Avanti Technologies

Avanti Technologies

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  DECLARATION This is tocertify that Summer Training Report entitled “PRODUCT DEVELOPMENT” which is submitted by me in partial fulfillment of the requirement for the award of degree PGDM at Indore Indira Business School, Indore, comprises only my original work and due acknowledgement has been made in the text to all other material used. MRADULA SUKHYANI PGDM Semester -III July 31, 2015 Signature
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  BONAFIDE CERTIFICATE FROMCOMPANY This is to certify that this project report “……….TITLE OF THE PROJECT……………..” is the bonafide work of “ Mrs.Mradula Sukhyani” who carried out the project work under my supervision from 01st July,2015 To 31st July 2015. (Signature of HOD) NAME OF HEAD OF THE DEPARTMENT (Signature of Training Head) NAME OF THE TRAINING HEAD <<Department>> << Designation>> <<Full address of the Company >> Company Seal
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  BONAFIDE CERTIFICATE FROMINSTITUTE This is to certify that this project report “PRODUCT DEVELOPMENT” is the bonafide work of “Mrs. Mradula Sukhyani” who carried out the project work under my supervision from 01st July, 2015 to 31st July 2015. <<Signature of the head of the director>> NAME OF THE DIRECTOR OF INSTITUTE <<Signature of the faculty supervisor>> NAME OF THE FACULTY SUPERVISOR <<Academic Designation>> <<Department>> <<Full address of the Institute >> Institute Seal
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  ABSTRACT OF THEPROJECT The Project which taken into under consideration is to test a Product(software) named as “AVACOM” which is a Compliance solution based software designed for medium & large organization. The software is at introduction stage as per productlife cycle & it helps them in dealing with legal & statutory rules (Compliances) designed by the Government for industries and organizations. Every organization has to follows certain rules which are framed by the government to conduct a clear & transparent organizational practice. The compliances Software (AVACOM) is classified into two Levels i.e. at central level & at state level and it have four categories i.e. Human resource, Legal, Secretarial, and Finance. AVACOM helps companies comply with the above requirements. Under these four category & two levels the Software works as a compliance solution provider to the organizations. Government frames the Compliances at central & state level for the four major departments like for Human Resourcea compliance example is Payment of monthly wages of contractemployee before the 10 of each and every month. So Avacom has a reminder feature which gives the notification to the user before the 10th of each month to avoid the wrong practices and also providing the clear & transparent flow of the work , and also under the given government rules and regulations. The software has a great feature of assigning users (for different entity and multiple locations) that performs the compliances. Then the whole flow of compliance comes to the next user who also got the assignment under the name of reviewer, reviewer mainly looks towards the work of performer and gives his review towards that compliance that a performer has conducted. Then the whole flow of compliance comes at a last stage that is at the approver’s level where the approver looks towards the work of performer and reviewer and he/she approves the compliances. The whole cycle of compliance get completed. The Software has very much need in the market because it works as a shield to protect an organization’s reputation and owner’s goodwill in the market because many of them are associated with risk like imprisonment & penalty for the owner.
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  COMPANY OVERVIEW Avantis Technologies,founded by senior Risk, Finance and IT professionals, is a start-up with a specific focus on automating the risk management / compliance management process formid-sized and large Companies. Avantis Team has tremendous experience in developing risk profiles and conducting risk assessment workshops for varied industries. Seeing the potential and the probable requirement postamendments to the Companies Act, Avantis was incorporated with a sole aim to develop such world-class products which can supportorganizations in establishing / streamlining the "Enterprise Risk Management" Processes. The Company was incorporated in October2013 and in last one year; the management team has been brain-storming and working hard on rolling out a Compliance Management System, a sub-set of the "Enterprise Risk Management". The company has on-boarded an experienced Team for software development and testing and also an experienced lawyer for supporton the India-wide legal compliances. The Phase I project was developed in July 2014 and has been implemented in several medium size industries as pilot implementations since then. The productis up and running for last 3 months and have received a positive feedback from all the companies. Now, the management has initiated conceptualizing the Phase II of the project i.e. Risk Management Tool, which they had plan to roll out as an addition to the existing productitself in next 10 months.  Formed: Oct 2013  Employees: 1-5  Funding: Self/Friends/Family  Website: https://www.avantis.co.in  Number of Customers: Currently, They have implemented the Application as pilot project in 2 manufacturing concerns of a large corporate.
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  MANAGEMENT Mr. Sandeep Agrawalis a member of The Institute of Chartered Accountant of India and Information System Audit and Control Association (ISACA, USA). He has over 12 years of experience in Risk Management, Sarbanes Oxley and Clause 49 Compliance Supportand Reviews for several domestic and multinational companies encompassing Metal & Mining, Automotive Ancillary, Engineering, Media & Entertainment, IT & ITES, and Real Estate Sector. Sandeep has worked with PricewaterhouseCoopers (PwC) for around 8 Years in its Risk Management and Internal Audit Practice (including One year experience with PwC USA).
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  HEIRARCHY Software developer Sales& Marketing Admin Manager HR manager Executives Server Head Market Researchers Finance Executive Software Testers/ Interns Interns Top Management IT Head Sales & Marketing Head Administra tion Head Human Resource Manger
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  PRODUCT OVERVIEW The Productnameis "AVACOM". It is a Web-based application which can be used anywhere using Internet and Unique Id. AVACOM is a “Compliance Management Solution” for large and medium sized organizations. It supports the companies in the following manner: 1. Create a formal Process foroverall Compliance Management. 2. Create “Accountability” among the team members 3. “Timeliness” is the key to the overall process 4. Create a “SupportMechanism” for the people responsible 5. Provides a comprehensive Management Reporting for Senior Management UNIQUE FEATURE OF AVACOM:- Important Features of the software are listed below: 1. Scalable Organization Structure can be created (new entity can be added at any level). 2. Multiple Roles can be defined with a unique user Id and Passwords foreach user. 3. Comprehensive Framework supporting creation / updating the regulations / compliances. Other activities like group policies / procedures can be updated & tracked through the software. 4. Ability to assign multiple roles / multiple locations / multiple compliances to a single User. 5. Automatic Email Reminders, Escalations and Notifications. 6. Mandatory review of completed compliances by the Reporting authority. 7. Mandatory upload of the compliance documents thereby creating a Centralized database for compliance documents / records.
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  8. Comprehensive Dashboardsfor each User and Senior Management reflecting a comprehensive compliance position for the company as a whole. 9. Feature assigning performance parameters for an entity wherein system automatically rates an entity / location into “High/Medium/Low”. Similar Application is provided by select large multinational Auditing / Law Firms. Apart from being Costeffective, we are developing a comprehensive end-to-end Risk Management Tool, which would be mapped to AVACOM, a feature which is not provided by any of the existing Software Providers. OTHER FEATURES- The Productprovides following services:  Compliance Repository : The productprovides a repository of Laws applicable to the various functions of a company across locations in India. The repository includes the regulations pertaining to Central and State legislations. The productalso provides select legislative forms for reference.  Customer’s Organization Structure : Producthas the capabilities to replicate complete Compliance Organogram (i.e. organizational hierarchy from a compliance perspective). The product has been designed to accommodatesignificant changes to the client’s organizational structure (especially for clients growing inorganically).  User Profiles and Assignments : This is a unique feature where the organization can create multiple user profiles and also assign multiple profiles to a single user. The Productis highly flexible wherein multiple permutations and combinations are permissible with respectto assignment of compliances and locations.
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   Compliance Workflows: Workflows are assigned for each compliance item and productfacilitates workflow based escalations and compliance approval mechanism.  Automated Notifications : Automated Email Notifications for compliance activities whereby Organization can create a supportmechanism for the Users for timely compliance. Productalso provides an auto-trigger mechanism to reporting managers for the non-compliance or delayed compliance.  Management Reporting : Productoffers a comprehensive Dashboard for each user profile with features of risk-wise and location-wise. These Dashboards are dynamically updated and provides a comprehensive overview of the compliance status for the entire Group as well. One of the important reporting tools offered by the productis the Performance Rating of each unit/location based on the actual compliance status. This report highlights the performing / non-performing entities which can be further drilled down to the performing / non-performing.  Audit Tooland Audit Trails : Online auditing of the compliance recorded has been provided in the product. The producthas been designed in a manner where the compliance workflows do not end until the compliance and related documents have been reviewed by the reporting managers. Productalso tracks the details of the workflow at each step and required Audit Trails to track compliance at every step is available through the Product.  Administrative Module : Organization can assign Administrative rights to one its IT team member to manage user groups and compliances.
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  HOW AVACOM WORKS
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  COMPETITORS LIST S. No.Company Name Product Name (Software’s Name) Locations 1 Chess Consulting ELCM Gurgaon, Haryana 2 Legasis Legatrix Mumbai, West Bengal & Delhi 3 Clutch Group Capture IQ Bangalore 4 Laser LLCS Mumbai 5 Compliance Info Tech Comply 49 , Comply 18 Gurgaon, Haryana 6 Lexplosion Komrisk Kolkata, Mumbai, Delhi
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  DESCRIPTION OF WORKASSIGNED DURING TRAINING:- The main task during the training is to understand the product which is software named as “AVACOM”. The product has a systematic work flow & process which is inbuilt for comply various compliances. During using the software the first step is to do testing of the whole software to find out the Bugs (Error in the functioning while using the software). Generating & maintaining an Excel file which contains the test cases which are written during testing of the software. Major Task during Training:- 1. Checking the functionality of product by login into company’s website by putting the assigned User ID & Password. 2. Conduct various types of testing like Smoke, User, Functional, Compatibility, and Security Testing. 3. Perform the task of various users and complete the cycle of compliance. 4. Looking on each and every option available in the software & checking the performance & accuracy of software. 5. The Software has 2 roles that are Authentication role & System Role. 6. The authentication role Consist Super Admin, Company Admin, Non- Company Admin, Management. 7. While System Roles Consist of Performer, Reviewer & Approver. 8. Then checking the user’s functionality by using various users at different- different level software. 9. Checking the accuracy in generating the reports related to the compliances. 10. Multi location facilities are working properly or not (related to Assignment of location). 11. Checking the functionality of all types of reminders, Notification and escalation which automatically gets generated by the software and delivered to various users via email. 12. Checking the features like Edit, Delete, Add which are mentioned into the software are performing well or not.
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  13.Giving ideas relatedto the software’s betterment, like –adding new features which are not available in the competitor’s product. 14.Cross checking all the compliance features that are saved on Master data are working properly as per the compliance workflow or not. How does software works – Pre saved list of compliances shows into the Company admin profile then he/she assign the Compliance to the performer user to perform it on or before a due date. Then After the completion of task by performer the compliance moved to reviewer user and the reviewer review it by writing a comment as done before time or delayed. At last the compliance moves to the approver user to get a final approval of compliance that means the last process ofcompliance of completing it. Names of users in the software- 1. Super admin- Accountable for the whole software and master data. 2. Company admin-Accountable for the assigning user and allotting the compliances to the users at different level. 3. Performer-First level user of compliances, Compliance assigned by the company admin to him and he/she performs it. 4. Reviewer-Second level user of compliance, he/she review the work of performer and gives the comment of performers work. 5. Approver-Third level of user who see all the compliances which are assigned and done, not done on time, Overdue and many more. 6. Management-It doesn’thave any authority to work for compliance but they can view the work of all users. 7. Non company Admin-Mainly the performer, Reviewer & Approver comes under this named as non company admin.
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  SWOT ANALYSIS FORTHE PRODUCT Strength Weakness Threat Opportunity New & advanced features Accessibility is web based (Online & Cloud Based). Multi functional (Assignment of multi user & Multi Location) Graphics are not well in software. Functionality of software gets interrupted while using it. Change in technology may hamper it. Competitors may launch more advanced feature product. Productis at introduction stage so it incurred high investment which can be a threat if the company won’t able to fund it long. Change in technology may leads to opportunity. New startup may get any alliance & supportfrom the government. The product serving the under market so the chances are very high for growth & Expansion.
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  PRODUCT ANALYSIS WITHCOMPETITORS Avantis Tech Chess Consulting Clutch Groups Audit Tool Plan and Schedule Compliances Task Reminders Audit Trails Assign Responsibility Dashboard Workflow Multi Locational Reporting Reporting Message Board Risk management Assignments Email Logs Capture Audio Compliances Repository Discussion Tab 100% Web Based Auto Alert Reporting Status Update 100% Web Based Risk management Leaser GRC Legasis Soluation Compliance infotech Dashboard Multi Locational Compliance mapper Compliance universe Risk management Event Checklist Event Checklist Audit Tool Reminders Time based compliance Dashboard Audit Trails Reporting Event Checklist Status Update Knowledge base Authorized Access Reporting Compliance Certificate Auto Alert E-filing Work Flow Tracking Risk management Reminders
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  LEARNING’S DURING TRAINING- 1. Learned the process of maintaining software and process to test it. 2. Understand the importance of Competitors analysis. 3. Learn to create and implement new features after analyzing competitor’s product. 4. Learned the process of sales. 5. Understand the model of Industrial buying behavior. 6. Learn the flow of software. 7. Understand the emerging future of IT sector. 8. Understand working and market at B2B. 9. Productdeveloped. 10. Competitors analysis. 11. Case testing ( smoke, function, user interface, black board testing, etc.) 12. Technical aspectof product. 13. Legal risk management in crop. World. 14.Compliance hierarchy in companies.