CASHMARK

1st Draft/Mind Map
1st Draft/Mind Map

Inspiration

After researching, we got to know that many companies withhold their payments to suppliers to save their own money but these delays strain relationships between suppliers and also disturb production schedules. As we dig more into it, we found that it's a really big issue as according to a report, approximately 5.9% of India's Gross Value Added (GVA) is annually locked up due to delayed payments to MSME suppliers, and many more such reports. This inspired us to solve this issue.

What it does

When you come to our website, you will be asked to create your profile where you will have to fill in various details like company name, the product you mostly specialize in making, description, etc. After creating your profile, you will be given the option to either take order or give order where you will search for the product accordingly, and then based on your search, the list of companies will show up with their description and credit score (how its quality is and if it timely pays). After placing the order, the timer of 45 days starts to pay up. If he is unable to pay within the time limit then immediately income tax office will be informed about it so that necessary steps must be taken and its credit score will decrease which will in turn cause the business to go down and vice versa.

How we built it

We first assigned tasks to each person according to their skill sets and what they were good at. We then built this by researching the problem to get our facts straight, then we used Figma to create a layout of what would happen on our website and how it should work for the easiness of people. After that, using this layout we did the coding.

Challenges we ran into

During the process, we ran into a few challenges. One of the biggest issues was creating a prototype that really matched our expectations. Due to time constraints and limited skills, we weren’t able to expand the prototype as much as we would have liked but the research behind the product was done extensively to minimize mistakes.

Accomplishments that we're proud of

We developed an initial prototype, which, while not perfect, gave us valuable insights into the functionality of our solution. Through the process, we brainstormed several key differentiating factors that could enhance our approach, such as features for managing payments more effectively.

What we learned

In the process, we learned that ensuring timely payments is essential for the smooth operation of MSME factories. Key takeaways include the importance of automating invoicing and payment tracking to avoid delays, as well as the value of setting up reminders and clear communication channels between buyers and suppliers. We also learned that streamlined financial processes help maintain healthy cash flow, which is crucial for sustaining day-to-day operations.

What's next for CASHMARK

Cashmark has boundless potential, with the capability to incorporate features that transform it into a comprehensive system for managing all aspects of purchasing and operational management tailored to MSME factories. Streamlining procurement, inventory, and resource management, can empower businesses to operate more efficiently and effectively.