The Award recipients are the companies that display diligence, perseverance, and dedication required to develop a successful business plan and the ability to excel in the increasingly competitive global marketplace. These prestigious awards are recognized worldwide by the media, the investment community and end-users.

Frost & Sullivan is the world leader in growth consulting and the integrated areas of technology research, market research, economic research, corporate best practices, training, customer research, competitive intelligence and corporate strategy. Frost & Sullivan recognizes outstanding industry achievements by presenting Frost & Sullivan Awards to top companies in regional and global markets.

Newgen Software has been featured in the “Document Management in Banking: Overview and Solution Spectrum” report published by Celent, the highly respected international strategy consultancy firm.

The report elaborates the role of documents in banking, especially focusing at the need for transforming core processes, managing regulatory risks, improving decision-making and bettering customer service across channels and products.

The report also analyses various issues and aspects of Document Management in the banking sector and categorises Document Management players. At the highest level, the report classifies Document Management vendors under ‘Document Creation’ and ‘Document Handling’ categories. Document Handling is a higher category than Document Creation. Among the three subcategories, viz Market Leaders, Significant Players and Emerging Players, in the Document Handling category, Newgen Software has been featured as a Significant Player.

Celent, headquartered in Boston, is a research and consulting firm focused on the application of information technology in the global Financial Services industry.

Newgen Software to Automate Document Management at HLL’s Tax Department

Newgen Software recently got an order from Hindustan Lever Limited (HLL) for its Tax department. The department is responsible for storing and managing all the taxation-related documents for Unilever subsidiaries in India.

The department needs to quickly respond to queries from tax authorities. With a huge number of daily transactions, continuously burgeoning volume of documents, limited resources and compressed reporting cycles, the Tax department was finding it increasingly difficult to manage documents and respond in time to tax authorities. In addition, various litigations in the court for tax-related issues and compliance, further resulted in difficulty in proper tracking and managing of documents. This was because entire process was being manually handled. Moreover, simultaneous access to records was also needed frequently. For this, the Tax department had to make photocopies of the relevant records or physically carry the entire file to the concerned person. This involved printing costs and threat to information security.

The department found the solution in form of Newgen OmniDocs^©, the Enterprise Document Management Solution and OmniCapture^TM, the bulk-scanning solution. Using OmniCapture^TM, all the documents would be converted to electronic images and stored in a structured way in the central OmniDocs^© repository. For any query, information can be quickly retrieved from the electronic documents. In addition, the Newgen solution can also alleviate the problem of simultaneous access to records, printing and photocopying costs, and threat to security of the information. 

HLL is India's largest fast moving consumer goods company, and is a leader in Home & Personal Care Products and Foods & Beverages. HLL's brands, spread across 20 distinct consumer categories, touch the lives of two out of three Indians. They endow the company with a scale of combined volumes of about 4 million tonnes and sales of Rs.10,000 crores.

Central Depositary Services Limited (CDSL) provides convenient and secure depository services to all market participants at an affordable cost. These market participants may be financial institutions, banks, custodians, stockbrokers, mutual fund houses, etc.

CDSL plans to open a new company by the name of CDSL Ventures Limited (CVL), subject to approval of SEBI, RBI and Finance Ministry. CVL would be established to manage Know Your Customer (KYC) repository for mutual funds. The company would service depository participants, which are various mutual fund houses. It is a compulsory regulation for all the fund houses to have comprehensive “Know Your Customer” records. The Know Your Customer documents ensure proper identification of the investor/unit holder to prevent money laundering through suspicious transactions. However, sifting through customer details every time a transaction is made is time-intensive. With the rapid proliferation in number of mutual fund investors, managing a large number of Know Your Customer documents and records is extremely difficult.

Newgen solution comprises OmniDocs^©, OmniFlow^© and OmniCapture^TM. The electronic images of Know Your Customer documents would be stored in the central OmniDocs^© repository. Various mutual funds that have registered with CVL would be able to quickly tap details of the investors by accessing their details from the central repository. These details can be obtained by providing a unique Mutual Fund Investment Number (MIN) for each investor. Therefore, transactions could be quickly executed, while doing proper checks for investor credentials. If SEBI permits, the Know Your Customer service would be extended to Banks, Telecom companies, Insurance companies and other industries and departments.

CDSL has been promoted by Bombay Stock Exchange Limited (BSE) jointly with leading banks in India such as State Bank of India, Bank of India, Bank of Baroda, HDFC Bank, etc. CDSL, apart from National Securities Depository Ltd (NSDL), is the only depository registered with SEBI.

Newgen Software to Enable Streamlined Financial Processes for Kuoni Travels

The Kuoni Travel Group, India, is the country’s largest travel and tourism company. With an objective to centralise group’s financial activities, Kuoni India decided to set up two Shared Service Centers in India. The Shared Service Centers, located at Gurgaon and Mumbai, would cater to the requirements of over 125 branch offices spread across India for processing of financial transactions and records.

Being a central processing hub for the huge network of branches spread across India, the company was contemplating a solution that could facilitate streamlined transactional processing and quick turnaround. After evaluating a number of vendors for the desired solution, Kuoni India zeroed-in on Newgen Software due to its faster process roll-out capabilities, solution scalability, proven track record of quality after-sales service and vast experience in implementing Business Process and Document Management solutions.

Newgen solution would also be integrated with SAP, allowing users at the Shared Service Center to make image-based entries. The solution would facilitate information exchange between branches, vendor management site (scanning) and Shared Service Centers. Newgen solution consists of OmniFlow^©, OmniDocs^©, OmniCapture^TM, SAP connector and custom utilities.

Kuoni Travel Group, India is a 100% subsidiary of Kuoni Travel Holding, Switzerland. The company was formed in 1996 through the acquisition of SOTC, which used to be India's best-known package tour brand, at that point of time. Kuoni India focuses on providing comprehensive travel and travel-related services to travellers from within and to India.

Newgen CTS for Bank of America

Newgen Software received an order for its Check Truncation Solution from Bank of America Securities India Pvt. Ltd., the Indian subsidiary of Bank of America, USA.

Newgen Check Truncation Solution would be deployed at the bank’s branch in New Delhi. The solution comprising of ChequeFlow^TM Professional, would be used for outward clearing process of the bank. The project is divided in two phases – the first phase is scheduled to be implemented by the end of 2006 and the second phase by early 2007.

Bank of America Securities India Pvt. Ltd. offers wholesale banking services in India. It derives majority of its non-interest income from various services such as risk management and derivatives, cash management, domestic and offshore debt, treasury and investment banking. The Indian subsidiary helps the bank remain competitive in the global market and grow globally.

Newgen Software Bags EDMS Order from GIC

Newgen Software has received a prestigious order from General Insurance Corporation of India, the sole national reinsurer in the Indian reinsurance market for implementing Enterprise Document Management System.

Newgen OmniDocs^© (our flagship Enterprise Document Management Solution), and Record Management System will be installed and used at the GIC’s Head Office in Mumbai. OmniDocs^© would enable scanning, storage and retrieval of documents from a central repository. Users at GIC would be able to instantly access electronic documents at the click of a mouse.

Records Management System would be used for handling all the records. The Reinsurance and Investment departments at GIC will be using the solution extensively for their day-to-day operations. The enterprise-wide solution would be implemented at seven more departments of GIC.

General Insurance Corporation of India (GIC) was formed in 1972 for superintending, controlling, and carrying on the business of General Insurance. GIC, being the sole national reinsurer, provides its services to the direct general insurance companies in the Indian market.

Newgen Software Participates at the Risk India Congress 2006

Newgen Software recently participated in Risk India Congress held at The Taj Lands End, Mumbai. Newgen Software showcased its OmniCompliance Solution at the Congress.

Newgen’s OmniCompliance Solution will enable and ensure individual accountability, corporate integrity and internal control in reporting. The solution will also enable operational efficiency through effective Risk & Audit Management and automation of critical processes to reduce Operational Risk and improve process efficiency. Moreover, the solution is designed to address multiple compliance needs of organizations for:

Regulatory Compliance – Clause 49, SOXA, J-SOX, EU Directive 8, 21 CFR Part 11

Operation Risk Management – Basel II, Clause 49, SOXA, J-SOX, EU Directive 8

Contractual Compliance – SLA, Vendor & Customer Agreements, Outsourced Processes

Internal Standards/ Best Practices – Policies, Standard Operating Procedures, ISO, Six-Sigma

Risk India Congress 2006 focused on managing financial and operational risks, in finance and non-finance organizations in India, across various verticals such as BFSI, Manufacturing and Energy. It also highlighted various trends in the industry and strategies to meet current and future risks.

The Congress covered in great detail, the major types of risks, including credit, market and operational risk that Indian industries face today. A number of industry leaders, practitioners of risk management and experienced local and international speakers provided gainful insights at the Congress.