Your small business or large enterprise can gain efficiencies across processes and digitization of employee travel, incentives, and wellness
Is corporate travel bookings and reimbursements cumbersome and exhausting you? Similarly, for the HR and Admin departments, it can be actually a nightmare, involving a whole host of issues such as difficulty in enforcing compliance, complex accounting, and dealing with excess spending. Add to the fact that both the departments tend to get lost in a maze of paperwork and rely on multiple vendors for various services. This fragmentation leads to a lack of synergy in execution, which negatively impacts the entire employee morale spectrum.
Digitization is enabling corporates to go paperless and cashless with new-age tech solutions like EbixCash. A part of the Nasdaq listed Ebix group, it delivers a Full Stack Corporate Solutions suite that is designed to integrate all aspects of planning, implementation, and execution of corporate payments. This comprehensive suite utilizes a holistic approach that claims to cut down on administrative workload and simplify processes for employee well-being and engagement.
The corporate stack comprises EbixCash Fintech Solution, Via.com Corporate Travel Platform, MICE and Employee Wellness Programs aims to clear much of the roadblocks faced by enterprises. Recently, Reserve Bank of India also mandated digitization of paper voucher alongside the government's Digital India vision.
EbixCash Prepaid cards & wallet offer a range of employee benefits products like Gift Card, Reward Card, Meal Card, Expense Management and R&R Incentive Solutions. Designed to deliver maximum benefit to the employees and have been proven to increase overall performance and morale. Overall the gifting category in India is estimated to be at US $40 bn. It is broadly split into four broad categories - festival gifting, occasion-based gifting, personalized gifting and corporate gifting.
Additionally, global spending on business travel is picking up pace this year after experiencing a lull in 2016-17, according to the latest report by the Global Business Travel Association. The report forecasts the business travel spend around the world to reach USD 1.7 trillion by 2021.
Via Corporate Travel Booking Platform a powerful, technology-driven travel booking platform that allows for fast, easy and cost-effective corporate travel management. Businesses can access exclusive savings and special features on the flight, hotel and holiday booking through this platform along with multi-currency cards, Forex and travel insurance for the employees travelling abroad.
The Via.com MICE platform can also be used to organize events, annual meets and incentive tours. Globally, the Meeting Incentives Conferences and Events industry amounts to USD 280 bn. The Asian MICE industry contributes USD 60 bn, with Indian MICE industry accounting for USD 1.3 bn. As calculated by MasterCard, this segment is forecast to grow at a CAGR of 8.6% in 2020.
Further offering Employee Wellness Programs - AskADoctor24x7, helps companies to ensure a healthy and motivated workforce via instant access to leading health experts and health monitoring tools.
With a bullish outlook, Robin Raina, President, Chairman and CEO, Ebix, was recently quoted saying "We are all geared to emerge as India's largest end-to-end financial exchange in the next year or two while establishing a lead role in areas of travel, prepaid and gift cards, utility payments, domestic and international money remittance, etc. Towards that extent, we are also looking to expand in a dominant way to other financial exchange sectors such as India's outward remittance and Forex markets, which will benefit both employees and employers alike."
According to multiple pieces of research, businesses are looking at improvements in quality while reducing costs. This has resulted in an organic surge in the demand for effective disbursement solutions which can be tackled with innovative and digital-first platforms that are cost-effective and seamlessly integrated.
"We strive to empower businesses with streamlined hassle-free tools that can drive sales, enable travel, motivate & reward employees and drive efficiencies that improve the corporates bottom-line" adds Bhavik Vasa, Chief Growth Officer, EbixCash.
The company is already supporting over 8000 leading enterprises and small businesses across sectors including telecom, manufacturing, consumer brands, FMCG, IT/ITES, Insurance and BFSI to optimize their travel management and execute cost-effective reward programs.
Lastly, corporate Fintech solutions benefit both the employer and the employee in equal measures. While the employer reaps the benefits of minimal paperwork and streamlined processes, the employees have access to a user-friendly and transparent platform to check their benefits, access healthcare specialists and manage their travel.