Newgen Software provides Intelligent Business Process Management Suite (IBPMS), Enterprise Content Management (ECM), Customer Communication Management (CCM), Document Management System (DMS), Workflow, and Process Automation solutions to enterprises across the world.
The BPM provider is planning aggressive growth in the U.S market for this fiscal year with greater focus on cloud computing technologies for enterprise solutions in ECM, BPM & CCM space. The company has also devised aggressive growth strategies across key global markets including India, said Diwakar Nigam, managing director, Newgen Software, in an interaction with Infotech Lead.
Our interaction follows:
What are the latest trends in enterprise IT management?
Today’s highly competitive and demanding business environment has created significant performance pressures on global organizations. They are increasingly looking for reliable and cost-effective technology partners who can provide them with flexible and scalable IT frameworks. Organizations, today, prefer end-to-end solutions over silos of business applications running independently, to create operational efficiency and process standardization. The current conventional operations lack situational awareness; decisions are based on inflexible and hardcoded rules and policies and the processes are manual and rigid. The growing phenomena of social, mobile, cloud, and analytics are further fueling the dynamic environment. Following are the key trends that will redefine the enterprise IT management:-
Mobility – With the rise in penetration of mobile devices, adopting mobility has become inevitable for any business. Enterprises will look to adopt mobility in their business process management strategy to get closer to their customers and also enable key stakeholders to collaborate on processes 24×7
Social Media – The pervasiveness of social media has made it an indispensable component of business strategy. Smart IT frameworks will facilitate collaborative work environment by leveraging social media platform to engage with the customers and other external stakeholders.
Analytics – Expanding the scope of process analytics to encompass predictive analytics tools along with real-time Business Activity Monitoring (BAM) within the IT framework will result in enhanced operational intelligence, improved visibility and business responsiveness.
Cloud – Collaboration amongst key stakeholders, business leaders, analysts, process owners, and business users will be the key to continuous process improvement. Cloud platform will enable this real-time collaboration amongst users to create operational excellence.
How does Newgen address the needs of modern enterprises?
Besides meeting legislative/regulatory mandates, enterprises are also looking to gain complete control over critical business processes through IT enabled innovations. Newgen ensures that not only the objectives set by our customers are met successfully but also delivers quantified business value to its customers. The key enterprise challenges solved by our suite of solutions are:-
Cost Control – Our advanced technology platforms help in significantly decreasing the expenses such as operational costs, training costs, travel costs, stationary costs etc through end-to-end automation of business processes.
Quality Checks – Newgen’s solutions lead to adherence of compliance norms and quality standards. They help in exhaustive quality checks to reduce the data redundancy, reduce rework costs or customer complaints and risk of losing key customers due to poor services.
Risk Management – Our solutions ensure compliance with standards, process TATs, best practices and guidelines of various regulatory acts leading to continued customer services and no fines/penalties on the organization.
Productivity – Newgen’s suite of solutions can help in maximizing the use of company resources such as facilities, equipment and machinery, as well as staff, and create more opportunities to expand and grow.
Cloud and mobility: what are your innovations in these segments?
Newgen’s cloud solution offerings provide a new, cost-effective alternative to the traditional content and process management solutions by providing organizations complete access to its proven ECM and BPM capabilities, on a pay per use basis, while securing privacy and security of intellectual property. The solutions offer enterprise-class integration facilities with external business systems, and robust file sharing capabilities. It provides organizations with infinitely scalable online storage capacity to suffice the growing number of users, utilizing the solutions.We are aggressively working at increasing our revenues from cloud in the next 3 years by expanding our ECM and BPM capabilities across a Cloud hosted platform. We have partnered with Amazon to offer our ECM/BPM solutions Amazon Web Services’ public cloud infrastructure, offering infinitely scalable online storage capacity to customers.
Newgen Software has made a pioneering foray into Mobile Capture technology to bridge the gap between service delivery timelines and customer expectations. Its innovative, Enterprise Mobility Platform, ZapIn, is built on this revolutionary technology enabling field executives to capture information and initiate its processing in real time at the first point of customer contact. It is a highly secure platform, as it encrypts data while storing on the device as well as transferring it over the network. ZapIn can bring tangible business benefits across multiple domains including Banking, Insurance, Telecom, and Logistics amongst others.
What are your strategies to win and retain clients?
We have a core team of Sales and Marketing professionals who work directly for the growth and brand building of the organization. We have increased our marketing budget significantly and are enhancing our visibility and mindshare by participating in all major trade events and through focused social media marketing. We are focusing aggressively on our channel partners to expand our indirect sales channel to the mid-sized segments and accounts where less of consultancy and complex implementation are required. Highlighted below are some of the key elements of our Marketing strategy to win and retain clients:-
Industry focused Campaigns – Using the right mix of various promotional tools, we organize targeted marketing campaigns for our focus verticals like Banking and Financial Services, Government, Insurance, SSC, BPO etc to achieve vertical domination across the globe. Channel Partners have an integral part to play in these campaigns by acting as the local face of Newgen.
Brand Awareness – We leverage our PR partners, advertising agencies and relevant technology media to increase brand awareness in various target markets. We also organize joint webinars with industry thought leaders on key industry pain areas to synergize, share, exchange ideas and express their views on current IT trends.
Lead Generation Campaigns – We focus heavily on digital marketing campaigns to help us with our lead generation initiatives. We also leverage our social media and blog for engaging with prospects and existing customers.
Customer Relationship Programs – We have an annual customer meet where our customer community comes face to face with the Newgen Leadership team. We have already created a blog site and customer forums where our customers and prospects come and share their ideas, knowledge and best practices.
Newgen has demonstrated strong growth over last year. What are the major factors that contributed for this growth?
Highlighted below are some of the key factors that have helped us attain significant market growth:-
· Deep Domain knowledge of Banking, Financial Services, Insurance, BPO, Shared Service Centers, Telecom, Government & Healthcare.
· Focus on Innovation – Innovation always remains at the centre of our corporate strategy as we spend 12-15 percent of our revenues spent in R&D year on year.
· ‘A la carte’ Implementation: Flexible licensing polices allow customers to opt for ‘partial solutions’, which greatly lower the cost of solution acquisition. As ROI is established we then seamlessly ‘upgrade’ our customers to full solutions.
· PROagile Implementation Methodology- It is a new methodology that shortens the implementation cycle, captures customer requirements more effectively, reduces redundancies and makes for a faster, more streamlined delivery process.
· Lower Total Cost of Ownership (TCO) – We offer cost-effective solutions to our customers that deliver high value for money with sustainable business benefits.
How does the Indian market respond to your solutions compared to other key markets?
Despite recent economic turmoil, the Indian industry has survived, largely attributed to its strong fundamentals and robust policies. Indian organizations have their own set of business processes that work for them and they want their IT frameworks to be built around these very processes. Hence, a lot of customizations are required within the existing solutions to cater to the specific needs of the Indian market. Also, they look for high value for money. Superior product quality or technological excellence is not enough for the Indian organizations. You should definitely be competitively placed in terms of your pricing and the value that you bring to the table.
Any further expansion plans globally and in India?
In recent times, Newgen has moved steadily towards consolidating its position as the most trusted technology partner for leading organizations across the globe. With our internationally acclaimed suite of solutions built on advanced technology platforms, we have made rapid inroads into Americas and Europe while maintaining leadership in the emerging markets. Last year alone, we were able to add 75 new customer accounts. Our focused channel strategy has also paid off well, with our partner ecosystem comprising of more than 175 organizations across 50+ countries.
Our broad business strategy for continued growth and expansion include the following:-
1. Aggressive Growth Focus in Americas – We are targeting aggressive growth in the US market for this fiscal year with greater focus on cloud computing technologies for enterprise solutions in ECM, BPM & CCM space. In the past two years, we have expanded our American operations and our sales revenue percentage from the US has doubled, largely driven by significant investments in sales, marketing and channels. We see this growth in the US to continue for the next 3 years. Going forward, we are planning to further expand our reach in North America, with particular focus on healthcare, shared services centers, government apart from BFSI.
2. Expanding our Partner Ecosystem – We plan to expand our network of partners for specific verticals and geographies in the next 5 years. We have managed to strengthen our relationship with existing partners who now have dedicated teams for implementing and supporting Newgen offerings. We already have 90+ partner organizations that have established a ‘Newgen Lab’ within their office premises, offering hands-on experience of our solutions to prospects.
3. Geographic expansion in new markets: Having established ourselves as the leading IT solutions provider, with over 1000 installations across 50 countries, we now want to increase our market penetration by expanding our direct presence across various regions. As a step in this direction we have recently opened new offices in Singapore, Canada and Florida to bolster our sales efforts.
What is the next innovation from Newgen?
Newgen has consistently harbored innovation through key changes within its portfolio of products and services to deliver value to its customers. This has helped us drive home sustainable competitive advantage and continue being the industry leader. We will continue to work towards our vision of converging process and content by integrating our industry best suite of Enterprise Content Management (ECM), Business Process Management (BPM), and Customer Communication Management (CCM) 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.