How Nath Bio Genes saved 50L annually on Regular Business Expenses with OmniCard
19-Jan-25About Nath Bio Genes
Founded in 1979, Nath Bio-Genes (India) Limited is a leading Indian agricultural biotechnology company specializing in the research, development, production, and marketing of high-quality seeds. Established with a commitment to revolutionizing Indian agriculture, Nath Bio-Genes provides innovative and sustainable solutions to enhance crop productivity and farmer profitability.
The company offers a diverse portfolio, including hybrid seeds for field crops, vegetables, and oilseeds, developed through advanced breeding techniques and biotechnology. Nath Bio-Genes focuses on delivering products that are high-yielding, disease-resistant, and climate-resilient, addressing the challenges of modern agriculture. With a strong presence across India and an extensive distribution network, the company plays a pivotal role in empowering farmers and driving agricultural growth in the country.
The Challenge
A prominent organization in the agriculture and feed sector faced significant operational inefficiencies due to outdated expense management processes. Their primary challenges included managing high travel costs, handling payments in remote areas with limited digital infrastructure, and ensuring accountability for cash disbursed to workers and field employees.
Key Pain Points
Excessive Travel Expenses
The organization incurred high travel costs, compounded by the inability to monitor and control spending efficiently.
Rural Area Limitations
Farming and feed-related expenses often occurred in remote villages where digital payment options were scarce, leading to reliance on cash transactions.
Cash Tracking Issues
The lack of a system to track cash disbursed to workers and field employees resulted in incomplete records and potential misuse of funds.
Inefficient Reporting
Invoices and bills were not systematically linked to payments, creating gaps in financial oversight and transparency.
The Search for a Solution
Recognizing the pressing need for a modern expense management system, the organization began exploring potential solutions. During this search, OmniCard’s sales team reached out with a timely proposal. After evaluating the platform’s features and seeing how it addressed their pain points, the decision-makers selected OmniCard as their preferred solution.
How OmniCard Solved the Challenges
Digitization of Payments
OmniCard transitioned the organization from cash-based to fully digital payment systems. Field employees and workers could now make payments digitally, even in rural areas, solving the issue of limited payment modes.
Real-Time Expense Tracking
Every transaction made using OmniCard was instantly recorded, giving the finance team unparalleled visibility into spending. Detailed reports enabled better decision-making and improved accountability.
Invoice & Bill Management
Employees were empowered to upload invoice or bill photos while creating expense reports. This feature ensured comprehensive documentation of every payment, reducing the risk of fraud and errors.
Ease of Use & Adoption
Every transaction made using OmniCard was instantly recorded, giving the finance team unparalleled visibility into spending. Detailed reports enabled better decision-making and improved accountability.
Customization and Support
The OmniCard team provided tailored customizations to meet the organization’s specific needs. These were delivered on time or ahead of schedule, ensuring a smooth user experience. The dedicated Key Account Management (KAM) team offered exceptional support, resolving issues promptly and maintaining operational continuity.
How did OmniCard Rank?
Results and Impact
Financial Savings
The digitization of expenses and the ability to track every payment led to significant cost reductions:
- Marketing Budget Optimization: Annual marketing spend decreased from ₹2 crore to ₹1.5 crore, saving ₹50 lakh (25%).
- Other departmental savings contributed to a noticeable improvement in overall financial efficiency.
Operational Efficiency
- End-to-End Tracking: Every payment, from travel to farming expenses, is now tracked, providing full visibility and reducing the risk of errors.
- Simplified Reconciliation: Linking invoices and bills with payments streamlined financial reporting and enhanced accuracy.
Employee Empowerment
Field employees could seamlessly handle payments in remote areas without relying on cash, improving their productivity and reducing logistical challenges.
Better Decision-Making
Real-time reporting and insights enabled leadership to identify spending trends, optimize resource allocation, and plan budgets more effectively.
Why OmniCard?
The organization chose OmniCard after evaluating various platforms, finding it to be the most comprehensive and effective solution for their needs. Key reasons for their decision include:
- Value for Money: The cost of OmniCard’s services was reasonable, with savings far outweighing the fees.
- Feature-Rich Platform: OmniCard provided all the tools needed to address their pain points, from digital payments to invoice management.
- Superior Support: Dedicated account management ensured smooth operations and quick resolution of any issues.
Feedback and User Experience
- Ease of Use: The interface is intuitive and requires no training. Employees quickly adapted to the system, which minimized the transition time.
- Customizations: The OmniCard team consistently delivered customizations on time, often ahead of schedule.
- Support: The dedicated KAM team provided proactive support, resolving issues promptly and ensuring smooth operations.
Conclusion
OmniCard has revolutionized the way the organization manages its expenses.
The organization now enjoys improved financial control, empowered employees, and a more efficient allocation of resources.
By digitizing payments, enabling real-time tracking, and providing actionable insights, the platform has streamlined operations, reduced costs, and enhanced transparency.
OmniCard continues to be an invaluable partner in driving operational excellence and achieving financial efficiency for businesses across industries.
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.
