Accenture to accelerate AI-driven business reinvention for Malabar Gold & Diamonds

Accenture

The world's largest IT company Accenture has signed a deal with Malabar Gold & Diamonds to accelerate its technology reinvention through an AI-powered, cloud-enabled digital core.

"Accenture will develop and deliver a scalable and secure technology platform – built on a robust digital core – to streamline Malabar Gold & Diamonds’ business processes including finance, manufacturing, supply chain management and retail, and ultimately drive operational and competitive excellence," the Dublin-headquartered firm said in a release.

This initiative aims to elevate the customer and employee experience, enhance business agility, and create new value and growth for the jewelry retailer’s global operations.

Malabar Gold & Diamonds is the sixth largest jewelry retailer globally, with over 380 showrooms across 13 countries. By using a strong data foundation, the jewelry retailer can better forecast demand and adapt to changing market needs faster than ever before.

The custom-built platform will enhance productivity and customer satisfaction by adjusting sales, marketing, and fulfilment plans using real-time information on the availability and pricing of precious metals and stones. As a result, this will bolster both online and offline shopping experience for customers from browsing to buying, including billing and check-out.

Abdul Salam K.P, Vice Chairman of Malabar Group, said the company has always been at the forefront of embracing technology to enhance services and thereby improve the shopping experience of customers. "By teaming with Accenture to deploy a unified, scalable digital platform, we are reiterating our commitment to becoming a future-ready organization, setting new standards, best practices and new ways of working for the global jewelry industry,” Salam was quoted as saying in the release.

The platform will ensure regulatory compliance with local trade laws in 13 markets. Going forward, Malabar Gold & Diamonds will scale and activate this platform through employee training and adoption strategies to drive a data-driven culture.

Amneet Singh, Products lead for Accenture in India, added, “Our research finds that digital core investments accelerate reinvention and innovation, delivering up to 60% higher revenue growth rates and 40% boost in profit.