In today’s fast-paced digital landscape, businesses need to constantly adapt and evolve to stay competitive. Digital transformation has become a buzzword in the corporate world, and for good reason. It is no longer a question of whether a company should embrace digital transformation, but rather how well they can execute it.
Enter Extrieve Technologies, a leading digital transformation company that has been at the forefront of driving innovation and growth for businesses of all sizes. The Enterprise World is proud to introduce Extrieve Technologies to one of The Best Digital Transformation Companies To Watch In 2023.
In contemporary business environments, digitization has become a critical element for growth. By adopting digital technologies, organizations can optimize processes, increase productivity, mitigate errors, and allocate resources judiciously.
It also empowers companies with valuable insights into their operational performance, customer behaviour, and market trends. The data-driven analytics facilitate operational excellence, product and service enhancement, and identification of untapped opportunities for growth.
With a proven track record of success and a dedication to staying ahead of the curve with digital transformation, Extrieve Technologies is a company to watch in 2023 and beyond.
Where Did The Journey Start? Extrieve Technologies;
Extrieve Technologies is a leading technology company founded by the CEO, Kimman Balakrishnan and his associates. The company Extrieve Technologies boasts over 25 years of experience in delivering innovative solutions for business-critical applications.
It has made a significant impact in the imaging, enterprise document management, and workflow domains, enabling businesses to achieve operational excellence through world-class technology that can create, process, and manage documents efficiently.
What sets it apart is its ability to integrate these products seamlessly with existing solutions, resulting in accelerated business processes, reduced operational costs, and improved productivity that drives business growth.
The company is poised to remain at the forefront of digital transformation by leveraging innovative technologies and best practices. The continued focus on improving efficiency and driving growth for the customers will ensure that the company Extrieve Technologies remain a leader in the field for years to come.
Emerging with Extrieve Technologies
Extrieve Technologies has been instrumental in driving digital transformation for its major enterprise customers, leading to a significant improvement in operational efficiency.
The company has been providing its clients with an upper edge. One notable example of this is the transformation of the account opening and loan sanction process for one of its customers. Prior to digitization, this process was solely reliant on physical documents, resulting in high time and effort investment for each onboarding case.
Through distributed scanning and digitization, the overall processing time for account opening and loan sanction has been significantly reduced. This has allowed for distributed processing and centralized decision-making, leading to streamlined operations and more efficient workflows. The faster onboarding and disbursement of loans have been key drivers for business growth and customer satisfaction.
Moreover, over the past decade, the Enterprise Content Management domain has shifted its focus towards paperless solutions. As a result, the emphasis has been on implementing distributed scanning and digitization of documents, as well as automating the extraction of data and information.
The Man Behind The Curtains
As an entrepreneur, the responsibility of building a sustainable organization rests on the shoulders of its leader. This requires not only multi-tasking but also leading by example. Entrepreneurs must act as filters, absorbing all shocks and being open to admitting when their ideas are wrong.
One individual who exemplifies the qualities of a resolute entrepreneur is Mr Balakrishnan. His journey began as a Financial Analyst where he was a member of a team that managed project financing for a 1000 crore project, executed project planning, and raised capital. He further equipped himself with a comprehensive understanding of internal company dynamics and the types of “shocks” that can impact businesses by spending a year at a research foundation studying bankrupt companies.
As an entrepreneur, Mr Balakrishnan’s initial years were focused on playing multiple roles such as CTO/Compliance and Governance/HR. He served as a Software Architect, Product Manager, and People Manager, ensuring 100% compliance with internal processes. In the year 2017, he went on to assume the role of CEO.
Mr Balakrishnan’s entrepreneurial journey is characterized by several notable achievements. Despite a lack of access to financial resources, he has continued to keep his business running. He has built world-class technology, unlocking the potential of his employees beyond what was expected. Furthermore, he has maintained long-term relationships with his employees even after they have left and achieved high compliance with all regulations, resulting in no parallel books.
Mr Balakrishnan’s entrepreneurial journey is an inspiration to aspiring entrepreneurs, highlighting the importance of resilience, hard work, and determination in building a sustainable and successful organization.
Each sector within the business world has unique requirements and challenges that affect businesses and organizations across a range of industries. Regardless of the industry, every business endeavours to maintain high-quality customer relationships, robust brand vibrancy, and satisfied employees. A successful company overcomes obstacles to distinguish itself from its competitors.
Extrieve Technologies encountered similar challenges during its journey. It faced obstacles in adopting new technologies, and financial constraints that impeded its ability to employ people. Furthermore, balancing two related but different business lines of hardware and software proved to be a daunting task.
Nonetheless, Extrieve Technologies successfully navigated these challenges and emerged as a leader in the imaging, enterprise document management, and workflow domains, delivering innovative and proven solutions that accelerate digital transformation journeys for its customers.
Triggers Of Growth
Extrieve Technologies’ growth story is a testament to the power of strategic decision-making. The company’s expansion was fuelled by a few key decisions that fast-tracked its growth trajectory.
Firstly, it strategically shifted its focus to software solutions, building a robust portfolio in the imaging, enterprise document management, and workflow domains. Secondly, the opening of new branches in Bangalore and Kolkata expanded the company’s reach. This resulted in tapping into new markets and providing access to a larger pool of customers and employees, particularly in the southern and eastern regions of India.
The company’s focus on software, along with its expansion into new markets, has propelled it to new heights of success and positioned it for even greater achievements in the future.
Extrieve Technologies’ long-standing success can be attributed to several factors, including being an early mover in the imaging, enterprise document management, and workflow domains. With their focus on technology, they were able to build a robust software portfolio that helped address the evolving needs of their customers.
The company’s conservative financial management and long-term investments helped it withstand economic downturns and build a loyal customer base. Its success can also be attributed to its talented team, which prioritizes hiring and retaining industry experts to deliver world-class solutions.
Team Takes It All
Extrieve Technologies has built a strong and motivated team, thanks to its pragmatic and employee-friendly policies. The company recognizes the importance of HR in balancing the interests of the employer and employee and has created an environment of camaraderie where employees feel a sense of belonging, regardless of equity sharing.
The company provides exposure to its employees, shares responsibilities and backs them if they falter, giving them time and space to learn. It does not put undue pressure or require long work hours, except when necessary.
The same rules apply to the founder as to employees, creating a culture of fairness and equality. Extrieve Technologies’ approach to its team has resulted in a strong and loyal team, committed to the success of the company.
Some of the distinguished members of the team making it all happen are:
- Devashish Dalal- Heading Product Development
- Aditya Ahuwalia- Heading Project and Services
- Ekta Sikand- Head Human Resources
- Simon Sunny- Heading Product and Business
Setting It Apart
There are several reasons why this company stands out from its competitors. The solutions are easy to integrate and deploy, which saves businesses time and resources. Along with this, they are secure and certified, ensuring that businesses can trust the technology to manage sensitive documents.
Extrieve Technologies has decades of technological expertise, which means it has a deep understanding of the industry and can offer innovative solutions. Moreover, the company supports green technology, which is increasingly important in today’s environmentally conscious world.
With the world transitioning towards paperless solutions, Extrieve Technologies has adapted to this new reality and engineered its solutions to cater to the new use cases. It’s no surprise that the company has always been profitable and never declared losses, providing technology and solutions to create, process, and manage documents, offering the entire technological stack required for enterprise content management.
The company offers a range of solutions that include the following:
- Document Scanning
- Document Creation
- Business Process Workflow
- Imaging and AI
- OCR and Data Extraction
- Document Management
The Hallmarks of Extrieve Technologies
The company is dedicated to providing high-quality solutions to its customers. Here are some of the core values that guide the development of the solutions:
- Productivity-oriented design
- Higher Reliability
- Lower Infra usage with Green Technology
- Ease of Changes and Configurations
- Security and Compliance
A Step Ahead
As the technological landscape continues to evolve with the emergence of new AI capabilities, such as ChatGPT, Extrieve Technologies recognizes the need to adapt its products and services to meet the changing needs of its customers. The company is committed to staying at the forefront of technological advancements and incorporating these advancements into its solutions.
Moving forward, Extrieve Technologies plans to continue investing in research and development to enhance its products’ capabilities further. This includes leveraging AI and machine learning technologies to improve the functionality of its solutions and offer a more personalized user experience.
Additionally, the company plans to expand its reach into new markets and geographies, providing access to a more extensive pool of customers. This expansion will involve opening new branches and forming strategic partnerships with other companies in the industry.
Advice Of The Wise
- Never lose sight of governance and compliance
- Play for the long-term
- Build a team, share responsibilities
- Keep your feet on the ground, even while you dream
- Employees will move on, and never take their leaving as an affront
- Stay connected with the market and related businesses to get a sense of trends