• The company has delayed its publication of results for the year ended March 2023 due to implementation of the ERP system
• The results were due on the 30^th of June 2023
• How will this affect operations

Harare- The largest retail outlet in Zimbabwe, OK Zimbabwe Limited, has delayed the publication of its financial statements for the fiscal year ended 31 March 2023 due to the implementation of a new Enterprise Resource Planning (ERP) System at the beginning of the financial year under review.

The system migration has resulted in the delayed finalisation of the company's financial statements, which were expected to be published on 30 June 2023. Without the approval from ZSE, the delay was likely to result in a fine or suspension, as per section 39(1) of the Securities and Exchange regulations, which require ZSE-listed companies to publish audited financial statements not more than three months after the end of their respective financial years. The company expects to publish the audited financial results by 31 July 2023.

“The Board and Management apologise for any inconvenience caused to the Company’s valued stakeholders,” said the Company. 

The implementation of the ERP system is expected to provide OK Zimbabwe with several benefits, including cost reduction, improved decision-making, better inventory management, and enhanced financial management.

The automation of processes and the provision of better visibility into operations will reduce inefficiencies, waste, and errors, ultimately leading to cost reduction. The real-time data and analytics provided by the ERP system will enable OK Zimbabwe to respond more quickly to changing market conditions, improving decision-making.

Additionally, the system will provide real-time visibility into inventory levels, enabling OK Zimbabwe to optimise stock levels and reduce the risk of stockouts or overstocking. The ERP system will also automate financial processes, such as accounts payable and receivable, general ledger, and financial reporting, improving financial management.

The ERP system's customer relationship management capabilities will provide OK Zimbabwe with a 360-degree view of its customers, improving customer service by providing a more personalised experience and a better understanding of customer needs. This will ultimately lead to increased customer loyalty and retention, enhancing profitability and shareholder value.

Other Zimbabwean companies, such as Econet Wireless Zimbabwe and Delta Corporation Zimbabwe, have implemented ERP systems to streamline their financial and operational processes.

Globally, companies such as Procter & Gamble and Coca-Cola use ERP systems to manage their supply chain, production, and financial processes.

The adoption of ERP systems in Zimbabwe has been growing in recent years as companies seek to streamline their operations and improve efficiency.

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