Throughout 2023, Bonito Designs showcased remarkable growth, operational finesse, and a pioneering spirit that propelled it to the forefront of the industry
In the midst of a challenging year, Bonito Designs has not just weathered the storm but emerged as a beacon of innovation and success in India's interior design sector. Throughout 2023, the company showcased remarkable growth, operational finesse, and a pioneering spirit that propelled it to the forefront of the industry.
From a substantial surge in sales and revenue to technological advancements, operational excellence, quality benchmarks, and HR-driven talent optimisation, Bonito Designs navigated the landscape with prowess. The year was defined by a strategic approach encompassing a blend of technological innovation, operational efficiency, and a relentless pursuit of excellence. As the year wraps up, Bonito Designs stands poised for continued triumph, fuelled by strategic initiatives and an unwavering commitment to setting new standards in the interior design landscape.
Sales and Revenue Surge
The company experienced an impressive surge in its financial performance. With a net order book of Rs 186 Cr compared to Rs 140 Cr in the same period last year, the year-on-year growth of 33% from Apr-Dec’22 to Apr-Dec’23 is a testament to Bonito's expanding market presence. Moreover, an increased Average Selling Price (ASP) from Rs 12.6L to Rs 13.7L demonstrated the company's ability to add value and command higher prices for its services.
Technological Advancements
Bonito's tech prowess was on full display with the Bonito App's enhancements. These improvements, such as the Ready-to-Move-In feature, Forecast Dashboard, and customer engagement tools like timestamped 3D document approvals and QR code implementation, highlighted the company's commitment to seamless customer experiences and operational efficiency.
Operational Excellence
The year witnessed outstanding operational achievements. With the successful delivery of 1074 projects, a significant 28% increase from the previous year, Bonito showcased its prowess in efficient project execution. Notably, the reduction in turnaround times (TAT) for projects in Bangalore and Mumbai further exemplified the company's commitment to timely deliveries without compromising quality.
Quality and Accolades
Bonito Designs set new industry benchmarks by obtaining the prestigious ISO 9001:2015 Certification, affirming the organisation's commitment to quality across all aspects of its operations. The company's participation in a National Level Advance Problem Solving Convention highlighted its dedication to continuous improvement and innovation in problem-solving methodologies.
Bonito Designs also implemented a Process Excellence program and Lean Six Sigma principles. They introduced Data Analytics, Process Automation, and Power BI for performance measurement. They also initiated competency development programs for their internal team and service providers, focusing on structured problem-solving for optimizing project delivery. Additionally, they implemented Good Manufacturing Practices at their factories.
Design iLAB Advancements
The Design iLAB became a hub of innovation, surpassing its yearly target by launching 42 products, emphasising not only creativity but also the empowerment of designers. Moreover, the iLAB's focus on reducing designer queries, maintaining studio hygiene, and elevating product standards showcased its commitment to enhancing efficiency and quality.
HR Function: Driving Talent Excellence
HR at Bonito Designs ensured optimal talent supply aligned with the Annual Operating Plan (AOP). They sourced 96% of hires through Job Portals, Direct applications, and Employee Referrals, resulting in significant cost savings of 1.65 Cr by December '23. Their average cost per hire was INR 3,947. They maintained stability among critical resources in Senior and Mid-Level Management. They optimized On-Roll payroll costs by 7.5%.
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