Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on Newgen’s industry-recognized low code application platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud. From onboarding to service requests, lending to underwriting, and for many more use cases across industries. Newgen unlocks simple with speed and agility.
Below is the transcript from a recent interaction between Virender Jeet, CEO, Newgen Software and team IT-Voice.
Prateek: Please tell us about your organization, its specialty, and the services you provide.
Virender Jeet: At Newgen,we help enterprises across industries in simplifying complex, content-driven business needs with our low code platform—NewgenONE. The platform is backed with native process automation, content services, and communication management capabilities. Globally, successful enterprises rely on our industry-recognized platform to develop and deploy complex, content-driven, and customer-engaging business applications on the cloud.
Newgen caters to customers across 72 countries from multiple industries, including banking, insurance, government, shared services, healthcare, and energy andutilities.Also, Newgen has filed 44 patents to date,out of which 23 have been granted in India and the US.
We take pride in our’ customer first’ approach. Our customer marketing and CRM team follows a 3-pillar approach – enable, measure, and celebrate. We stay connected withour customers through advisory boards,customer meets, and regular interactions. We periodically measure the success of our implementations through customer satisfaction surveys, and we celebrate various milestones with awards and accolades.
Prateek: Tell us about the latest developments that have taken place in the organization, why and what benefits will those changes bring.
Virender Jeet: One of the most notable developments isthe acquisition of Number Theory, an AI/ML data science platform company. The acquisition will enable Newgen to solidify its position as an AI/ML innovator and deliver cloud-native data science capabilities to every enterprise.
Another development was the launch of the Moments of Truth Survey (MoTS). As we keep growing multi-fold, it is important to listen to our customers at every step of their journey with us. With MoTS, we are able toeffectively listen to them throughout the customer lifecycle, acknowledge customers’concerns, if any, and ensure timely resolution.
Furthermore, we unveiled our new logo as we completed 30 successful years in the industry. As an organization that believes in innovation, agility, and progress, we decided to give our logo a makeover to keep up with the modern times. Our new brand identity reiterates our position as a trusted digital transformation partner and depict values such as customer-centricity, friendliness, and dynamism.
Prateek: Throw some light on your future plans, growth plans, and expansion plans.
Virender Jeet: We are focusing on driving innovation and embracing new-age technologies that will help us fulfill the demands of enterprises. Our NewgenONE platform continues to enable enterprises globally with rapid and agile development and deployment of complex business applications. Additionally, our platform’s versatility, scalability, and ease of implementationwill continue to win over customers.
We will continue to enhance our solutions with technologies such asAI, ML, process analytics, intelligent content services, contextual automation of business processes, mobility, and digital sensing. Also, we are strengthening our partner ecosystem to extend our reach in the US, Europe, and Australia.
Prateek: How has been the journey of 30 years in the industry, what challenges did you face, and how did you overcome them? It is very difficult to stay relevant in a business for 30 years, how did you do that?
Virender Jeet: I have been associated with Newgen since its inception and have witnessed the company’s growth throughout these 30 years. Being in India, we chose a different path as becoming a product company was not easy. But we focused on strengthening our platforms’capabilities and catering to the global market’s needs.As a result, leading industry analysts have consistently recognized our platforms.
At Newgen, innovation is at the heart of everything we do, which has helped us stay relevant in business. Annually, we invest 9-10% of our revenue in research and development and have a dedicated team of about 500 people with deep domain expertise. We natively developed our NewgenONE Digital Transformation Platform, which results from 30 years of passion and entrepreneurship.
When we started Newgen, we believed in creating an ecosystem where every enterprise is connected—one world, one workplace. Even after three decades, it still holds value. We continue to transform businesses globally by innovatively connecting systems, processes, people, and things.
Prateek: What role does Artificial Intelligence play in helping businesses to scale their operations, and which are the industries that are especially benefitting from AI implementations, which is one of the company’s largest domains?
Virender Jeet: Enterprises are increasingly adopting artificial intelligence (AI) as itenables themtoscale automatically and provide a differentiated customer experience. For instance, banks can process loans instantly by analyzing the risk with an AI system in real-time. Such instant gratification results in customer delight.
There has been substantial traction for AI-enabled solutions and capabilities in sectors such as BFSI, healthcare, industrial automation, and others. The BFSI sector, in particular, has been one of the pioneers in adopting AI. AI plays an instrumental role in various financial processes such as credit scoring, fraud detection, signaling, etc. Using AI, financial institutions can optimize collections, validate credit card transactions, manage health insurance coverage checks, analyze vehicle photographs for fraud claims, etc.
Prateek: Please tell us about some strategic pain points that can be eliminated using AI-based solutions from a business operations perspective. How is Newgen providing a platform to businesses for building an accessible and affordable AI infrastructure which otherwise is considered to be time-consuming and costly for businesses who try to implement it from the scratch?
Virender Jeet: Newgen, with its AI/ML data science platform, can help automate the entire life cycle of AI/ML projects. Theplatform improvesproductivity,enhancescollaboration, and speeds up AI project execution to accelerate the data to insights journey.With the intuitive drag-and-drop interfaceof the platform, enterprises canenablenon-coders to leverage their domain and business skills to contribute to AI/ML and data science projects.
A high upfront cost of acquiring infrastructure and its management acts as a roadblock in incubating and scaling AI/ML initiatives in an organization.Our platform offers a flexible and scalable deployment model (on-premises, private cloud, and SaaS), leveraging customers’ current infrastructure investments to minimize upfront investments.
