How Volopay solved expense management issues faced by Paralleldots

Established in 2014, Paralleldots Technology Pvt. Ltd. is a prominent player in the artificial intelligence and machine learning industry. The company has gained significant recognition for its innovative AI solutions, particularly in natural language processing (NLP) and computer vision. Paralleldots offers a suite of advanced AI-driven shelf monitoring platforms and retail analytics for CPG and retail ecosystem.

Additionally, their image recognition APIs, such as object detection, and scene recognition, provide robust solutions for security, on-shelf inventory management, and automated systems.

Paralleldots’ technologies find applications across several industries, showcasing their versatility and effectiveness. In the retail and consumer packaged goods (CPG) sector, their tools enhance on-shelf inventory management and improve customer satisfaction through shelf monitoring, out-of-stock detection, and planogram compliance.

In healthcare, Paralleldots builds high-accuracy tools that are easy to integrate into existing systems, empowering businesses to leverage AI for growth and innovation.

Before implementing Volopay, Paralleldots Technology Pvt. Ltd. primarily relied on NEFT transactions through a bank portal to manage their expenses. This method posed significant challenges, particularly in handling day-to-day operational expenses.

The manual process of tracking and recording these small but frequent transactions was time-consuming and prone to errors. The finance team was seeking a seamless platform to easily maintain accurate records to enhance their ability to manage finances efficiently.

Volopay emerged as a comprehensive solution to the expense management issues faced by Paralleldots. By integrating Volopay into their financial operations, the company managed to streamline their daily expenses and simplify the recording process.

The platform provided an easy way to manage every payment and expense, eliminating the complexities associated with manual tracking. This automation not only improved accuracy but also saved valuable time for the finance team, freeing them from the tedious task of manually handling petty expenses.

As a result, Paralleldots experienced a significant improvement in their financial management processes.

When asked if they would recommend Volopay to others, team Paralleldots responded with an enthusiastic affirmation. They highlighted and stressed on the primary advantage they experienced of using Volopay: the ease of managing every payment and expense.

The platform's user-friendly interface and efficient tracking capabilities have made a noticeable impact on their operations. The finance team has saved approximately two hours per week, which translates to improved productivity and focus on more strategic tasks.

Additionally, the company has saved around 10,000 INR per month due to enhanced efficiency and reduced errors in expense management. This cost-saving aspect further reinforces their recommendation of Volopay as a valuable tool for businesses looking to optimize their financial operations.