As the bar of technology is continuously raising, different companies like Newgen Software keep making a constant effort of service, and customer care. In a small conversation with QNA, Diwakar Nigam, Managing Director, Newgen Software shares how the company was started, different kind of services it provides, future plans, and much more.
What was the inspiration and motive behind starting ‘Newgen Software?
Diwakar Nigam: India witnessed exponential growth of the hardware industry in 1970s-80s; no one was talking about ‘software’. Being an engineer, at the core of my heart, has helped me build some serious software in India, for India. We wanted to change the way businesses work and transition into newer and ever-changing environments, be it information technology boom in the 90s to the digital transformation that we are witnessing today.
Newgen had a clear vision and always kept a balance between traditional and modern techniques. For instance, back in those days, I saw how a simple process of getting a loan would take an entire month. And, that’s what triggered me to build an imaging software that automates enterprise-wide paper flow. We decided to start our enterprise business and Newgen is the result of that dream. Ever since Newgen has always kept up with the technological transformations happening across the globe. All these tasks were not easy to achieve but we overcame all the challenges and enabled our esteemed customers to edge ahead in the highly competitive environment.
As your company deals in a variety of services, how do you manage all of them?
Diwakar Nigam: Our inherent culture of innovation has enabled us to develop a track record of product innovation, broaden the canvas of our overall offerings while offering enhanced products and services via a unified configurable platform.
We have an in-house R&D team for development and testing of our software products across their development lifecycle. Investment in R&D and commitment to continuously deliver best-in-class products and solutions to our customers forms our core strategy. We have a dedicated team of skilled individuals with a technical background and domain expertise in each of our industry verticals with a clear focus on emerging technologies. In fact, our pro-agile methodology, deep technology along with domain expertise have helped us add 81 new logos, with an active customer base of 540+ customers in FY’19 across industries and geographies.
What personally is your specialization?
Diwakar Nigam: I am an alumnus of the University of Allahabad, IIT Delhi and, IIT Madras. I co-founded Newgen in 1992 and am also a founding member of India’s apex information technology industry association (NASSCOM). I have been one of the members of NASSCOM’s anti-piracy task group. In my 35+ years of experience in the information technology industry, I’ve been pursuing the goal of building a world-class product development company and I can say Newgen is a step towards that goal.
I believe strong leadership and a sense of direction are hallmarks of every successful organization. So, to take Newgen to new heights, I keep learning new skills and also encourage my peers and team members to do the same.
How important is a customer for a company, how do you ensure the satisfaction of your customer?
Diwakar Nigam: The value of one a happy & satisfied customer can never be overstated. To derive that value, business leaders need to go granular with each customer. Organizations cannot survive and thrive for long if they miss out on customer experience. The most expensive and futuristic of technologies can barely save an enterprise unless its end-users are prioritized. Expectations on the services side are higher than ever and that’s why it’s important for businesses to be equipped to deliver effective services across the customer’s journey.
At Newgen, we have not had any failed installation since the time of inception in 1992, which certainly reflects our focus and commitment towards our customers.
Do you believe Indian Banking has enough strong security system in place to protect customers confidential information safe?
Diwakar Nigam: Security of data can be a huge challenge in the age of disruptive technologies. With so much information being generated every day, there’s a risk of losing it all. Data security requires regular vigilance, and this can be done by taking active measures to keep sensitive information safe and secure. Banks and financial institutions are certainly at the forefront in implementing the latest technology to extend great customer experience.
What security measures you suggest for safe banking.
Diwakar Nigam: I would say, security, compliance and risk management have always been featured among top priorities of banks and financial institutions across the globe. To address security barriers effectively, Newgen offers a range of innovative, scalable solutions that help banks keep up with evolving regulations. For instance, our compliance and reporting solutions ensure that financial institutions and credit unions stay compliant with the regulatory mandates. Bankers can simplify regulatory compliance and risk management through complete reporting and documentation. Further, they can leverage AI-based regulators, wherein flows of money can automatically be tracked to monitor and determine suspicious activities and take the requisite actions.
What are the future plans as a Managing Director of ‘Newgen Software?
Diwakar Nigam: Focused on innovation, we look forward to adding new feathers to the cap and reaching new milestones. As per Ovum, the core addressable market of the company in ECM, BPM, and CCM is likely to grow from USD 22 billion in 2017 to USD 30 billion in 2021—at a compounded annualized rate of 7.7%. However, the market for light-weight solutions such as aPaaS is likely to expand by nearly 28% compounded annualized rate over a similar timeframe. On the technology front, we will continue to invest a good fraction of our revenue to create innovative products and solutions while adding diverse capabilities to our existing suite of products. Focus on social, mobile, analytics, and cloud (SMAC) will resonate across most of our product lines.
We also look forward to expanding our business across key geographies and solutions. We are focusing on attractive verticals in select mature markets, for example, banking and healthcare verticals in markets like the US and UK. The company has witnessed success in new geographies including Canada where, for the first time, a large NBFC has chosen our commercial loan origination solution. We are now making in-roads into the Australian, European and North American market. The company plans to grow through its differentiated ‘land and expand’ model. We plan to target new product and solution offerings including customer service management, CCM for insurance, BPM & CCM in banking and many others. Further, as it is important for organizations to stay ahead of the curve, we will continue enabling our customers to manage their content, processes, and communication while bringing agility to their operations and context to their data – for real-time visibility and control via a unified configurable platform.