Digital Transformation of India’s Leading Rural Fintech Company: Spice Money
SpiceMoney is India’s leading rural fintech company that is empowering merchants or nanopreneurs (called Adhikaris) through technology. The company caters to the digital and financial needs of rural citizens in India.
A subsidiary of DiGiSPACE technologies, SpiceMoney offers digital finance and e-retail services such as cash deposit and Aadhar-led withdrawals, mini ATM services, bill payments & recharges, money transfers, loans, etc. through a mobile and web app.
- 10 Lakh+ registed merchants
- 700+ districts covered
- 10 Crore households served
The accounts, legal, and finance department of SpiceMoney had a large amount of data stored in documents. These documents were stored on a local server and on the cloud. This hybrid storage model had a few limitations.
For example, the teams were accessing data from different geographical locations. Thus, it was not possible for them to upload data to a centralized server from remote locations. As a result, the data upload, search, and retrieval were unstructured.
For accessing data from remote locations, a centralized database was required that makes bulk data upload and retrieval possible. To do this, Spice Money was on the look around for a technology partner with experience in building enterprise document management systems.
The rural fintech company chose Daffodil Software for its extensive experience in digital transformation via building enterprise document management applications. The critical requirements by Spice Money included:
- Developing a document management system to upload, retrieve, and store data in bulk
- Building and transferring documents to the new system with metadata, access controls, indexing, etc.
- Providing a dashboard for graphical and text representation of data to simplify reporting
- Use Alfresco and Pentaho as the core technologies for building the DMS solution
Team Daffodil developed a comprehensive Document Management System (DMS) using Alfresco Enterprise Product Suite. This DMS enables Spice Money to upload documents to a system, index them, link them to records in the system, etc.
- The DMS was developed with features such as Folder & Taxonomy. For each department, a repository is created to store the documents, secure them with access controls, etc.
- The data is migrated from the old storage system to the newer one. As a result, the DMS is a centralized system for all the team members to store and retrieve data. The system accepts document input either through document injection or through upload.
- For faster retrieval of data, the DMS was built with document indexing capability. This was done using primary keys, metadata, or by defining specific parameters.
- A user dashboard was created that showcases analysis and reporting by using Pentaho’s business intelligence solution.
Team Daffodil also developed a proprietary bulk upload utility using Java as the core technology. This solution allows uploading data from S3 to the Alfresco repository. Along with this, stringent security measures were taken to ensure that there is no unauthorized usage of the stored database.
The Document Management System created by Daffodil ascertains that there is a collaboration between inter-departmental levels, resulting in efficiency at work.
Daffodil delivered a scalable, high-performing document management system. The document management system led to smoother documentation indexing & linking while saving 30% of the team’s time with 0% system downtime and 2X increase in the overall productivity. It also helped in providing customized dashboards for better graphical representation. All the processes were made more user-friendly, while user-access management enhanced security. This document management system will ensure business continuity with uninterrupted services.
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