AI enabled solutions are revolutionizing various industries by automating processes, improving efficiency, and enhancing customer experience. One such industry that can greatly benefit from AI technology is the co-operative society and non-banking financial institution (NBFC) sector. With the implementation of an AI enabled solution, co-operative societies and NBFCs can accelerate their business and provide customers with a self-service mobile application for ease of usability.

AI technology has gained significant prominence in recent years, with its ability to analyze vast amounts of data and provide personalized services. Co-operative societies and NBFCs have multiple modules that are crucial for their operations. Implementing an AI enabled solution can streamline these modules and provide a seamless experience for both users and administrators.

NERP (Co-operative Society and NBFC Enterprise Resource Planning) is a comprehensive solution curated specifically for co-operative societies and NBFCs. It encompasses various modules that cater to the specific needs of these institutions, enabling them to efficiently manage their operations.

• The members module allows co-operative societies and NBFCs to manage their member database effectively. It provides functionalities such as member registration, KYC verification, and member information management.
• The deposit module enables easy management of deposits made by the members. It automates the process of recording deposits, calculating interest, and generating deposit statements.
• The budget module allows co-operative societies and NBFCs to create and manage budgets for different financial periods. It assists in tracking expenses, analyzing budget variances, and making informed financial decisions.
• The saving account module facilitates the opening and management of saving accounts for the members. It automates interest calculation, transaction recording, and statement generation for the savings accounts.
• The loan module simplifies the process of loan management for co-operative societies and NBFCs. It includes functionalities for loan application, approval, disbursement, and repayment tracking.
• The maturity module handles the management of maturity dates for various financial products offered by co-operative societies and NBFCs. It automates maturity reminders, interest calculations, and maturity statement generation.
• The payment module enables seamless payment processing for co-operative societies and NBFCs. It integrates with various payment gateways to facilitate online payments from members.
• The voucher module automates the creation and management of vouchers for co-operative societies and NBFCs. It provides functionalities for voucher creation, approval, and posting.
• The approval module streamlines the approval process for various transactions carried out by co-operative societies and NBFCs. It ensures smooth and efficient workflow management.
• The accounts module provides a comprehensive overview of the financial accounts of co-operative societies and NBFCs. It includes functionalities for ledger management, balance sheet generation, and financial reporting.
• The reports module offers a range of customizable reports that cater to the specific reporting needs of co-operative societies and NBFCs. It provides insights into various aspects of the organization's operations.
• The admin module provides administrative functionalities for co-operative societies and NBFCs. It includes user management, access control, and system configuration options.
• The asset management module assists in effectively managing the assets owned by co-operative societies and NBFCs. It includes functionalities for asset tracking, maintenance scheduling, and depreciation calculation.
• The HRMS module automates the human resource management processes for co-operative societies and NBFCs. It encompasses functionalities such as employee management, payroll processing, and performance appraisal.
• The procurement module facilitates the procurement process for co-operative societies and NBFCs. It includes functionalities for purchase requisition, vendor management, and purchase order tracking.
• The inventory module enables efficient management of inventory for co-operative societies and NBFCs. It includes functionalities for stock tracking, inventory valuation, and stock replenishment.
• The audit module ensures compliance and provides auditing functionalities for co-operative societies and NBFCs. It includes functionalities for audit trail tracking, internal control monitoring, and regulatory compliance.
• The customer relationship and feedback management (CRFM) module aids in enhancing customer satisfaction for co-operative societies and NBFCs. It includes functionalities for customer feedback collection, complaint management, and customer engagement tracking.
• The print module facilitates the printing of various documents and reports for co-operative societies and NBFCs. It ensures that the necessary documents are printed in a standardized and professional manner.
• The search module enables users to search for specific information within the co-operative society and NBFC database. It provides quick and accurate search results for enhanced user experience.
• The modification module allows users to make necessary modifications to various data and information within the co-operative society and NBFC system. It ensures data accuracy and flexibility.
• The grievance module provides a platform for members and customers to lodge grievances and complaints. It ensures efficient grievance handling and resolution.

NERP offers several key features that are essential for the smooth functioning of co-operative societies and NBFCs. These features include:

• Role Based Dashboard & Analytics: NERP provides customized dashboards and analytics based on user roles, allowing easy access to relevant information.
• AI based Rule Engine: The AI enabled rule engine in NERP ensures personalized services for users, enhancing customer satisfaction.
• Auto Posting: The auto posting feature automates the posting of various transactions, reducing manual efforts and minimizing errors.
• Audit Reports: NERP generates comprehensive audit reports, facilitating compliance and internal control monitoring.
• Automatically Interest Calculation: The module within NERP automatically calculates interest for various financial products, eliminating the need for manual calculations.
• Drill Down Reports on Demand: Users can generate detailed reports by drilling down into specific data, enabling them to analyze information effectively.
• Low Burden: NERP reduces the administrative burden on co-operative societies and NBFCs, allowing them to focus on core business activities.
• Policy/Compliance: The solution ensures adherence to policies and compliance with regulatory requirements, minimizing risk.
• Two Phase Authentication: NERP provides a secure environment with two-phase authentication, safeguarding user data and transactions.

The implementation of an AI enabled solution like NERP can significantly benefit co-operative societies and NBFCs by enhancing operational efficiency, improving customer experience, and facilitating digital transformation. With various modules catering to the specific needs of these institutions, co-operative societies and NBFCs can stay ahead in today's rapidly changing business landscape.