation.”
The platform will also enable regulatory compliance with local trade laws in 13 markets. Malabar Gold & Diamonds plans to scale and activate this platform through employee training and adoption strategies.
Amneet Singh, products lead for Accenture in India, said, “Our research finds that digital core investments accelerate reinvention and innovation, delivering up to 60% higher revenue growth rates and 40% boost in profit. By deploying an AI-powered digital core, retailers can standardise processes and build the technology capabilities needed to be ready for continuous reinvention.”
“With ongoing disruption and supply chain complexities, our work with Malabar Gold & Diamonds will help the company unlock new growth avenues and improve operational agility and responsiveness to meet customer needs,” Singh added.
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