In the digital era, working should be made as convenient as possible, with flexible schedule and less distraction on trivial matters like administrative works and making reports. This is what Jojonomic is trying to solve in order to improve people’s productivity. Launched in 2015, the cloud-based mobile financial application emphasizes on taking care administrative-related matters using technology. Presently, Jojonomic heavily focuses on B2B practice, since company’s productivity can be tracked through numbers, like revenue growth.
Founder and CEO of Jojonomic, Indrasto Budisantoso claims that Jojonomic’s users productivity improves from two aspects. Firstly, by using Jojonomic’s application they are able to cut the time on dealing with administrative work by 70% or more - what would’ve taken three days can be shortened to less than one day. Secondly, as they are able to simplify administrative task, employees are able to increase their focus and passion in working.
“Those miscellaneous are not people’s main job, and they decrease people’s passion and efficiency in working to the fullest. Jojonomic begins to solve the issue starting from our expense management applications,” says Indrasto, better known as Asto.
Jojonomic is widely known for their reimbursement application JojoExpense, which was launched as one of the company’s earliest products, and has since been used by many banks in Indonesia. With this, one could just take a picture of receipts using Jojonomic app instead of making a long reimbursement report. The app will then create a report and direct it to the company’s finance team. Upon their approval, the virtual account at the bank will reimburse accordingly to the employee’s own account. This feature therefore allows an easy record for expense and work trip, creating a seamless reporting process. Furthermore, it is also equipped with fraud detection system backed by artificial intelligence and machine learning system. Combining the increase in productivity and less potential of fraud, research by Jojonomic claims to enable saving of around $500 per employee annually, and the amount can rise accordingly if the employee's number and working hourly-rate is higher.
“The initial capital expenditure investment by companies are also relatively minimal, since it is subscription-based. Therefore we can make sure that the company's return of investment for using Jojonomic is positive,” says Asto.
Another widely used application is JojoTimes, which uses biometric face recognition that enables employees to clock-in by taking a selfie, as well as to track colleagues’ locations and their work progress. With it, employees can work from anywhere at anytime, and still achieve their target. There are also applications for procurement, payroll, finance, and business trip, which can either be accessed from each app individually or from one big module of JojonomicPro.
Asto says in their early days, most of the users are digital companies. As trend goes and encourages everyone to go digital, now state-owned enterprises and more traditional companies have used their services as well. Among others are Pertamina Patra Niaga; CIMB Niaga and Bank Bukopin; e-commerce Tokopedia and Blibli; as well as telecommunication, logistic, palm plantation, and consulting companies.
Asto claims that their active users or subscribers have reached tens of thousands in total. This does not include thousands of users in foreign countries where Jojonomic has expanded, especially since its 2016 funding, such as Malaysia, Singapore, Thailand, and the furthest being Colombia. They come mostly from Indonesian MNC clients’ referral. Although their main focus is Indonesia, Asto admits that the startup has been quite opportunistic. Since Jojonomic specializes in Software-as-a-Service (SaaS), it uses cloud system and cover payment from any currencies.
Jojonomic makes their revenue from subscription fees, which are based on the number of users and the services that the company ticks. The range goes between $2 - $10 per user. They also integrate with banks and negotiate for a cheaper transfer fee, whilst still able to take margins.
Prior to developing their B2B services, Jojonomic actually began from free-access personal finance management application Jojo Finance, which aims to raise financial literacy. Upon inputting budget and expense, Jojonomic helps to track one’s limit. Unfortunately, since it has to be done manually, people often forget and fail to continue the routine.
“This is the problem that we have identified and is on our pipeline for the long run. Now we have seen how daily lives are getting more integrated with the financial technology environment, as well as how cashless payment is growing. When these two aspects merge, our application will not require people to do manual input anymore, since everything is already integrated. Soon enough, we are definitely waiting for the right moment to come,” visions Asto.
So far, Asto is quite proud that Jojonomic as an Indonesian B2B application is being used by clients from other countries. Although some competitors follow suit, Asto is confident that Jojonomic has the upper hand due to all services being integrated. New players in the business also indicates that the space is indeed lucrative. The huge potential of the business also attracts investors representing many regions to invest in Jojonomic.
“We are among the few that could claim of being backed by investors from the US, Europe, Japan, Singapore and local as well. Through them, we learn how they grow the cloud and SaaS business in their respective region and how to penetrate the market, then it would be easier for us to go global,” says Asto in confidence.
Last January, Europe-based Finch Capital led an investment with East Ventures and Golden Gate Ventures in Jojonomic with undisclosed amount, which is to be used to upgrade business solution. Following this, Asto reveals that this mid-year Jojonomic will launch three new applications to boost efficiency and eliminate administrative work. Along with their goal in contributing to Industry 4.0, they want to influence the mindset of companies.
“In the future, we want to accommodate into their lifestyle and revolutionize flexibility and productivity, a solution for administration hassle. So if a company claims to have gone digital, they must be using Jojonomic.”