Benefits of Integrating e-Signature in Contract Management
Can a simple feature such as e-Signature become so vital thatRead More
Myxtur is an e-commerce store based in India founded by a group with a dream fueled by their passion for creating extraordinary products. The company sells thousands of products, including mobile cases, covers & tech accessories, premium t-shirts for men and women, posters, car accessories, and more. Their products come in different styles to cater to every customer. In addition, they also offer customized products so shoppers can create designs based on their preferences.
Managing thousands of SKUs in the product line, dealing with suppliers, and tracking financials are some of the common challenges that Myxtur is facing. The company employs several tools to help track and manage all these things, but as the volume of transactions grows, handling day-to-day operations also started to become complex.
E-commerce companies need to be agile, especially when it comes to replenishing inventories. Data always has to be ready in order to identify what items and from which supplier they should place the orders. Before using Revnue contract management software, the company had no single source of truth for their data. Myxtur uses several tools to store its contracts, monitor supplier delivery, and track revenue and spending. Because of this, the company had difficulties pulling together important data, therefore, delaying crucial decisions that need to be made to run the operations.
With Revnue’s unified dashboard, Myxtur has gained full visibility on all their contract, asset, customer, and supplier data. Now, they no longer have to switch to different tools to look at their data. They can now generate reports whenever needed and negotiate prices with suppliers before contract renewals.
Since the company had no way to track the contract milestones with their suppliers, there were some instances wherein the delivery of materials is delayed. They needed a way of analyzing or generating reports as the sales were coming in too fast, and their team could not keep up with the movement of their inventory. As a result, Myxtur would sometimes run out of supplies to use for its products, costing them a loss in their revenue.
Revnue’s contract management system integrated supplier management helped the company oversee its suppliers and ensure delivery compliance with their orders. Months after using Revnue, Myxtur has seen a 28% improvement in their order fill rate and an additional 10% cost savings from negotiating prices of materials with suppliers, therefore increasing their revenue by 19%.
Myxtur is constantly looking for ways to keep up with the trends and offer unique products that customers will love. On top of that, the company keeps a pool of vendors as they can’t afford to lose business in case one supplier fails to deliver. Sourcing vendors take up a tremendous amount of time for Myxtur’s procurement team hampering their focus on more critical tasks such as analyzing data or negotiating with suppliers.
When Myxtur started using Revnue’s Market Intelligence capabilities, they built a steady list of suppliers and got better pricing of materials.
-Anand Jeeth, Myxtur
Myxtur chose Revnue’s contract management platform because it helped them:
Get tips and know the latest trends in contract management
© 2023 Revnue Corp.