- Headquarters: Miami, Florida
- Industry: Marine Supplies
- Founded: 1958
- Solution: Epicor Consulting Services
"The investment we made on Consulting Services was the best money spent in a very long time. The consultant's expertise and business knowledge provided tips that will have an impact on our business for years to come."
Lili Crook, COO | Crook & Crook Marine Supplies
Crook & Crook Marine Supplies Increase GMROI 18% with Epicor Consulting Services
Faced with declining revenue during the tough economy in 2009, Crook & Crook Marine Supplies turned to Epicor Consulting Services to help find efficiencies and improve profitability. "We knew we had to earn more profit from our lower sales volume and ensure that our spending delivered a return to the business. We knew it would be challenging to figure this all out on our own," explains Lili Crook, COO, Crook & Crook Marine Supplies.
Financial Growth During Economic Downturn
An Epicor business consultant spent time on-site with the Crook & Crook team and delivered a long list of practical recommendations to take better advantage of their Eagle system and data. "By implementing many of the recommendations, from January 2009 to December 2009, we decreased inventory value by 15%, increased turns by 8%, increased gross profit margin by 1%, and increased GMROI by 18%. And even though revenue declined by 5%, our profit margin dollars only decreased by 1%," asserts Lili. "I can think of few other opportunities that can make an immediate impact on your business like this."
Managing Inventory for Improved Performance
Like many businesses, Crook & Crook intuitively knew they had dead stock and slow-moving stock. What they didn't know was how to uncover exactly what they had. "The consultant showed us how to create a Viewer that identified dead stock and slower movers. The first time we ran the report, it was 3½ inches thick! We've been moving those items out by putting them on clearance, or selling them in the clearance area on our Website. It's also important to look at this data when making buying decisions and not purchase more of slow selling items," explains Lili. "We reduced our inventory value, and we're investing in inventory that we know will sell. We're better managing our available capital."
Margin Monitoring Delivers Results
From pricing to margin reporting, Crook & Crook is now armed with ways to keep close tabs on margins. "The Price Import Tool helps us make price changes faster, which maintains margins. I look at price exception reports and margin reports every day. Together, they are a good way to keep a close watch on the business and helped us increase our margins last year," continues Lili.
"The Epicor consultant provided a service that you just can't do on your own. The external perspective combined with system expertise is invaluable. Our improvement journey is definitely a work in progress. We've completed about one and a half pages of recommendations, and have more to do," continues Lili. "The investment we made on Consulting Services was the best money we've spent in a very long time. The consultant's expertise and
business knowledge provided tips that will have an impact on our business for years to come."
Epicor Software Corporation is a global leader delivering business software solutions to the manufacturing, distribution, retail, and service industries. With more than 40 years of experience, Epicor has more than 20,000 customers in over 150 countries. Epicor solutions enable companies to drive increased efficiency and improve profitability. With a history of innovation, industry expertise, and passion for excellence, Epicor inspires customers to build lasting competitive advantage. Epicor provides the single point of accountability that local, regional, and global businesses demand. For more information, visit www.epicor.com.