Iteamic: Enabling Business Transformation
Date: Wednesday , July 02, 2008
A leading gift asset management company specializing in planned gifting for its beneficiaries needed a technology partner to develop tailor-made solutions to address the entire range of challenges they encountered. When off-the-shelf products failed to fulfill their needs, they looked at Iteamic for help in developing and managing its enterprise-wide Trust Administration and investment applications, from fundraising, gift planning, payments processing to portfolio rebalancing. The gift asset management company was so happy with the quality of this partnership, that they soon transferred complete IT responsibility to Iteamic to develop a new applications suite closely integrated with its existing legacy systems.
Iteamic is a software services company which provides integrated business and technology solutions and consulting services to established and emerging companies globally. Iteamic harnesses technology to streamline business processes and improve operational efficiency for real business transformation.
With off shoring no longer being associated with cost arbitrages alone, but with the value that is brought to the client by partnering with a domain and technology expert, it also gives the clients an edge with the technology partner’s global experience and knowledge diversity. With deep expertise in financial services and education sectors, Iteamic has evolved from simply executing technology to taking ownership for improving clients business, by embedding the perspective of business and organization throughout its delivery chain while implementing technology.
Iteamic adopted this transformational business strategy during its formative days in 2004 which has given them a competitive advantage and positioning in the industry. "We believe in partnering with our clients for mutual success and growth," explains Raghurama Kote, Founder and CEO, Iteamic. "We don’t go to the clients for projects. We approach them with the idea of understanding their business and reforming it in an effective and scalable manner," he elaborates. Working with the CIO, Iteamic creates an IT roadmap for these enterprises instead of merely suggesting a technology-based solution. To ensure deep expertise, the company is laser-focused on two sectors viz. finance and education. To focus on any domain, an in-depth understanding and appreciation of the business drivers is vital. “We have specialists with domain knowledge who are continuously updating themselves on the industry vitals” adds Kote.
In the education sector, one of the world’s foremost private university graduate business schools approached Iteamic to strategize on their business workflows for student registration, admissions, student-faculty communication and related administrative activities. Iteamic faced the challenge of maintaining the legacy applications while revamping the existing architecture to bring more web-based capabilities, flexibility and scalability to the technology infrastructure. "Organizations considering migration must prioritize the work based on the business value, examining the available replacement options to make the right decision," details Kote.
Iteamic also collaborates with start ups for product development. Clients work collaboratively with Iteamic's offshore product engineering teams who operate as an extended arm of the clients' onsite teams delivering the highest caliber of service and providing them with a competitive business advantage. They understand the constraints faced by start ups of being cost effective, and quality conscious at the same time. "When these firms leverage IT, it is with the intent of business excellence which is otherwise difficult to achieve in their respective industries. Their leaders recognize IT as mission critical while being cost effective and high quality. Everything else boils down from there in terms of choosing the right technology, managing and integrating it with business processes and creating innovation platforms," Kote adds.
Iteamic also provides Business Process Outsourcing (BPO) services to some of the most innovative companies in today’s global markets in projects ranging from online content development and management to data entry and industry research and analysis. Their KPO team has provided secondary research, online content development and management services for online business communities and start-ups while its BPO team has built a 20,000+ premium property database for an online real estate services enterprise which is amongst the largest online marketplace for apartment leasing and managed their back office operations.
Iteamic has rapidly scaled up in the four years of its establishment and presently employs 225 professionals. It has received CMMI Level 3 and ISO 27001 certifications for data integrity and confidentiality, and recognition from NASSCOM and STPI for its growth and success. It is among the very few emerging companies selected by Dun & Bradstreet India, in association with the Export Credit Guarantee Corporation (ECGC), for the 'D&B – ECGC Indian Exporters Excellence Awards as Top Exporter in the IT and ITES sector under the Small Exporters' category.
Building credibility in the IT services market needs preliminary investment in research and development activities. Fostering a culture of innovation among the employees is also vital. According to Niyogi Krishnappa, Partner – Business Development, "Innovation is not an activity, it is the culture you drive in the organization. To foster innovation the company has a centre of excellence which works on optimizing processes to bring optimum results. “This team works on strategies and frameworks to increase productivity," explains Krishnappa. They ensure that Agile processes and CMMI practices are implemented for optimizing productivity and quality.
Iteamic has taken great strides in the past year and continues to build on its core strengths. Iteamic secured seed funding from Canbank Ventures of $1.2 million and closed FY 2007–08 touching revenues to the tune of $7.74 million. In FY 2008-09 Iteamic is looking forward for rapid growth with plans afoot to hit the $10 million mark.
'Iteamic' derived from an ancient Indian scripture meaning ‘The Rising Sun’ truly symbolizes a new age in the global IT services market.