Cygnet Infotech works with clients across 35 countries including Fortune 500 enterprise corporations, medium sized businesses, fast-paced start-ups, and Government Bodies. It has teams across multiple regions and its offerings range from products and platforms for Tax Technology, Fintech, E-signing, RPA, Test Automation to Technology Services including software product engineering and digital transformation services. Below is a snippet from an interaction between team IT-Voice and Niraj Hutheesing, Founder and Managing Director of Cygnet Infotech.
Prateek: What new features does Cygnet offer for small and medium-sized businesses that make it stand out from other players?
Niraj Hutheesing: The Ministry of Finance has recently notified the applicability of mandatory e-invoicing for B2B transactions with effect from 1st April 2022 for taxpayers having annual turnover of more than ₹20 crores.
To keep small and medium businesses compliant, Cygnet Infotech has announced affordable e-Invoicing solution for SMEs and tax consultants, ERP integrators and billing solution. The solution comes with e-invoice generation capabilities, tally connector and invoice generation tools. It also offers the option of a simple GST-compliant financial accounting software for businesses. It can help businesses generate e-Invoices and e-Way bills directly from a GST Compliant accounting software FACE. A team of tax technology subject matter experts has been put in place to help proprietors of small businesses fully understand the compliance norms and equip them with technology-enabled software solutions. The team assures of a 24-hour turnaround time for deployment, by leveraging in-house automation tools.
Prateek: How can digitalization help in strengthening the relationship with customers?
Niraj Hutheesing: Cygnet Infotech has been indulged in building and delivering many such solutions for years. One such solution is retail supply chain solution called Cygneto that provides Field Management Solution (FMS). It helps the small businesses come closer to their customers, and digitally transform & seamlessly manage all the supply chain touchpoints, right from stockiest to retailer without much human intervention. The businesses have already reaped several benefits such as real-time online tracking of stocks and orders, close monitoring of business operations, system-generated reports, predictive analysis of supply & demand along with enhancing efficiency and productivity.
Prateek: What is the kind of tax tech solutions and services that Cygnet Infotech offers?
Niraj Hutheesing: Businesses may use Cygnet Tax tech’s tax compliance management solutions to create, automate, and update their tax technology architecture and streamline worldwide tax compliance operations. Our building block architecture helps in streamlining multiple business processes such as O2C, R2R, P2P and more with advanced technologies leveraging AI/ML, RPA and more. The tier structure helps managing data and insightful analysis that enables the apt solution for any challenges related to compliance and automation. The solutions will further enable small and mid-sized businesses to handle their invoices, without errors, as well as assist tax data analysis, audit evaluation, vendor digitalization, tax compliance tracking, and the establishment of a systematic and contemporary legacy system.
What needs to be known about this is that tax-specific technologies enable compliance procedures to be built, automated, and modernized without mistakes in response to the demands of the global digital economy. These include changing tax data flows, data analytics, and data needs. Tax technology is a wonderful strategic component for corporate transformation expanding at a rapid rate, and companies wanting to invest in it should be made aware of this.
Prateek: What are your non-tax solutions for enterprises and small businesses? Any new products launched to cater to the market in a post-pandemic world?
Niraj Hutheesing: In the non-tax portfolio, Cygnet has innovative products such as Cygnature which is an award-winning signing solution that securely authenticates signers, offering them a range of signature types for signing, and protects the integrity of the documents. Recently, we have added a fresh feature to it, i.e., e-stamp feature. With this, businesses will be able to procure e-stamps through the Cygnature platform and significantly ease the process of stamping documents. Cygnature helps digitize the process of paying stamp duty and procuring an e-stamp challan online rather than going to a vendor to procure traditional stamp paper. Such digital signing solutions can transform various industries including Pharma, Legal, manufacturing and more
Prateek: What is Cygnet Infotech’s roadmap for the coming years?
Niraj Hutheesing: Cygnet Infotech’s focus lies in offering users with a consistent and intuitive experience across all devices. We are working diligently to get the word out about how simple it is to transition your business into the digital space. Our goal is to earn client confidence while maintaining a healthy level of competitiveness with other industry players. We are expanding our capabilities and footprint with acquisitions and partnerships that will help us deliver beyond set expectations.
Recently, Cygnet Infotech and Grid Dynamics, a NASDAQ listed digital engineering services and solutions firm, announced a strategic partnership. We recently announced the acquisition of a majority stake in Glib.ai, an emerging Artificial Intelligence start-up. We are also certified as a Great Place to Work. This Great Place to Work® Certification Program is another milestone in our journey of building a High-Trust, High-Performance Culture™ and our organization has successfully accomplished this milestone. We intend to keep this title and ensure we remain a great place to work for all our employees.
We further aim to improve awareness and make executing critical procedures online a routine.
Therefore, it can be said that we plan to focus on independent platforms that don’t require operating system services to function, connected ecosystems that span end-to-end business processes, and AI-driven smart systems that include smart decision-making and automation skills. The objective is to offer managed services, low-code test automation, and the development of new blockchain-based solutions, among other things.