About Client
Rigi is a creator-oriented company that is a pioneer in the creator economy space in India. Since its inception, Rigi has been revolutionising the creator economy space in India. Rigi allows creators to grow, manage and monetise their community across all platforms, be it WhatsApp, Telegram, or Instagram. At Rigi, the aim is to grow into the go-to influencer 'logistics partner' wherein they take care of everything, allowing influencers the space and freedom to focus their energies on content creation. Since launch, the company has been growing at nearly 100% monthly and has crossed the 200k user benchmark.
The Problem
Rigi handles 300K+ transactions on its platform every month which is growing at a rapid pace. To fuel this growth they run various campaigns for influencers and users from time to time. While these campaigns are highly successful and help them achieve rapid growth, they did not address the FinOps team’s biggest challenge "the team were still using spreadsheets for transactions reconciliation and managing creator payouts". It took an average of 10 days to reconcile the transactions accurately and calculate payouts.
The FinOps team identified the key areas that required automation:
Settlement Reconciliation
Using the Rigi platform, influencers can monetize their community via multiple platforms including WhatsApp, Telegram, and Instagram. Rigi usually runs promotional campaigns to increase user engagement, helping influencers maximize their earnings. As the transactions grew, using spreadsheets and excel macros to reconcile the transactions faced the following challenges:
- A 3-way reconciliation was needed to reconcile transactions between the internal file, payment gateway file, and bank settlement file.
- Flexibility in the process was needed to handle reversals, failed, and incorrect transactions.
- Complex discounts varying with influencers and platforms needs to be incorporated to calculate accurate receivable.
- Unique identification creation using multiple columns to differentiate between wallet transactions and direct transactions.
Payouts Reconciliation
Creators using the Rigi platform have wallets created with Rigi. They receive payments from their community on various platforms into these wallets and can transfer the amount to their bank accounts. With the rapid growth of Rigi's creator community, the FinOps team faced multiple difficulties in accurately reconciling payouts and creating a net liability report.
Key issues as explained by the team are as follows:
- A complex discount structure exists as different influencers offer different discounts to their community, which cannot be handled using spreadsheets for payouts.
- A 4-way recon was needed between the internal transactions file, multiple payment gateway files, withdrawal files, and bank statements to create the net-liability report.
- Incorrect transactions needed to be identified accurately and early, to get a clear picture of the finances
The Solution
Osfin.ai’s reconciliation platform “fastest and the most accurate in the world” is designed for scale and speed, having the capability of reconciling millions of transactions in minutes. Osfin.ai’s team discussed in detail the various pain points of the Rigi team and provided a solution to simplify the reconciliation process along with the flexibility to incorporate complex promotional campaigns and influencer payouts.
The high volume of transactions growing rapidly with the company was no longer a problem. The FinOps team can process any volume of transactions with a click of a button, focusing solely on exception cases.
Some of the benefits of Osfin.ai’s platform are as follows:
- Data accuracy. All Osfin.ai products work from a single, unified codebase. As a result, numerical data is always up-to-the-minute accurate.
- End-to-end process automation, upload the data and the process will run automatically, delivering the output to your mailbox.
- Flexible rule engine that can incorporate complex use cases and achieve 99.5% auto reconciliation.
- Audit ready always. The platform maintains complete audit trails of transaction-level data, so even 5 years back data can be fetched and reviewed in minutes.
- Automated workflow for exception handling, with convenient ticketing, and approval management workflow.
- Flexible and user-friendly dashboards that allow users to slice and dice data in the manner they see fit to gain deep insights
The Result
Incorporating Osfin.ai in their financial reconciliation process created a tremendous impact on the speed, accuracy, and efforts of the FinOps team of Rigi. The company’s outdated, spreadsheet-based accounting close process created ever-increasing manual work for the already stretched team.
Osfin.ai first and foremost streamlined and standardized the reconciliation process of both settlement reconciliation and payouts reconciliation, creating a massive impact on Rigi’s FinOps team’s time and effort spent on the process. Subsequently, Osfin created automated workflows for exception handling bringing the focus of management towards the gaps, and leakages in the system.
Let's discuss key outcomes and advancements that Rigi saw from incorporating Osfin.ai:
- Achieved 99.5% auto reconciliation in both settlement reconciliation and payout reconciliation
- Realized a 90% reduction in time and effort of the team freeing them to focus on improving quality
- Gained real-time visibility. Osfin’s dashboard gives the team immediate insight into the status of reconciliations, and real-time visibility of the company’s finances
- Created a 1-click process of managing marketing campaigns without losing sight of finances
Auto Reconciliation
99.5%
Reduction in Time & Effort
90%
