How OmniCard Helped KK Spun Eliminate Cash Dependency in Factory Operations
02-Feb-25About KK Spun
Founded in 1977, KK Spun India Ltd. (KKSP) specializes in precast concrete solutions, including RCC concrete pipes, HDPE lined pipes, and jacking pipes, for stormwater, sewage, and tunneling projects. Known for durability and industry compliance, KKSP has introduced innovative products like 2600 dia concrete pipes, precast manholes, and S-class jacking pipes. The company plays a key role in water transmission and treatment projects for metros and municipalities across India.
The Challenge
Impact of the RBI Circular
In compliance with a Reserve Bank of India (RBI) directive, the company was required to cease the use of current accounts. This created an operational vacuum, especially for managing factory-level expenses, petty cash requirements, and day-to-day spending.
Operational Pain Points
Dependency on Cash
- Most factory expenses relied on cash disbursement, which brought inherent risks such as theft, loss, and mismanagement.
- Handling cash created inefficiencies in tracking and reconciling expenses, increasing administrative burden.
Lack of Visibility
- Factory-level spending was difficult to monitor in real time.
- The manual system led to delays in reconciling accounts and discrepancies in financial reporting.
Cost Overheads
- Carrying cash and maintaining security for cash storage added to operational costs.
- Frequent mismanagement necessitated additional checks, creating inefficiencies.
Discovery of OmniCard
Facing these operational hurdles, the company began searching for digital solutions online. During this research, OmniCard emerged as a standout option. Its affordability, versatility, and ease of use immediately captured their attention.
Key Decision Drivers
The OmniCard team engaged the client with a comprehensive demo session, showcasing the platform’s capabilities and how it could address their challenges. Key features that stood out included:
Cost-Effective Solution
OmniCard provided an affordable alternative to other digital platforms, making it an attractive choice for a cost-conscious organization.
Tailored Features
OmniCard’s features were aligned with the company’s specific needs, including the ability to manage factory expenses seamlessly.
Guided Onboarding
The OmniCard team offered detailed guidance and a smooth onboarding process, making it easy for the company to transition from traditional systems.
Implementation and Execution
OmniCard was integrated into the company’s operations to replace its cash-dependent system. The team provided hands-on support during the implementation phase, ensuring that all stakeholders were trained and the system was set up to address specific operational needs.
Key steps included:
Mapping Financial Workflows
Identifying all expense categories, cash usage patterns, and approval hierarchies.
Training
Educating employees and finance teams on how to use OmniCard effectively.
Customization:
Setting up multiple cards with pre-defined limits for factory managers and other key personnel.
The OmniCard Solution
How did OmniCard Rank?
Results and Benefits
Streamlined Expense Management
- Real-Time Tracking: All factory-level expenses can now be tracked in real time, providing complete visibility and control.
- Immediate Access to Statements: The company’s finance team can generate detailed statements instantly, simplifying reporting and reconciliation.
- Comprehensive Dashboard: A centralized dashboard allows easy monitoring of all cards and expenses, with granular details available at a click.
Reduced Cash Risks
- Eliminated Cash Dependency: By transitioning to a digital platform, the company removed the risks of theft, mismanagement, and loss.
- Lower Carrying Costs: The costs associated with storing and transporting cash were eliminated entirely.
Ease of Use
- OmniCard’s user-friendly interface ensures that anyone can use it with minimal training, making it as intuitive as popular payment apps.
- Factory employees found the app simple to navigate, speeding up adoption across the organization.
Superior Service Support
The Key Account Manager (KAM) assigned to the company provided proactive support, resolving issues swiftly and ensuring uninterrupted operations.
Feedback: The only limitation identified was related to UPI transaction limits, which posed occasional restrictions during high-volume transactions. However, this was deemed a minor inconvenience compared to the overall benefits provided by the platform.
Impact and Key Outcomes
By adopting OmniCard, the company achieved:
Enhanced Operational Efficiency
With digital tracking and real-time updates, the company reduced the administrative burden on its finance team.
Compliance with RBI Regulations
The transition ensured that all financial operations adhered to regulatory requirements.
Cost Savings
Eliminating cash handling reduced carrying costs and associated risks, saving the company significant resources over time.
Improved Employee Productivity
Factory employees no longer faced delays or challenges in accessing funds for day-to-day operations.
Conclusion
OmniCard proved to be a game-changer for the company’s factory expense management.
Its affordable, compliant, and user-friendly platform enabled the company to transition smoothly from a cash-based system to a modern digital solution.
OmniCard has not only addressed the immediate challenges posed by the RBI circular but also set the stage for greater operational efficiency and cost-effectiveness.
The company now enjoys:
- Seamless management of day-to-day expenses.
- Real-time tracking and visibility.
- Unparalleled service support from a dedicated KAM.
The company’s experience underscores OmniCard’s position as a trusted partner in digital expense management.
Explore OmniCard
OmniCard offers India's 1st Corporate Card with UPI Payments. Now make your Business Spending smarter, more efficient and easier with OmniCard Expense Management Solutions.
