Equitas Fine-tunes Processes, Raises Output 3x

by Abhinna Shreshtha    Mar 18, 2009

Equitas is a Chennai-based, microfinance company. It has
over 700 employees and operates out of 90 locations. It roped in Newgen
Software to simplify their mission critical processes and reorganize their data
management.

 

Overview

 

How to improve scalability and increase productivity were
the issues plaguing the company. Equitas was planning to scale-up
vertically but had limitations in expanding the back office resources in terms
of getting good people and suitable office space. The ideal solution for the
company was to streamline or modify existing processes to increase
productivity.

 

Vendor Selection

 

Selecting the right solution and implementation partner is
always a tricky task. Equitas zeroed in on Newgen Software to aid them in their
project, but not before taking a look at a few other solutions. H.
Mahalingam, CTO of Equitas, said their selection criteria focused on product
features and experience in the BFSI segment.

 

The Implementation
Process

 

The implementation plan included discussing the end-to-end
process with Newgen, which enabled Equitas to finalize the revised process
flows. Next, the data capture forms were re-designed. Newgen’s workflow
software had to be developed and modified to suit Equitas’ requirements.

 

"Before going live, a pilot run was conducted for about two weeks. This helped us in identifying the bottlenecks and fixing the bugs. The
interface program was developed by our core application suppliers and this was
tested thoroughly during the pilot," said Mahalingam.

 

The different project phases can be summed up as follows:

 

Step 1:
Re-designing the membership application (MA) form to automate data extraction.

 

Step 2: Process
automation for eliminating document movement.

 

Step 3: Seamless
integration with core application for effective data-interchange

 

The time taken for the implementation (including test run)
was around four months.

 

Post-implementation
Benefits

 

Their newly implemented Newgen platform enabled Equitas to
better coordinate with field sales officers for any discrepancy in the MA forms, like, missing information or insufficient documentation. It also enabled
seamless data exchange with their core application BankersRealm and easy
replacement of documents and data.

 

"We have greatly benefited in terms of cutting down the
number of processes, reducing data capture time, and improving the quality of
data to a large extent," said Mahalingam. "In fact, we could achieve three-fold
increase in production without any investment in resource or space."

 

Future IT Plans

 

Mahalingam told CXOtoday that Equitas is now working on an
OMR-based solution for their risk management team.