Business Process Automation for Swiggy's Cash Reconciliation
Transforming Swiggy's Financial Workflow: The Power of Automation
Outline:
Business Process Automation For Swiggy
Company:
Swiggy
Industry:
Indian Online Food Ordering And Delivery Platform
Buyer Persona
Foodies, Busy professionals, Socializers, Budget,
Loyalists, tech-savvy
Target Group:
Busy Professionals, Night-Shift Professionals,
Millennials With Smart Phones, 18-55-year-olds
A Robust Payment Reconciliation
Automation For Swiggy
The cash collection process has a report and dashboard that shows the total cash collected across the different business areas and payment methods for each period. To keep track of cash, the team pulls data from multiple places like Snowflake, cash management systems, bank statements, and vendor data. This data is used to report on cash collected, moved around, lost, and how much is on hand.
Every month, three team members spent three days reconciling (matching up) all this data. For some areas like SND and 3PL, they did this weekly. The whole process was done manually, which led to mistakes and money being lost. Cash reconciliation was completely manual.
On top of that, each business area had its specific procedures and schedules for doing reconciliations. The finance team had no choice but to follow each area's manual process, which took a ton of time and effort because of the huge amounts of data involved. Errors were really common.
Swiggy's industry leadership and success
Swiggy, established in 2014, has emerged as a prominent player in the Indian online food ordering and delivery industry. With operations spanning 500 cities, Swiggy offers not only food delivery but also on-demand grocery and package delivery services through its innovative features like Swiggy Stores, Swiggy Go, and Swiggy Super. The company's rapid growth and market leadership position can be attributed to several notable achievements:
Exponential Growth:
Exponential growth trajectory, emerging as India's leading food delivery platform through rapid scaling.
Extensive Reach:
Rapid nationwide expansion to over 500 cities, becoming one of India's largest food delivery services.
Substantial Funding:
Massive $3.6 billion funding from marquee investors like Naspers and Tencent, reflects strong growth prospects.
Innovative Offerings:
Innovative offerings like Swiggy Stores, Swiggy Go, and Swiggy Super for enhanced customer experience.
Industry Recognition:
Acclaimed for excellence, winning "Startup of the Year" at Economic Times Startup Awards 2017.
The Complexities In Reconciling Massive Cash Payments
Imagine this scenario: Your team faces the daunting task of reconciling cash payments across various business lines and payment methods. Pulling data from systems like Snowflake, cash management tools, and bank statements adds to the complexity.
Each month, three team members spend three days deciphering this data to prepare a reconciliation report. Some teams endure this weekly. But here's the kicker: it's all done manually, leading to inevitable errors and potential financial losses.
​
As if that wasn't enough, each business line had its own unique set of reconciliation rules and schedules. The finance team didn't have a choice but to follow these convoluted procedures manually, sifting through mountains of data. It was a recipe for frustration, wasted time, and frequent mistakes.
In short, the manual cash reconciliation process is a nightmare, highlighting the urgent need for an efficient, automated solution.
Why Swiggy Chose Techovarya Solutions
As a market leader in the dynamic delivery industry, Swiggy recognizes the importance of collaborating with the right partners to drive innovation and excellence. In its pursuit of providing exceptional user experiences and optimizing its operations, Swiggy chose to work with Techovarya Solutions, a company renowned for its expertise and problem-solving capabilities.
Proven Expertise: Techovarya boasts visionary co-founders with extensive industry experience and impressive educational backgrounds.
Global Perspective: With diverse work experiences across sectors and geographies, Techovarya offers a global perspective and industry best practices.
Problem-Solving Skills: Renowned for their analytical approach, Techovarya excels at solving complex challenges with innovative solutions.
Skilled Workforce: Swiggy was impressed by Techovarya's highly experienced team of developers and experts.
Agile Technology: Techovarya's adoption of modern technologies aligns with Swiggy's commitment to innovation.
What Team Techovarya did to
automate the whole process
Automated Cash Reconciliation: Techovarya's Transformative Solution for Swiggy
Techovarya Solutions revolutionized Swiggy's cash reconciliation process with a comprehensive automation solution powered by Microsoft Power BI. By meticulously transforming manual workflows into automated processes, Techovarya streamlined data aggregation and ensured accurate, real-time reporting.
The automated workflow fetches data from multiple sources, performs necessary transformations, and reconciles information to identify variances. Automatic reports are generated for each line of business, providing stakeholders with a holistic view of cash reconciliation across operations.
As a result of Techovarya Solutions' automation initiative, Swiggy has seen significant benefits, including reduced turnaround times, enhanced accuracy and data visibility, and improved compliance with industry standards and regulations. By eliminating the manual complexities and inefficiencies of the previous reconciliation process, Techovarya Solutions has empowered Swiggy with a streamlined, reliable, and scalable solution, paving the way for continued operational excellence.
Solution Flow
Our Achievements Through This Solution
A comprehensive management report with key indicators.
Decision-making Data; Total Payment Processed, Incompleted.
22 different kinds of reports are generated in real time.
Transactions, Payment Dues, etc.
Saving 90 hours per month.
​Saving other resources.