CXOToday has engaged in an exclusive interview with Ms. Madhulika Shukla, CEO, IFFCO eBazar Ltd.
Q1- What is the power of cloud-based solutions in the agriculture sector?
E-commerce is pivotal in ensuring fair prices for farmers’ produce, irrespective of their physical location. Today, farmers can conveniently purchase agricultural products through cloud-based solutions, from daily essentials to inputs. This pan-India accessibility is akin to platforms like YouTube, where farmers can quickly access vital information, such as fertiliser recommendations based on their soil conditions, without needing direct contact with agricultural scientists.
Cloud-based AI is a game-changer, offering widespread access to weather forecasts and other critical information. Farmers can plan their activities based on upcoming weather conditions. Additionally, cloud platforms facilitate information sharing, allowing farmers to showcase their products to a broader market. Cloud’s ability for farmers and agricultural businesses can be simplified through advanced cloud technology, where no technical expertise is needed. Farmers can connect with organisations that provide cloud services, allowing them to market their agricultural products more effectively.
The power of the cloud computing lies in its availability and cost-effectiveness, specifically in rural India, wherein technological resources are limited. With cloud computing, farmers can access various software solutions and services remotely. Furthermore, embedded AI in cloud solutions enables data-driven decision-making, benefiting the agricultural sector’s supply chain by providing valuable insights into soil and weather conditions across different regions.
Q2- How important is cloud as an element in IFFCO eBazar’s overall innovation strategy?
The success of IFFCO eBazar owes much to the crucial role played by cloud solutions. Cloud technology has been instrumental in supporting us during our rapid expansion and high turnover periods. IFFCO eBazar primarily operates as a retail chain specializing in agricultural inputs, catering to the needs of rural India.
Traditionally, setting up physical outlets, hiring a workforce, and deploying various software solutions for sales, operations, and inventory management was time-consuming and resource intensive. Today with the help of the cloud, we were able to streamline these operations, efficiently. We leveraged Oracle Cloud to develop in-house applications without hardware or additional internet connectivity for our remote outlets. This allowed growth in the organisation at a fast pace. In the past year, our turnover reached 2500 Crore Rupees, with a profit of about 100 Crore Rupees. Managing a network of around 330 outlets and 2600 franchise presence in remote locations across India is a unique challenge. To address this, we developed mobile apps with Geocoding, Geotagging, and face recognition features. These apps helped us monitor employee attendance, door access, and security remotely. Furthermore, we transitioned our accounting software from a traditional data centre setup to a server-based cloud service, particularly after encountering a ransomware incident.
IFFCO eBazar selected Oracle Cloud ERP in December 2021 to consolidate finance on a single, highly secure, and scalable cloud platform which can eliminate inefficient manual processes. This allowed us to digitise and store all our documentation securely in the cloud. Oracle Cloud ERP enables us to create and manage an empowered and inclusive environment, allowing our business to grow. This transformation has empowered us to efficiently manage a company with a turnover at about 2500 Crore Rupees while keeping our in-house operations, accounts and IT team small and focused. This move has transformed our decision making, productivity and removed operational bottlenecks, thereby offering to serve the farming community for a better tomorrow.
IFFCO eBazar selected Oracle Cloud ERP in December 2021 to consolidate finance on a single, highly secure, and scalable cloud platform which can eliminate inefficient manual processes. This allowed us to digitise and store all our documentation securely in the cloud. Oracle Cloud ERP enables us to create and manage an empowered and inclusive environment, allowing our business to grow. This transformation has empowered us to efficiently manage a company with a turnover at about 2500 Crore Rupees while keeping our in-house operations, accounts and IT team small and focused. This move has transformed our decision making, productivity and removed operational bottlenecks, thereby offering to serve the farming community for a better tomorrow.
Q3 – Tell us more about your specific use of Oracle Cloud-based ERP solutions. What are the benefits, and how does it impact your employees and customers?
Our operations have significantly improved ever since we opted for Oracle ERP. As a retail chain agri inputs trading company, we procure agricultural inputs from various sources. To streamline our supply chain management, we’ve recently acquired licenses for three modules in Oracle Fusion ERP: Procurement, Inventory and Finance. These modules are seamlessly integrated with Oracle-based in-house developed software, which manages invoicing for all aspects of our business, including sales to farmers, B2B and B2C transactions. This integration allows auto flow of data and ensures that all financial transactions, including sales, purchases, rents, expenses, and collections, are efficiently handled through Oracle ERP.
At IFFCO eBazar Limited, we operate in two main verticals. The first is our retail business, encompassing 330 stores and over 2,600 franchise remote locations in pan India. The second vertical is our online e-commerce platform, which facilitates the sale of agricultural inputs directly to farmers.
To manage these diverse operations efficiently, we’ve created separate Business Units (BU) within Oracle ERP, one for retail and another for e-commerce, paving the way for an efficient data handling and reporting. The integration capabilities of Oracle ERP also extend to our banking transactions, enabling us to make payments directly to vendors.
We’ve also integrated Oracle Fusion ERP with GSP portals for the filing of GST returns. This integration provides us with immediate access to data, enabling us to assess profitability and financial performance at the end of each month. In summary, Oracle ERP has revolutionised our operations at IFFCO eBazar, allowing us to efficiently manage our supply chain, financial transactions, and compliance requirements while enhancing overall business performance.
