Date: Friday , June 05, 2009
Today, organizations around the world are looking at how they can provide real-time access to critical business performance indicators to improve the speed and effectiveness of business operations. According to Dr. Ram Ramdas, founder and CEO of Herald Logic, "Business Activity Monitoring Agility is an imperative, especially in today’s tough economy". Organizations have realized that the way information is used, and understood and acted upon, has a long way to go in the success of an organization.
Take the case of ICICI Bank. The bank’s international private banking and global private clients group serves High Net Worth Individual (HNI) clients globally through dedicated teams of relationship managers supported by a centralized team of product managers and operations. The challenge is in complying with myriad complex rules of regulators in various countries where the bank planned to do business. This made the whole process very complicated for the relationship managers in the past. In the previous process, Excel (file-based) toolkits were used, which were not scalable for frequent changes, and there was 100 percent reliance on human verification of all compliance requirements.
Hence the bank deployed Herald Logic’s IntelliRADAR platform to provide a very agile workflow and decision control and monitoring system. The rules governing the selling and compliance processes could be dynamically updated by the business users from the compliance team, without any software changes and without any downtime of the running system. The solution reduced the number of human touchpoints required for servicing clients, thereby improving turnaround time and improving client satisfaction, while always enabling the bank to comply with all the regulations.
"The potential risk of non-compliance could be upto a few hundred times a month before we installed IntelliRADAR. Now, the number is down to maybe two a month," says Vivekanand Sharma, Chief Manager, ICICI Bank. Every sales team member at ICICI can access an updated database, in real-time, as the IntelliRADAR solution is available securely on the web.
There is a global thrust towards building real-time, event-driven capability in most enterprise applications. Also, businesses are keen on reducing the total cost of ownership of software applications over the long term. This will be possible using the rule-based paradigm of programming, where business logic is externalised from the application. IntelliRADAR enables enterprises to monitor activities, processes and transactions on a real time basis, co-relate it with the performance metrics and alert, a different users for to take decisions and actions. Interestingly, to reach clients of different segments, the innovative intelligent IntelliRADAR solution is priced cost effectively compared to other technological solutions. It is also available in a pay-as-you-go pricing model.
Leveraging its IntelliRADAR platform, Herald Logic also offers highly flexible and scalable Channel Management Solutions for retail financial services companies. The solution enables clients to acquire, monitor and reward their channels – direct and partner – effectively. The targeted customer segments include insurance carriers, distribution arms of banks, wealth management firms, third party brokers and distributors, and NBFCs.
Founded in 2000 as a campus startup in the IIT Bombay incubator, Herald Logic’s core technology and products are in the convergence realm of Complex Event Processing (CEP), Business Process Management (BPM) and Business Activity Monitoring (BAM). Building such a complex platform based product is not an easy task. This can be attributed to the experienced domain and engineering experts at Herald Logic. The core team has been with the company almost since its inception.
Having seen its revenue grow by about 70 percent, the company is now building an ecosystem of partners – ISVs, SIs and Consulting partners – to jointly take to market, products and solutions tailored to the financial services industry, especially in the areas of sales, distribution, order fulfilment and compliance. "With the growing market for niche technological solutions, we are scheduled to expand our operations with more number of value added resellers (VARs) and solution partners in Asia-Pacific and the Middle East, and subsequently in North America and Europe," says Ramdas.
He is passionate about promoting the "made in India" brand for world-class software product companies founded out of and engineered in India, whilewhich are capable of effectively addressing the business priorities of both Indian and global customers.