RanceLab has participated in East India Retail Summit 2011 to share the experience of “Role of IT in Retail Business”. The summit was attended by over 200+ industry honchos and brand marketers.

Our CEO, Mr. Navin Ladha, one of the key panelist, has shared his knowledge and vast experience with the retailers who are facing challenges in implementing IT systems for their business.

Mr. Ladha quoted, “To Err is human and the job of IT is to reduce the Errors and sometimes Humans too.” His thoughts were acknowledged by many retailers during the event.

Here are the questionnaire by the retailers and Mr. Navin Ladha’s take on it.

Q: What is the right time to buy IT systems for business?
A: IT (Information Technology) is one of the primary key to unlock the door of success.
It is important to have it in place before the doors of retail are made open for customers.

Q: What should be the investment on IT for a start-up Retail?
A: Typically it is 1% of planned / actual yearly turnover. Ideally 1.5-2% of yearly turnover,

Q: What should be the cost-breakup of Software viz a viz Hardware?
A: There is no mathematical formula for it. However, it is 50:50 sharing.

Q: What should be the yearly maintenance cost for overall IT setup?
A: On an average it is 0.75-1% of annual turnover.

RanceLab congratulates all the participants, visitors and retailers who attended and made this event a great success.