Newgen provides business process management and content management solutions to enterprises across all segments.
In a recent interaction with Infotech Lead, Diwakar Nigam, managing director, Newgen, stressed that a ‘Made in India’ IT strategy is essential for the growth of the IT industry in India. The Government of India should help create the right ecosystem for local software produce companies to thrive and develop a strong software products industry in India, he said.
Here’s the excerpt of the interview.
What are the latest challenges and opportunities?
Since the emergence of Information Technology in the early 80s, the growth in the IT sector in India has been largely driven by services, while the IT products market is dominated by global players like Microsoft, Oracle, SAP, IBM etc. The major challenge faced by the Indian software product companies is the threat from these foreign companies that sell software in India, and transfer the income to their home countries. If we want to see India as a leader in the IT space, we need to look at ‘Made in India software’ in a big way. “Made in India Software” needs to be promoted by creating confidence and awareness about the availability of high-quality products from Indian vendors. China has excelled in this and given their domestic software industry a huge impetus. We should follow the same model.
Piracy is certainly another major cause of concern for Indian software product companies. These companies make huge investments in developing new software products and they certainly deserve a fair return on their investments. There is a growing awareness in the IT fraternity that efforts need to be taken in this direction. Industry bodies like NASSCOM have also been organizing numerous conferences to create IPR awareness. It may not be an outright solution but it is definitely a step in the right direction.
The growing phenomena of social, mobile, cloud, and analytics are fueling the dynamic environment. BPM will evolve, as multi-platform collaboration with stakeholders becomes the key to achieve operational excellence and accelerate business innovation.
What are your latest offerings?
In line with the changing business needs, Newgen has introduced new features and functionality to its existing range of solution offerings.
IBPMS – The new iBPS with active, on-demand, and predictive analytics, support for social media interactions, and complex event processing capabilities, lays the foundation for a business system which can facilitate smart decisions for dynamic process routing, allocation of tasks to the right users, and triggering of actions based on complex events.
GreenBoard Application – It is an extension module of our award winning Document Management system designed and developed for an instant delivery of information on your iPad for effective communication and collaboration.
ZapIn Click and Pay – It is a new, easy-to-use bill pay application that enables banks and other financial institutions to allow their customers to pay their bills by snapping a photo using their smartphones.
Wealth Management Solution – Newgen’s Wealth Management solution enables end-to-end automation of the Wealth Management Reporting process, covering every aspect of client reporting – including data aggregation, validation, creation of personalized reports, multi-channel distribution, and archiving.
Case Management Solution – Driven by the ever-changing regulatory requirements and the need to enhance customer experience, Case Management Solution built over Newgen’s OmniFlow suite encompasses critical business areas like service request management, investigative case management and incident management.
Commercial Lending Solution – The Corporate Commercial Banking solution has been designed to handle heavy documentation and critical processes in commercial banking leading to efficient customer services and reduced costs. Newgen’s solution for automation of the commercial lending process enables banks to reduce loan origination cycle times, facilitates sound credit decisions, and improves loan documentation.
FATCA Compliance Solution – Newgen’s FATCA compliance solution will help Financial Institutions in the US and around the world complete FATCA KYC requirements without disrupting other core banking processes. It will allow businesses to effortlessly manage all operational changes, while streamlining the workflow automation.
Mortgage Banking Solution – Newgen’s Mortgage Banking Solution covers the length and breadth of the mortgage loan origination process, providing a unified imaging, workflow and document management framework. It also enables organizations to meet all regulatory compliances such as Dodd Frank compliance etc.
Who are your main customers and main industry verticals?
We have 1100+ customers across more than 50 countries. Some of our key customers are: Max Life Insurance, Metlife, Coca-Cola, Mazagaon Dock Ltd., iGate, Mphasis, , Praxair, Strides Arcolab , ICICI Bank, Punjab National Bank etc.
Newgen’s solution suite is being used by organizations spanned across more than 30 industry verticals. We are predominantly focused on Banking, Financial Services, Insurance, BPO/SSC, Government, Manufacturing, Healthcare, Education, Oil & Gas, Legal and Telecom. The BFSI segment continues to be one of most important verticals. Apart from providing them the core ECM and BPM infrastructure of imaging, capture, document management (DM), records management (RM), workflow etc, we offer composite content applications like customer on boarding, loan origination and servicing, claims processing, CRM for Customer Contact Centers and CCM. We also have got more than 30 soft templates for different processes in BFSI segment. More than 100 banks and insurance companies across the globe use our solution, including some top banks. We have partnered with multiple global system integrators who are offering our solutions to BFSI customers in US on the SaaS model. With technology changing so rapidly and compliance becoming more critical, BFSI will continue to be one of our focus verticals and drive innovations and updates in our products and solutions.
Recently we have also received increased traction in the Government vertical, driven by the need to ensure transparency and fairness in government functioning. Some of this traction might be attributed to government projects and policy initiatives such as the Unique Identification Authority of India (UIDAI). While large enterprises are the major growth drivers for the enterprise software market, the emergence of cloud has unfolded new opportunities for small and mid-sized businesses (SMBs) with limited budgets. To promote the growth of SMBs in India, Newgen offers its solutions on cloud allowing SMBs to unleash the potential of ECM and BPM, which were once considered niche technologies reserved only for large enterprises with huge IT budgets, at affordable price points.
Share some of the customer benefits and quotes from your customers?
- Quotes from customers
- Newgen has great products and has a visionary management. Since my association with Newgen, I have seen the company grow in terms of product offerings. With retrospective approach they have a potential to grow further – Head (IT), Abu Dhabi Commercial Bank
- Through the implementation of the Newgen Document Management system we have carved a special dimension in the area of Technical operations robustness using DMS system which is unheard of in the Pharma space – CIO, Strides Arcolab Ltd
- Omniflow solution and Newgen can transform your operations painlessly – Head of Operations, NIC Bank
- Newgen is a corporation with highly focused on their Product and services, people with right kind of skill and always put an extra effort for customer satisfaction. An IT organization that you can trust – Global Head (IT), Praxair.
- Customer Benefits
- Increase in operational efficiency
- Reduction in Turn-Around-Time
- Effective storage & retrieval of documents
- Meeting Compliance & 100% Adherence to committed SLAs
- Fast and easy sharing of documents among users located at different locations; bringing better process visibility.
What are some of the customer demands?
- Solution which can offer them better Return-On-Investment and Cost Savings
- Make their processes agile and can bring visibility to them
- Reduction in Turn-Around-Time
Share five tips to enterprise CIOs before selecting solutions?
- Figure out what it is you really need
- Check the solution provider’s credentials and certificates
- Will the software integrate easily with our existing systems? The last thing you want to find out after you have spent a lot of time and money on new software is that it doesn’t work with your legacy systems, especially when you thought it would.
- How easy is it to set up and train users?
- What do other customers have to say
Besides these, information of after sales support and how the updates/upgrades will be managed; should also be clarified before selecting any enterprise solutions.