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Virender Jeet, Senior Vice President (Sales & Marketing/Products), Newgen Software explains the USPs of their digital automation platform and how it has benefited customers in the post-COVID scenario
What are the products, solutions, and services specified in the Newgen portfolio for the Indian market?
Our main offering is a low code digital automation platform that integrates various capabilities needed to build robust business applications across the spectrum. This involves using our proven products in intelligent digital automation (BPM), contextual content services (ECM), and omnichannel customer engagement (CCM).
The platform helps enterprises to transform experiences by bridging process, content, and communication silos. It also offers agility for sustainable and continuous improvement, thereby future-proofing our customers’ enterprises. Furthermore, the platform offers new-age capabilities, such as mobility, social, analytics, cloud, robotic process automation, blockchain, and artificial intelligence,that accelerate the digital journey and help organizations to stay current and competitive.
What are some of the key milestones in the business journey of Newgen?
Newgen has achieved many milestones in its journey of nearly three decades. The first such milestone was onboarding a global bank as our customer and successfully centralizing their operations. Over the years we have released different versions of our core products OmniDocs, OmniScan, and iBPS. Another milestone is the intermittent recognition that we receive from leading analyst firms. Innovation is part of our DNA and we keep releasing new products with cutting edge features in line with market expectations We achieved one of our greatest milestones to date in 2018, when our company was listed on the NSE and the BSE.
What are your differentiators vis a vis your other competitors? Who are your main competitors?
Our competitive differentiation lies in our ability to offer a digital automation platform that is unified and that enables organizations to automate their processes, content, and communication. We also offer purpose-built applications that solve for industry-specific needs. We help our customers drive enterprise-wide transformation and ensure unparalleled experiences for their clients, with a focus on delivering an end-to-end customer journey.
In looking at our core products, we compete with a number of US-based organizations, like Pega, Appian, etc. For industry-specific solutions, we compete with the likes nCino, Bottomline, Polaris, Misys, and others.
What are your specific GTM strategies for the Indian market? What sort of partner ecosystem is in place?
Our go-to-market strategy is centered around the success of our customers—comprised of medium to large-sized organizations across industries. We have around 270 partners globally, including several global system integrators (GSI). We also partner with local system integrators and value-added resellers.
Over the years, we have introduced various programs for our partners, including a robust onboarding and training system. Our modus operandi is consultative selling, reflected in our increasing collaborations with GSIs and leading consultants around the world. The partner program focuses on expanding our customer base, as well as building domain expertise.
What are Newgen’s business and operating models? In light of the COVID19 crisis, how has this model been impacted?
Our digital automation platform, with cloud and low code capabilities, has helped us to quickly respond to the COVID-19 crisis by enabling our employees and customersto operate in a remote-distributed environment.We were able to make this transition while adhering to regulatory requirements. Additionally, our employees are working in our customers’ time zones to provide seamless delivery and service.
In addition to helping our customers ensure business continuity, we are committed to finding innovative solutions to handle such crises. We are helping our banking customers globally with our lending software, customized for each geography. The software helps banks in processing loans to customers who have been financially impacted by the current pandemic. We have implemented Newgen Loan Origination Software for SBA Payment Protection Program in the US, the SME Guarantee Scheme in Australia, and the CBILS Quick Loans Onboarding Solutions in the UK.
Who are your marquee clients and what are the top 3 verticals you witness maximum traction?
We have a strong presence in banking and financial services, insurance, government, shared services, and other industries, including retail, pharma, and BPOs. Banking and financial services, insurance, and BPOs continue to be our fastest-growing segments (as seen in the first nine months of FY’20). We see a plethora of opportunities in the government sector, with increasing scope for the adoption of innovative solutions and new technologies.
What are some of your main use cases in India?
We provide industry-specific solutions for:
- Banking: Account opening, lending, trade finance, compliance and reporting, and payments
- Insurance: New business, underwriting, claims processing, and policy servicing
- Government: Citizen services, case management, eGov, and social and mobile governance
- Shared Services: Accounts payable and accounts receivable
During this COVID19 crisis, what are the measures you have undertaken to continue your own business without disruption as well as uninterrupted service for customers?
We understand the criticality of the situation and we have been tirelessly working to address the concerns of our stakeholders. We quickly shifted our employees and customers to a remote working environment, without impacting the speed and quality of services.
We are now going live with new projects, capturing client requirements remotely, and conducting successful demos online. Our solutions can be deployed on the cloud within hours while complying with regulatory requirements. We have a well-defined business continuity plan, ensuring uninterrupted operations for our customers globally.
What are the contingency plans you have put in place and what sort of business and financial impact you expect if this crisis persists or gets escalated?
We have a well-defined business continuity plan for uninterrupted enterprise-level services in the event of a crisis. The plan defines different types of potential interruptions and outlinesthe respective response mechanisms. Newgen’s distributed delivery infrastructure enables remote and continued services.
Newgen conducts an annual disaster recovery test to validate our preparedness, with the last successful test conducted in previous quarter. While we are aware of the uncertainties inherent to the current crisis, we believe we are well prepared to respond to the possible impact.
