Business dynamics keep changing. Changes are even faster for small and medium size enterprises as they expand their business. Saija Finance Private Limited has been at the forefront in leveraging technology to cope with the changing business environment. The company has implemented a new system called OMNI Enterprise with the objective to automate its operations with ease in compliance with the regulatory guidelines.

OMNI Enterprise is a scalable and robust platform. The company is using it for loan and accounting management. It is a leading end-to-end software solution provider for small and mid-sized financial services firms in India and abroad. The implementation of this platform has enabled Saija Finance to efficiently achieve business growth, enhance customer reach in a secure manner, keep track of profitability and ensure a high level of compliance and reporting. Saija Finance is a microfinance company to implement and continue with the OMNI Enterprise. OMNI Enterprise is used in other microfinance companies like Arohan and Swadhar.

Challenges

Before installation of OMNI Enterprise, Saija Finance Private Limited was using Tally software. The company did not find Tally useful as it was not able to capture client lending details and also did not support its scaling up. Following were the major challenges faced by the company during the old software system:

• Tally is only an accounting package hence does not support the Loan module.
• Not able to capture client-wise lending details, demand sheet & repayment status.
• Not able to provide real-time client-wise multiple type of required reports.
• Journal Voucher could not be amended once created.
• Pricing issues like supplying different customers a multiple price list is quite difficult in Tally.
• Tally is quite expensive as compared to other alternative accounting softwares.

Solution

With a view to overcome the above-mentioned challenges, the company implemented OMNI Enterprise software solution. It is a robust and scalable platform that helps automate all business processes. The software is user-friendly and easy to setup and operate. Activities can be performed in a systematic way and flow. The new system fulfils maximum of the current business requirements and is flexible enough to incorporate future changes. It captures and generates relevant information on an individual, group and at a consolidated level.

The system accommodates changes to products, services and delivery channels. It will grow as the business grows. For example, the system design is scalable; it can be run on an individual PC and Local Area Network (LAN). Total ownership and lifetime system operations cost, including hardware, software, network, infrastructure and human resource, is substantially lower than the older system.

Outcomes

The new system helped Saija Finance quickly adapt new business models that provides high flexibility in product configuration. The solution manages complete operations in a hybrid branch-based or branchless network. The company uses the new system to attract new investments by facilitating unified view through online portal for donors and investors to track performance of funds and the resulant impact. It is compliant to policies and regulatory standards such as CGAP, MIX and local regulatory authorities. The solution supports measurement of social effectiveness through Social Impact Measurement (SIM) feature. The solution has helped Saija Finance to expand rapidly in multiple geographies without enhancing operating cost substantially. Also it is an excellent choice for an MFI desirous of implementing a centralised software platform.