About the Company

Industry: Sports and Outdoor Equipment

Type: Privately Held

Purple Octopus Ventures LLP is the exclusive distributor of MARES Scuba Diving Equipment and HEAD Swimming Gear in India and Sri Lanka. The company offers high-quality products catering to enthusiasts and professionals alike, focusing on providing accessibility and competitive pricing.

Problem statements

Ineffective financial management system: The existing system struggled to handle growing transaction volumes, impacting financial reporting accuracy.

Revenue recognition issues: Complex revenue streams led to challenges in ensuring compliance with accounting standards.

Inventory management inefficiencies: The company’s FMS failed to provide real-time inventory data, affecting procurement and fulfillment.

Our Solution

Customized cloud-based FMS: We implemented a cloud-based FMS solution, providing real-time financial insights and streamlining reporting.

Revenue recognition policies: Developed and applied robust policies for managing diverse revenue streams, ensuring compliance with accounting standards.

Inventory and procurement optimization: Integrated FMS with real-time inventory tracking to enhance procurement and order fulfillment.

Results

Improved financial forecasting: Real-time insights provided more accurate forecasts, aiding business decisions.

Optimized inventory management: Real-time data improved procurement efficiency, reducing delays.

Compliance achieved: Enhanced revenue recognition policies ensured regulatory compliance.

Benefits and ROI

Operational efficiency: Streamlined processes saved time and resources.

Increased accuracy: Improved forecasting and inventory management enhanced overall business performance.

Cost savings: Full compliance and optimized procurement reduced costs.

ROI: Our Financial Management System (FMS) solution helped Purple Octopus Ventures optimize inventory, achieve full compliance, and enhance financial processes, driving overall business growth.