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Engineering Strategy

Engineering Strategy

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Published by Davis D Parakal
FACULTY OF ENGINEERING & COMPUTING

Engineering Strategy: New Product Introduction

Name : Davis Dominic Parakal SID : 3357394 Module : Engineering Strategy Module Leader : Richard Anderson

Engineering Strategy

New Product Introduction

Table of Content

Contents 1. Overview 2. Product development stages of Finacle 2.1 Realising new market & Market Study 2.2 Finding unreached areas of competitors 2.3 Branding Company 2.4 Building a Good Manufacturing/project team 2.5 Expansion into Global Mar
FACULTY OF ENGINEERING & COMPUTING

Engineering Strategy: New Product Introduction

Name : Davis Dominic Parakal SID : 3357394 Module : Engineering Strategy Module Leader : Richard Anderson

Engineering Strategy

New Product Introduction

Table of Content

Contents 1. Overview 2. Product development stages of Finacle 2.1 Realising new market & Market Study 2.2 Finding unreached areas of competitors 2.3 Branding Company 2.4 Building a Good Manufacturing/project team 2.5 Expansion into Global Mar

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Published by: Davis D Parakal on Dec 06, 2010
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FACULTY OF ENGINEERING & COMPUTING

Engineering Strategy: New Product Introduction

Name : Davis Dominic Parakal SID : 3357394 Module : Engineering Strategy Module Leader : Richard Anderson

6 Add the latest and future trends 3. Overview 2. Bibliography and references Page Word Count: 1360(excluding references) 2 . Product development stages of Finacle 2.1 Realising new market & Market Study 2.4 Building a Good Manufacturing/project team 2.3 Branding Company 2.5 Expansion into Global Market 2.Engineering Strategy New Product Introduction Table of Content Contents 1.2 Finding unreached areas of competitors 2. Conclusion 4.

Insurance. while maximizing value from their large-scale business transformation. Islamic banking and treasury requirements of retail. The origin of Finacle was from a software development product Bancs2000. telecommunications. Finacle solutions address world-wide banking needs such as core banking. According to the financial data disclosed by Infosys. The main services from infosys are Banking & solutions . Around 1.And this product brings more than 40% revenue of the company. HCM. Infrastructure Management Services.000 branches. Finacle is one of the most scalable core banking solutions in the world with an unparalleled performance benchmark of 104 million effective transactions per hour (29. It is the chosen solution in over 130 banks across 65 countries. SCM.14 lakh employees are working in this company. service and marketing channels including e-banking. Independent reports by renowned research firms have positioned Finacle among the leaders in the global evaluation of retail core banking solution vendors. wealth management. BI/DW. Finacle solutions also empower banks with multiple sales.055 Million US dollars in the financial year 2009-2010. they had made revenue of 4. mobile banking and call centres. Overview Infosys is the third largest private sector company in India.804 Million US dollars and gross profit of 2. Media and Entertainment.Engineering Strategy New Product Introduction 1.010 ETPS). This project was only 3 .000 branches of regional rural banks in India which are leading the financial inclusion initiative in the country. These include over 2. This is a Universal banking solution. CRM. and Finacle Core Banking Product Finacle is the most successful product from Infosys. A bunch of software s that provide complete banking solutions. Enterprise Solutions like ERP. helping them serve more than 30. Customer Relationship Management (CRM). corporate and universal banking. These offerings make Finacle a strong innovation facilitator enabling banks to accelerate growth. BPM-EAI.

banking sector in India  Market Study  Finding unreached areas of competitors  Branding Company reflect on product  Building a Good Manufacturing/project team  Expansion into Global Market  Add the latest and future trends without delay 4 . This project was a retail banking software which is developed for an Indian Bank. New Product development stages of Finacle  Realising new market .Engineering Strategy New Product Introduction successful product from Infosys at the time 1993 s. [Infosys Annual Report 2009-10] 2. In the year 2000. centralised. the Company has launched Finacle an integrated. multi-currency and multi-language-enabled and functionally rich banking solution to address retail and corporate banking requirements.

Finacle found the critical market for it in the centralising those process and provide overall functional software. user friendly operations software for each branch with a centralised system. Most of the bank was under state ownership before that. One of the key reasons for the success of Finacle was proper market analysis. Infosys realize the future of private banks in India. According to Miles and Snow. Since Infosys targeted Indian market first. 1990 s . Private banks support its technology-focused strategy. They were not any part of a large organization like Infosys. i-flex was the major competitor from India. Infosys was the third company which entered with a the centralized banking solution . 2. e-banking.2 Finding unreached areas of competitors The major two competitors for Finacle was i-flex solutions and Temenos. Both companies were focused into on wholesale banking sectors . They still continue this research for expanding the product into new world markets. mobile alerts. Finacle made the focus into retail banking functionality like.Engineering Strategy New Product Introduction 2.India started to liberalise and expand its banking sector. But centralised auditing and processing was till manual. There were only a few such features available in the world. Bank needed a robust technology platform that would help it achieve its business goals.1 Realising new Market & Market Study When the client product Bancs2000 started making sound in Indian market. but both were already serving a large range of customers all over the world. Infosys realized the emerging banking sector. Infosys played its most beautiful product strategy in this scenario. From the market analysis the importance of network based banking solution and Internet banking needs were come across the company. And it was the time when automation process happens each branch bases. we can call them as an Analyser in 5 . When private banks started working it will obviously make the state owned banks to improve their efficiency and features. They didn t touch the whole sale banking sector that is already ruling b competitors.

Narayan Murthy s & Nandan Nilekani s visits around the world further helped add credibility to the Infosys brand. They carefully monitored the action of compatriots and bring superior product into market. Infocus the newsletter that mainly target customers and business partners of the company.3 Branding Company Factor used for Branding Infosys Branding the company name globally was another key strategy to establish new product into the market easy. Best brand ambassador is the CEO . This proved an excellent vehicle to propagate its thought leadership. 6 . Exclusive C-level seminars are another platform that the company used to built a strong focus around its brand.Engineering Strategy New Product Introduction this stage. [Richard Anderson (2010)] 2. That was a stepping stone to build the Finacle market in different places. They presented future trends and scope of banking operations in all the financial forums.

y sales & marketing y Services (installation. Mr. training. customization.4 Building a Good Manufacturing/project team Infosys re-constructed the existing Bancs2000 team and welcomed new leaders who can fulfil the new product construction faster and error free. and consulting). They divided it into three departments: y Software development (Internal architecture-finacle core. and testing).Engineering Strategy New Product Introduction 2. Project Building/ Manufacture NPI 7 . Vaidya and Mr. Fernandes played some good role in that. coding.

In this phase of business they are Reactors according to miles and snow s business strategy. 8 . They changed and introduced changes when they forced by external or market pressure. The price of the software started to decrease drastically due to the price decrease from competitors like i-flex. In this stage they introduced new NPI strategy. After successful completion of the customisation in their labs . But they didn t even signed an agreement with any of the Canadian bank. But Finacle had a base functionality which they call is as Finacle core was strong enough to make the flexible changes above the core according to the rules of country. And introduce in the market only after all the customisation completed for that particular area. Infosys do strong market analysis over each country and found out the market for Finacle. now is aiming Canada for introducing the product. [Richard Anderson (2010)] The greatest challenge faced when they started global expansion was.5 Expansion into Global Market It started to became more complex to cop up the business with competitors in India. By this time all of them started focusing attention into the retailer banking sectors.Engineering Strategy New Product Introduction 2. The customer can add any feature to the base product and avoid buying new products when time passes. Also R&D division always keen to research new features of market to enhance the Finacle. The project is undergoing customisation work with a dedicated project team for that work.6 Adding latest and future trends A dedicated customization and support team for each client is always available for Finacle. After getting a strong considerable amount of surety from the marketing team. Mobility is opening up new business possibilities. 2. In emerging economies for instance. This forced Infosys to expand the business globally. they start investing on customising the Finacle for that typical market. they will introduce it into selected banks and use Infosys co-operate image to break the barriers. But they plan to introduce the product after adding all regulatory rules of Canada government and additional features that can make great changes in the banking sector. the regulatory rules in different country was different. For example.

moneycontrol. research sponsored by William F. Along with product branding they keep up the company name in all products to open new easy ways to introduce new products to market. Opportunities in micro payments lie in enabling technology to support a huge volume of low-value transactions. Mobile money. Chris Trimble (2008). Presented at 13th Annual Banking and Finance Conference 5. new opportunities beckon. for instance. http://www. Bibliography and reference 1. Sellers are responding by inventing new ways to address micro demands. For the last two year Finacle hold third position in the list of Best banking solution in the world (iRankings. Richard Anderson(2010) .com/finacle/ 6. IT Strategies for the New Economy.tuck.dartmouth.infosys.Engineering Strategy New Product Introduction where penetration of credit cards is low. Conclusion The NPI strategies mentioned above brought Finacle in to its greatest heights and growth is still going steady. They are using same strategies to expand their business into Europe and African now. http://www.com/ 9 . With mobile phones now so commonplace.A core banking vendor ranking).pdf) 4. Tuck School of Business at Dartmouth .edu/pdf/2008-2-0025. Proper market analysis and finding unexplored area make Finacle a grant success in its venture. allows cash to travel as quickly as a text message. Achtmeyer Center for Global Leadership (Source :http://mba. RAJEEV ARORA(2008).Coventry University 3. Typical instruments like credit cards find it tough to enable purchases below US $1. Infosys Annual Report 2009-10 2. approximately four billion people have mobile phones.Lecture Notes .

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