Unique Procurement Solution

Need

Need

There are several businesses where pooling of requests or demand happens and haggling for the produce or a price is carried with, but with limited transparency.  Chit funds or Non-registered savings scheme are popular market mechanisms by which individuals pool in their resources, haggle for the funds at higher premium and service the withdrawal. In many countries, there are no regulations against these organizations, but increasingly federal agencies are nudging them to embark on technology platforms to improve the transparency and arrest money laundering. [LG1]

A Chit Fund Company manages, conducts or supervises chits or savings and calls. The typical process is a person enters into an agreement with a specified number of persons that agree to subscribe a certain sum of money for a certain period of time. As determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, the registered members can take their call money and service the money at a certain fee. The interest earned and the principal is shared equally after the closure period. Each chit will be organized by a person who is entitled to 5% of the call price in each auction as their service fee for rendering their services for fixing the meetings, collecting money from each other and undertaking other procedures.

We have a niche solution to chit fund organizations that automates and centralises all the bidding process. Our solution eliminates the process of manual bidding and completely automates all documentation, thus eliminating human errors. Departments and financial organisation can benefit from centralised and collated information. They can keep track of information of financial transaction, bidding and chit members at real time. Our solution brings cost efficiency, transparency and reduces human efforts.

Approach

Approach

We specialise in delivering customised procurement solutions for any type of business and industry. Our team has extensive experience and the proven ability to manage procurement requirement of large organisations. We provide flexible, customisable solution and industry best-practices to help different enterprises address their unique e-business needs effectively.

Benefits

Benefit

  • Reliable, transparent and cost effective procurement solutions.
  • End to end solutions tailored specifically for each organization’s unique requirements
  • Solutions for customized invoicing and payment methods from requisition to pay
  •  Access to  in-depth insight into strategic and tactical procurement issues
  • Proven, technical skills and innovative solutions collaboratively designed and implemented to improvement in process and customer satisfaction.