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T&A in financial services

The Shriram Transport Finance Company (STFC) was incorporated in 1979. With its head office in Mumbai, STFC has over 700 branches across India. It is a part of the Shriram conglomerate, which has a significant presence in commercial vehicle financing, consumer finance, life and general insurance, stockbroking, chit funds and distribution of financial products such as life and general insurance products and units of mutual funds. Apart from these financial services, the group also has presence in the non-financial sector business such as property development, engineering projects and information technology.

The 700+ branches of the company include the head office, regional offices and branch offices under each of the regional offices. Previously, the company was using biometric devices of a different brand at some of its locations, while managing attendance data manually at the remaining locations. As a result, accurate attendance management of all employees at each location and processing their salaries on time became a tedious, time consuming and error prone task for the HR team.

STFC was looking for a biometric-based centralised time and attendance solution. It wanted centralised time and attendance management of all employees from its Mumbai based head office. Along with attendance management, the company was also looking for a solution that would help them monitor and control any unauthorised entry at the branches. Additionally, they wanted to integrate the time and attendance software with their existing HRMS software for speedy and timely salary processing.

Matrix biometric solution

Matrix offered its enterprise-grade, web-based COSEC Time-Attendance solution with centralised attendance and leave management features. Biometric fingerprint based devices were installed at all locations to mark a user’s attendance. For fast and error-free salary processing, Matrix integrated COSEC Time-Attendance with the existing HRMS payroll software. At branches where the company required access control, Matrix has installed biometric fingerprint based access control devices to control people movement. This comprehensive solution automated all time and attendance processes right from recording entries and exits up to processing salaries.

• Biometric time and attendance terminals at 700+ locations

• Biometric door controllers for access control.

• Connected all locations using Ethernet.

• Centralised attendance management software.

• Integration with third-party HRMS software.

Results

• Time required for salary calculation reduced by 30%.

• Productivity of employees increased by 15%.

• Increase in security in sensitive locations.

• Error-free time and attendance data for salary calculation.

• Faster decision making using informative reports.

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