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AccuZIP, Inc. |
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July 20, 2015 Issue |
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The Most Powerful Name In Corporate News and Information |
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Web Based Software Solution for Loan Origination, Service & Management |
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CEO
Virinchi Technologies Ltd.
Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine, Published – July 20, 2015
CEOCFO: Mr. Prasad, what is the idea behind Virinchi Technologies? Mr. Prasad: We are a first generation startup, but we are a twenty five year old company and currently listed in Bombay Stock Exchange. There have been a couple of drivers behind the company. The first is that we say “n minds n! knowledge,” which means a new employee multiplying ideas within the company. The second thing is “causing system perform business” i.e. technology adding business than just being the cost saver. Our primary focus is the software industry. We started as a software service company in our early days but over the last twelve years, we have positioned ourselves as software products & solutions company. Right now, we have short term financial transaction system called QFund, eProcurement software product for purchase management and we also have a healthcare IT product for hospitals. We do support these industries using our industry experts and a strong technical team.
CEOCFO: What might be different about your software products? Mr. Prasad: One of the things where we stand different from other people is that our products are built in a very close collaboration with our customers. This means that whenever we have an organic growth path to our products, it has been done in partnership with our customers. There are two ways to build a product. The first is to shut yourself in a room, try to make a product for a couple of years and when it is ready, make it available to the marketplace. The second way is to let it be on the road, see the sun and go through the fire on a daily basis, while the customers are continuously questioning it, providing their input and challenging it. The second approach ensures a continuous seasoning that is going into the product. We have been able to do products in a manner where we are always ready to deliver the new features that may come out in a frequent cycle, so customers do not have to wait for a long time. That keeps the customers interested in the products.
CEOCFO: Is the history of Virinichi meaningful when approaching potential customers? Mr. Prasad: As far as the US market is concerned, the product that has the history for us is our loan management system product, QFund, which has been around for thirteen or fourteen years. Therefore, the history does count and enables us in a big way. Hospitals are a new area for us in US though the product has been developed over last 8 years and is successful in other geographies.
CEOCFO: Would you tell us about QFund? Mr. Prasad: QFund is a loan management system and it helps our customers to originate loans through to servicing the entire loan lifecycle. One of the key things about QFund and the industry that we are operating in are the kind of customers to which are catering. These are non-banks, so they cannot work on a banking charter, which means that they need to comply with different state-by-state laws or regulations. The challenge for the software product is to not only be generic enough to support different customers but also cater to different needs of the same customer that varies in different states that it operates in. Therefore, the question is how do you give them a single solution. In addition, a customer may have operation in for example 20 states of the country. Do they have to buy a different QFund for each state? The answer is NO! As far as we are concerned, we have a single product and based on the setup of the product, each state legislation is seen in the product differently, depending on which state the product is getting accessed from. For example, if I had a customer in Texas, and they had an operation in Illinois, the way that the software is setup is to when they open it up it actually follows the local regulations and everything is taken care of based on where they access the software. That is one of the biggest features and benefits. The other thing is that this is one of the markets where the regulations changes happen very quickly and we mange most of the regulatory changes in a very flexible manner, where all of the regulation changes are done by changing the set of data in the software or leverage product configurability. In customization, you have to get into the software and change the software to make it the way that you want to. With our system, the configurability of the system is so high that if you just configure the system it will come out in multiple different manners. For example, is there is one state where a late payment comes up as a finality and another state where it does not come up as a finality. We set it up as a configuration where state A asks for a finality, but state B does not, a configuration change in the system. More important is that if you are making changes through configuration you are not tinkering with the product. This means that the product remains stable and does not have to go through cycles of validations. In addition, the customers do not have to spend time on validating the software before they can put it into production. It is almost a change on the fly for a regulatory change and even customer’s business needs.
CEOCFO: What part of the healthcare industry are you typically working with? Mr. Prasad: Our focus area is hospitals and life science companies.
CEOCFO: With so much going on in the industry, how do you help a hospital stay up to date? Mr. Prasad: We help hospitals with multiple challenging areas. Typically, this is around their interactions with regulatory bodies, payers and patients. They interact with the payers, while most important is that they have to take care of the patients. One question that hospitals typically have on their minds is how do I serve my patients best, but at the same time at a low cost to the patient and the payers both? Low cost is not always in terms of money. The patient also has to have effective care happening in the hospital and the payers get charged only for what is required by the patients. One of the ways that we have continued to answer that question is that we have one integrated solution for the entire hospital i.e. single software for the front office, emergency department, the ward and so on. We have an integrated solution so that the patient information is always current and the patient is continuously monitored through the system. This helps in the better care for the patient and at the same time the payers know what procedures the patient has gone through because it is easy to retrieve information. They can know what is going on with the person that they are covering.
CEOCFO: What is next for Virinchi? Mr. Prasad: That is an important question. In fact, we keep asking ourselves that every month. One of the things that we are looking at is that we are well entrenched in two great industries, which are the financial and healthcare industries. Typically, software developers are given instructions in English and they translate it into one of the programming languages. However, with our team of SME & developers knowing the industry, most of the time one line is good enough for our software developers to understand what is going on with the customer. Therefore, we are trying to leverage on that and the plan is to offer more and more in these two industries.
CEOCFO: How will you be offering more and more? Mr. Prasad: We are looking at extending our capabilities on the software services associated around these two products and increased focus on SAP implementation. We are also focusing on the growth of the existing products into the adjoining areas or areas that are similar. An immediate initiative in this area is PayEz, This is an internet based software platform that enables consumer lending at the point of sales or purchase of goods & services.
Secondly, all of our existing and potential customers have more needs from the software other than the core offering of our products. While that is the critical part or 70% of their software needs, there is another 30%, which includes their corporate system, business intelligence and analytics. They are continuously looking for additional help for their software & IT needs in these areas. We will also continue to leverage SAP & deliver them additional IT solutions around business monitoring, business analytics and intelligences, as well as any other software related requirement that they may have.
Therefore, we are looking at driving growth in two ways. We look at the industries that are around our current focus area and strive to become one stop IT shop for our existing and potential customers. |
“We have been able to do products in a manner where we are always ready to
deliver the new features that may come out in a frequent cycle, so customers
do not have to wait for a long time. That keeps the customers interested in
the products.”
Virinchi Technologies Ltd.
Satyajeet Prasad
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Loan Origination Solutions, Virinchi Technologies Ltd., CEO Interviews 2015, Satyajeet Prasad, Web Based Software Solution for Loan Origination, Service & Management |
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Satyajeet
Prasad