{"id":15139,"date":"2024-02-23T11:10:43","date_gmt":"2024-02-23T05:40:43","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=15139"},"modified":"2025-02-12T13:21:31","modified_gmt":"2025-02-12T07:51:31","slug":"meet-r-a-y-your-24-7-on-demand-ai-concierge","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/meet-r-a-y-your-24-7-on-demand-ai-concierge\/","title":{"rendered":"Meet R.A.Y.- Your 24\/7 On-Demand AI Concierge"},"content":{"rendered":"

R.A.Y – <\/b>(R<\/i><\/b>azorpay <\/span><\/i>A<\/i><\/b>ssistant for <\/span><\/i>Y<\/i><\/b>ou)<\/span><\/i> is designed to unlock your business’s full potential by leveraging cutting-edge AI to bring about efficiency and innovation. By monitoring trends, offering proactive interventions, and delivering personalized recommendations, it helps grow your business effortlessly. R.A.Y goes beyond traditional chatbots, and offers a comprehensive suite of experiences tailored specifically to the needs of businesses.<\/span><\/p>\n

Thanks to R.A.Y., you can \u2018Consider it done\u2019!<\/span><\/p>\n

Razorpay recognised a few challenges<\/b><\/h1>\n

In today’s competitive landscape, businesses must enhance their decision-making capabilities and improve operational efficiency to drive success, while allowing key personnel to focus on critical tasks that matter. However, business teams still spend time on manual tasks that take up significant energy. Here are some of the prevalent issues facing leadership in these organizations, spanning payments and payroll:<\/span><\/p>\n

Problems in payments:<\/b><\/h3>\n
    \n
  1. Lack of Efficient Data Management and Analytics:<\/b> 80% of businesses desire partners to provide detailed insights into their business, such as loyal customers, top-performing offers, and preferred payment methods.\u00a0<\/span><\/li>\n
  2. Tedious Routine Tasks: <\/b>Navigating the onboarding and dashboard has been described by users as \u201ctedious\u201d, with 25% businesses reaching out for assistance, and 70% of these queries are to primarily understand capabilities and status of their account.<\/span><\/li>\n
  3. Less Awareness of Payment Products:<\/b> This leads them to stick to the first product they use without utilizing the full benefit and ease of collecting online payments.<\/span><\/li>\n
  4. Lack of an Enhanced User Experience:<\/b> Research confirms that issues like slow processes and unclear information (e.g., ticket closure, payments, settlements) are among the primary reasons for customer churn for businesses.<\/span><\/li>\n<\/ol>\n

    Problems with Payroll:<\/b><\/h3>\n
      \n
    1. Insufficient Efficiency: <\/b>It takes more than 2 days to create a custom payroll report and analysis from Payroll data.<\/span><\/li>\n
    2. Resource Drain: <\/b>One HR spends <\/span>over 50 hours<\/b> per month\u2013 just onboarding new employees.<\/span><\/li>\n
    3. Costly Comparison:<\/b> Compensation Benchmarking requires significant expenditure. <\/span>We are talking lakhs of rupees!<\/span><\/li>\n
    4. Taxation Trouble: <\/b>Most<\/span> employees struggle with tax planning<\/span> impact company experience.<\/span><\/li>\n<\/ol>\n

      This is where R.A.Y. comes in as the assistant that helps you analyze data, summarize trends, do tasks and give actionables. It provides a unified voice to Razorpay customers and aims to be the first touchpoint anytime anyone wants to know something. Accessible across <\/span>WhatsApp, Razorpay Mobile App, and Dashboard, <\/b>R.A.Y. is there to support you on your preferred platform.<\/span><\/p>\n

      Key benefits for Payments<\/b><\/h1>\n

      Transitioning from a reactive to proactive approach, our payment solution offers both predictive insights and on-demand capabilities, empowering businesses to anticipate needs and act decisively.<\/span><\/b><\/p>\n