Honeycomb Creative is a Bangalore-based, integrated marketing communication agency providing services to corporates catering to numerous verticals such as Lifestyle, IT, Pharmaceutical, Healthcare, Educational, Manufacturing, and automotive.
As they dealt with multiple verticals, Honeycomb Creatives faced challenges in maintaining their department-wise payments due to the absence of de-centralization in the processes. To overcome this challenge, the company on-boarded EnKash to automate and streamline its processes with the help of Olympus- A full stack platform by EnKash.
In the integrated marketing communications space, agencies usually have different verticals for which separate budget management is required. One of the main challenges that Honeycomb Creatives faced was maintaining and having clarity of budget allocation, as multiple cards were used separately by each department to pay department-wise expenses. In addition to this, the turnaround time for approvals took longer, as the process involved HODs from different departments.
Furthermore, Honeycomb Creatives was looking for a solution to manage their short-term working capital.
In order to tackle these challenges, Honeycomb Creatives onboarded EnKash Olympus, an industry-first 360-degree full-stack business Payable, Receivable & Reconciliation Platform. Through Olympus, the company has allocated virtual cards for each vertical, facilitating seamless and separate budget management and monitoring for all verticals. Leveraging this platform, Honeycomb Creatives’ finance team can now have access to all verticals’ payables through a single dashboard and customized reports, making the budgeting exercise efficient for the company.
Impact Generated Through Olympus:
Through Olympus, Honeycomb Creatives:
- Obtained better control over their budgets;
- 30% increase in the process efficiency
- Improved visibility of department-wise budget allocation with a single dashboard for all departments
- Provided payment facility via credit card, solving their short-term working management issue
- Improved vertical budget management
- Greater efficiency and 100% accuracy
Noufel A N, Founder, Honeycomb Creative Support Pvt Ltd commented on this: “In integrated marketing communications, agencies need to allocate budgets for different verticals, which was one of our main challenges. To overcome this, we undertook EnKash’s services. Through Olympus’ virtual cards, we were able to manage our budget allocation for various departments, streamline approvals seamlessly, and control our short-term working capital efficiently. This enabled us to gain real-time visibility of all our department-wise expenses to our finance department.”
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(This information is published from a press release.)
