Creating Distribution Channel Of A financial Software

8/14/2019 Creating Distribution Channel Of A financial Software

1/32

SUMMER INTERNSHIP PROGRAM 1

A PROJECT REPORT

ON

CREATING DISRIBUTION CHANNEL OF A

FINANCIAL SOFTWARE

SUBMITTED BY:

RAJGOURAV MITRA

PGPBM : PB 07148

SESSION: 2007 2009

PH: 9903595870

[email protected]

UNDER THE GUIDANCE OF:

(A) FACULTY GUIDE: (B) COMPANY GUIDE:ARINDAM BANERJEE HASAN WANGDE

Start date of Internship: 1st April, 2008
mailto:[email protected]:[email protected]


2/32


End date of Internship: 28th September, 2008

Report Date:

ABSTRACT

It is a great privilege to work on a project in Iris Business services India Pvt limited during my summer

internship. It was a good learning experience to work on a project like this where there were ample chance

of learning.

The whole project I have done under the guidance of two respected persons. The

first one is my company guide Mr. Hasan Wangde, who is a gentleman. He is a kind of person who is

always ready to help anyone. And throughout the project he did guide me whenever I needed. So, a special

thanks to him for being so co-operative to me. The second person involved with me in this project is my

faculty guide Mr. Arindam Banerjee. He is a great motivator. And my special thanks to him for driving me

in the right direction throughout the project. He did guide me at all the steps whether it is answering the

queries of the clients, or, making a presentation to them. So, I am grateful to both my guide for being so

nice to me and always being supportive.

In the project, I have used my experience and learnings which I have gone through my training process.

We basically had to market the financial software of our company and create distribution channel for it.

But the fact that we were more on the field work it was a kind of on-job-training for me. Me with my two

college mates were given hometown for our training purpose as we were well accustomed with the area

and the type of market that prevails there.

These things I have included because I felt that in India the main obstacles in ones is the lack of

awareness about the importance of financial Planning. So, I found these topics very relevant to the subject.

So, this is how I have tried to prepare this report with the support of some seniors and both my guides.


3/32


Company Profile

IRIS has over twelve years of proven expertise in the financial information management space. The firm

owns and manages one of India's most comprehensive financial information databases, covering the

universe of publicly traded companies, mutual funds, markets reference data to a live news service on

Indian business, markets and the economy. Apart from content, it offer technology solutions to our

institutional clients for effective content management.

IRIS supports content requirements for institutional clients as well as retail clients both in the Indian and

global markets. The content solutions range from raw data provision, to newsletter creation and research

support. Its digitization division undertakes large volume digitization of financial content. Its financial

training division offers programs both to retail and institutional clients.

myiris.com, India`s leading personal finance destination, was launched in 1999 and is widely used by

retail investors with an interest in Indian markets. They have recently launched myiris plus, a first of its

kind desktop based application which allows users to aggregate and manage their financial statements, tax

filings and more from their desktops.

On the institutional side, their clients include banks, mutual funds, broking firms, information firms and

leading corporates. They expertise in the XBRL arena, the information standard for financial reporting,

has led to several prestigious contracts from regulators and associations, including from the Institute of

Chartered Accountants of India to build the taxonomy for India. Their clients include the BSE and NSE,

who have adopted Corpfiling, IRIS XBRL friendly common electronic filing solution to facilitate

company filings.

IRIS is entirely professionally owned and managed. With over 250 young and dynamic professionals

working 24 x 7 from a sprawling 20,000 sq ft office in the International Infotech Park, Vashi, Navi

Mumbai, IRIS seeks to engage customers both institutional and retail, to support their information needs.


4/32


IRIS seeks to be a strategic provider of information and research solutions to global customers through

leading edge technology, people and processes. IRIS has over twelve years of proven expertise in the

financial information management space. The firm owns and manages one of India's most comprehensive

financial information databases, covering the universe of publicly traded companies, mutual funds,

markets reference data to a live news service on Indian business, markets and the economy.

On the institutional side, our clients include banks, mutual funds, broking firms, information firms and

leading corporates. Our expertise in the XBRL arena, the information standard for financial reporting, has

led to several prestigious contracts from regulators and associations, including from the Institute of

Chartered Accountants of India to build the taxonomy for India. Our clients include the BSE and NSE,

who have adopted Corpfiling, IRIS' XBRL friendly common electronic filing solution to facilitate

company filings.

What's new at IRIS?????

IRIS Appoints Liv Watson to Board of Directors

MUMBAI, India and NEW YORK, Oct. 14 -- IRIS, a global leader in business and financial information

products, data feeds and

XBRL-enabled technology solutions announced today that it has appointed Liv Watson to the IRIS Board

of Directors to lead the company's global business development and direct marketing and sales of its

proprietary products and services.

"Liv Watson is an important member of our leadership team and will be crucial to the global roll-out of

our innovative products," said S. Swaminathan, CEO of IRIS. "Liv's experience as a founding member of

the XBRL initiative as well as her extensive network of relationships with the world's stock exchanges,

securities regulators and government agencies will be central to her efforts to strategically deploy our

XBRL solutions. With more countries adopting XBRL, companies and auditors will be looking for reliable

XBRL tagging solutions, and regulators will be seeking seamless XBRL filing solutions - Liv will lead

IRIS' efforts to meet those needs."

In addition to her duties with IRIS, Ms. Watson serves as chair of the XBRL International Jurisdiction

Development Sub-Committee and as an at-large representative on the XBRL International Steering


5/32


Committee. Prior to joining IRIS, she served as Vice President of Global Strategies at EDGAR Online,

Inc.

Liv Watson is one of the founding members of XBRL and has been instrumental during the past ten yearsin the creation of the XBRL International framework for the financial and business reporting supply chain,

and has presented to a wide range of audiences ranging from international standards bodies to Fortune 500

about its benefits, potential applications, and broad adoption of XBRL.

"IRIS has a comprehensive range of XBRL products and services that meet the various business reporting

needs of a global marketplace," said Liv Watson, Member, IRIS Board of Directors. "Not only do we offer

out-of-the-box solutions, we have the talent and knowledge to work with clients to design custom, scalable

XBRL solutions for any number of needs, from regulatory filings platforms to benchmarking databases to

tagging applications. As XBRL continues its momentum towards adoption by all major capital markets,

IRIS is well-positioned to expand its market share in the Middle East, Europe, Asia, Africa and North

America."

IRIS building the XBRL Bank Reporting System for the Reserve Bank of India

IRIS has one of the world's largest XBRL management teams and offers a suite of XBRL products and

services which have been leveraged by several clients, including the Bombay Stock Exchange; the

National Stock Exchange (India's two leading exchanges), the Reserve Bank of India and the Institute of

Chartered Accountants of India. IRIS has also worked extensively on the US GAAP XBRL taxonomy and

has been providing XBRL custom designed services for financial service firms. IRIS owns and manages

the largest XBRL repository of instance documents from historical annual reports of listed Indian

companies.

IRIS building the XBRL Bank Reporting System for the Reserve Bank of India IRIS has won the contract

to build a bank reporting system for the Reserve Bank of India (RBI). The system will enable banks to

report in XBRL format (also known as XBRL instance documents), run validations, store and enable

rendering data in several formats for various departments of RBI.

XBRL is the new global standard for financial information exchange, which is being adopted across

countries for internal and external reporting.

XBRL is being adopted by the banking industry in several countries, Europe having all its banks report in

XBRL format. RBI has decided to go ahead with adopting the XBRL standard for banks reporting to RBI

in India. The XBRL standard will enable banks to submit data in a standard manner, and allow various

departments of banks to analyse this data modelled into different reports, adhoc and pre-defined.

With this project in hand, IRIS has established itself as a pioneer of the XBRL movement in India. IRIS isalso building the XBRL taxonomy for the country, mandated by ICAI (Institute of Chartered Accountants


6/32


of India), and has built the electronic filing platform, XBRL compliant, for the two biggest stock

exchanges in India (The Bombay Stock Exchange, The National Stock Exchange).

IRIS awarded prestigious contract to build the XBRL taxonomy for the country

IRIS is building India's XBRL taxonomy for Indian GAAP. It has been awarded the contract by ICAI

(Institute of Chartered Accountants of India), the governing body for accounting. XBRL is the new global

standard for financial information exchange, which is being adopted across countries for internal and

external reporting.

The Indian XBRL taxonomy will store all the Indian GAAP rules in electronic documents that can be

processed by any software. This taxonomy will be used by companies to report in XBRL format.

Taxonomy for India will be its first major step towards XBRL based reporting.

The data in XBRL format links to the business and accounting rules in the taxonomy. Hence any kind of

data in XBRL format is consistent and conforms to the rules and regulations. Any inconsistency is quicklyand automatically thrown up by systems.

XBRL also enables analysing and comparison of data more quickly, efficiently and reliably, hence shifting

the analyst focus to analysis, decision-making rather than data collation and preparation.

IRIS has recognised the benefits of XBRL, and is building a huge repository of corporate data in XBRL

format. IRIS has also built tools and services to capture, validate and consume XBRL information. The

electronic reporting platform (www.corpfiling.co.in ) has been built by IRIS is XML enabled and XBRL

compliant.
http://corpfiling.co.in/http://corpfiling.co.in/


7/32


Product and Services

XBLR Services

XBRL (eXtensible Business Reporting Language) is a fast evolving standard being adopted across

the globe for information interchange. IRIS being the owner of one of India's largest financial

information databases is a major player in bringing XBRL and its benefits to the country.

IRIS has its own suite of tools (FinX, iFile) catering to the entire information supply chain. In

addition to this we provide consulting services, outsourced services in converting information into

XBRL format. We will soon be launching XBRL Data Services, our being the first database in the

country in XBRL format.

IfileStock Exchanges across the world are increasingly turning to state-of-the-art technology

solutions to provide superior service to stakeholders and also to meet stricter regulatory

needs. One area where there is great scope for improving existing practices is in the area of

company filings, where price sensitive and compliance intensive information is currently

captured and disseminated in ways that have not kept pace with global developments.

FinX

From creation to consumption, the FinX suite is a comprehensiveset of tools used for definition, generation & consumption of XBRL documents. It enables

the users to define taxonomy, create XBRL instance documents & allows rendering of the

XBRL instance documents in multiple formats.

Fin-X Taxonomy Generator

This tool allows you build taxonomies ground up and also open/edit/modify and extend any

public or private taxonomy. This intuitive desktop based tool is easy to setup & helps you

can get started in minutes. It's a great tool for creators of taxonomy.

Fin-X Tagger

This versatile tool features extraction & tagging of any word, excel or html document to

any XBRL taxonomy & generate XBRL instance documents. The tagger takes care of all


8/32


validations based on link bases. The input to this tool can be both structured and

unstructured document file and converting it into XBRL instance documents. Apart from

GAAP, one can also customize this tool & build in custom validation rules. The tagger has

an impressive array of features including self learning pattern & tagging algorithms. Thistool is specially built for highly unstructured data.

Iservices

IServices: Solutions for data conversion and end user applications. Our iServices suite of

web services tools allows consumers to receive the information into their applications

directly, in the manner they want. As an example, loan officers of banks can receiveinformation in their credit analysis templates; equity research analysts can receive it in their

DCF models and so on.

The availability of tools like iServices has serious implication for the successful

implementation of Basel II norms. Data is rendered truly interactive, and it is possible to

serve a market of one, profitably.

Training & E-learning

The term training refers to the acquisition of knowledge, skills, and competencies as a result of the

teaching of vocational or practical skills and knowledge that relate to specific useful competencies.

Training has specific goals of improving one's capability and performance. In an age where talent

retention is as important as consistent performance and quality outputs, training is an essential tool.

It helps keep pace with the changing needs of the business world.

We help you find that combination of theory and practice that will best fit your business to forge

ahead. Our blend of training will be tailored to suit your needs.

Whether it is a paradigm change that you need or a reworking of elements already present but not

fully exploited in your company, our solution will be soldered to the reality of your needs.

We are a need-driven outfit and are responsive to our clients'

Open Programs

Workshops , seminars and conferences, provide a highly interactive and collaborative

setting where people can combine forces to identify, exchange, plan and elaborate emerging

ideas, high-quality research, cutting-edge practices and other efforts.

FINANCE FOR NON- FINANCIAL PROFESSIONALS

BUSINESS FINANCE


9/32


10/32


Valuations

Fundamental Analysis

Mathematics of investing

financial know- hows in retail Financial for Shop -floor manager

ContentWe strive to provide our clients with the highest level of content services and have been doing so

with a project management team that successfully combines our strong processes and technology-

driven systems to satisfy the most specialized of corporate content demands.

Our content department has unmatched expertise in the entire gamut of content-related skills,

ranging from conceptualization through writing, editing, proofreading and indexing, that go into

meeting the content demands of corporates and the business world at large.

Newsletter

Indian Economy Watch: This weekly newsletter helps subscribers stay on top of Indian

economic developments. Apart from providing key macro economic variables, the

newsletter helps readers cotton onto trends early.

Indian Policy Watch: This is a weekly newsletter focussing on policy announcements of the

week, in addition to providing an analysis of the more important ones.

Business Database

Our databases are comprehensive. The information captured in an atomized manner from

original sources, permits their delivery in a customer defined format and user preferred

frequency. Products are spun out of the databases leveraging on our technology strengths

and financial domain knowledge. We run a news service covering the equity markets and

mutual funds, a team of analysts complement with their insightful writing which the market

has come to value.

Click on the name of the database to learn more.


11/32


Publishing

We undertake contract publishing for specialized and corporate needs. Our ability to

understand the requirements of corporates for fulfilling the information needs of carefully

defined audiences enables us to offer complete publishing and printing solutions, ranging

from conceptualization to editorial, design, printing, distribution, and advertisement sales.

One of our major publications is the Sensex, the Bombay Stock Exchanges premier bi-monthly publication which goes out to over 15000 people, comprising of the who's who of

the business and financial community - the CXO layer in corporates, all players in the

financial services industry, regulators, academics and opinion makers, media, foreign fund-

managers and associations, and the government (including ministers and bureaucrats at the

Centre and the State). The publication has recently completed a one year run and has set an

unparalleled benchmark among custom business publications.

Business SolutionsWe endeavour to provide solutions for a dynamic environment from business and technology

perspective that will ultimately bring our clients business strategy to life and drive the business

towards greater success. Our approach focuses on new methods of business combining IT solution

while also leveraging and maximizing an organization's current assets.

In the past, we have helped many businesses achieve better, faster, more effective and efficient

results through our business solutions. Talk to us and we will work with you to establish solutions

suitable for your particular needs and maximize your business potential to the full.

Epassbook

Database Description

Corporate Information Universe of listed Indian companies.

Market Reference dataCovers all listed Indian companies, appropriately tagged and indexed.We cover the 2 main stock exchanges, BSE and NSE.

Mutual Funds Universe of Indian mutual funds

Economy and IndustriesTime series information covering economic and social indicators on

India and the States. Plus sector wise, industry information

PolicyLegislations, bills, notifications to investment guidelines, policy

pipeline

News and analysis News, views and analysis on equities, mutual funds and more.
http://www.irisindia.net/database_doc.php#cihttp://www.irisindia.net/database_doc.php#fmhttp://www.irisindia.net/database_doc.php#mfhttp://www.irisindia.net/database_doc.php#EIhttp://www.irisindia.net/database_doc.php#pohttp://www.irisindia.net/database_doc.php#nahttp://www.irisindia.net/database_doc.php#cihttp://www.irisindia.net/database_doc.php#fmhttp://www.irisindia.net/database_doc.php#mfhttp://www.irisindia.net/database_doc.php#EIhttp://www.irisindia.net/database_doc.php#pohttp://www.irisindia.net/database_doc.php#na


12/32


ePassbook is the institutional version of myirisPlus. In addition to the features that have

been outlined for myirisPlus, ePassbook is tailormade to import transactions from the

financial institution. The institution also gets prominent branding in ePassbook. Institutions

can also drive targeted ads to their customers, thereby increasing customer involvement.

Digitizing Services

IRIS offers large volume digitizing services, from scanning physical documents, converting

through OCR to PDF, HTML or MS Word format, and quality check to ensure 99%

accuracy. In addition, we also have proprietary software to add further value to the

digitized content, including converting data into XML and XBRL instance documents. As

one of Indias leading financial information providers, we have also digitized over 20,000

annual reports and offer a digital annual report service.

Key Features

99% accuracy

Quick turnaround time

Conversion to PDF, MS Word, HTML as well as client desired formats

Value added solutions to create databases, or XML / XBRL documents using the

digitized data Productivity of over 10,000 pages per day

Independent Research

We offer customized research and research support services. These include company

reports, industry studies, due diligence reports, trade research and market research. The

scope of the assignments is defined by the clients, and teams of analysts and data associates

work to meet client requirements. Research teams can be dedicated or shared, depending on

the types and duration of the engagement.

Our analysts are trained in business and financial analysis, and we provide staff to support

firms that seek to outsource research support activities. Analysts play diverse roles in the

area of research support, based on client requirements - financial model maintenance,

background reports and studies on firms and industries, transcripts of earnings calls,

preparation of presentations. In providing research support services, our analysts work

either as dedicated resources for clients, or on assignment basis.

Personal Finance


13/32


We are a one-stop shop for all your personal finance and money matters.

Using a combination of quality content and fine technical research, we provide the best of

information on many kinds of financial products, from credit cards and personal loans, through toinsurance, mutual funds, pensions, and savings.

Additionally, we provide premium personal finance planning tools, which allow you to track and

evaluate your financial statements and investments, in turn giving you the best feedback on your

financial health.

Talk to us and we'll point you in the right direction to get your money working for you.

Myiris Plus

Myiris Plus, a desktop based application is a easy to use Personal Finance organizer which

allows you to consolidate different financial statements, track investments, view reports,

and look at different financial investment options.

ConsolidationConsolidates a large range of financial accounts right from banks, credit cards to small

saving accounts. Helps take better financial decisions with single view of the financial

universe.

Portfolio

Tracks, researches and helps analyze the equity and mutual fund portfolios. Live price

updates, charts, latest news, watchlist, stock scroller and many more features that help

manage investment portfolios.

Reports

Customized reports on Income & Expenditure, Networth, Capital gains, Portfolio, Budget,Cash Movements and Equity & Mutual fund dividend history which assist in taking better

informed financial decisions.

Tax

Simplifies tax filing by selecting the correct ITR form and auto populating the necessary

fields with data already captured by the application. The application prints the ITR form or

generates an XML file for online filling.


14/32


My Iris

Myiris.com is India's preferred personal finance destination

where people research stocks and mutual funds before

transacting in them with an intermediary of their choice.

The portal offers live news and stock quotes, company

fundamentals data, mutual funds data, along with a suite oftools for comparisons and analysis. In addition, the site also

provides up-to-date information on IPOs, Analyst Meets

and Corporate Results.

There's a lot more for a serious investor. The site provides

detailed sector reports, analysis of results, charting tools

and other important pointers on the stock markets like

active stocks.

For beginners to the world of investments, basic walk-

throughs and FAQs are available on the site. A research

tutorial for any company can be created on-the-fly,

incorporating latest information, and presented in an easy-

to-read manner for lay users.

Add myiris.com to your list of favourite portals, and keep

track of India on a continuous basis.

Myiris.com is a good platform to reach out to the investor

community. To explore how to make it work for you, write

to [email protected]
http://www.myiris.com/http://www.myiris.com/http://www.myiris.com/http://www.myiris.com/


15/32


16/32


CLIENTS

American Express

Asit C. Mehta

Bank of Baroda

Credit Analysis & Research

Chescor Holdings, UKCitibank, N.A.

Confederation of Indian Industry

Cholamandalam Investment & Finance

DSP Merrill Lynch

FEI Investments, Zurich

Fitch India

Government of Maharashtra

Gandhi Securities

HDFC Bank

HDFC Mutual Fund

HDFC SecuritiesHSBC

ICICI Bank

IL&FS Investsmart

Jasubhai Media

Jim Penning & Associates, Luxembourg

J M Mutual Fund

Khandwala Securities

Kotak Securities

MIDC, Government of Maharashtra

Mangal Keshav Securities

Morgan StanleyMurugappa Group


17/32


NMMC, Maharashtra

Networth Stock Broking

Prudential ICICI

SMIFSStandard Chartered Bank

Sun F&C AMC

TAIB Securities

Tata Motors

TIFAC, Government of India

Founders of IRIS

Swaminathan is the Chief Executive and Founder of IRIS. An economist trained at Yale University, USA,

he served briefly as a Consultant to the World Bank in Washington DC before returning to India to first

co-found a software company. He then went on to pursue a career in the media, serving in senior positions

with India's leading financial daily, The Economic Times and later with the country's leading magazine,

Business India. He founded IRIS in 1994. Apart from his passion for information, Swami is also

passionate about cricket, and was closely involved in organizing the World Cup cricket tournaments

before founding IRIS. Swami is also the Chairman of Bharatiya Vidya Bhavans New Bombay chapter.

K Balachandran (Bala), a co-founder of IRIS, heads the information and research delivery operations at

IRIS. He was a Group Leader and Senior Analyst at CRISIL after a stint as a business economist with Tata

Economic Consultancy Services. He rated more than forty companies while at CRISIL. He led severalcompany and industry research assignments at IRIS and played a crucial role in building the research

delivery capabilities of IRIS. Bala also spearheads the XBRL initiative at IRIS, and is also a Director on

XBRL India. Bala is also the CFO of the firm. Bala is a Chemical Engineer, and an MBA from the Indian

Institute of Management, Bangalore.

Deepta Rangarajan, also a co-founder of IRIS, heads HR and also supports operations at IRIS. She plays

a key role in the conceptualization and design of almost all of IRIS' information products and services,

including the content management system and Myiris.com. Before IRIS, she worked with American


18/32


Express Bank, and CRISIL (Indias first credit rating agency). Deepta is also a Chemical Engineer from

the Indian Institute of Technology, Delhi, and an MBA from the Indian Institute of Management,

Ahmedabad.

MYIRIS PLUS- THE FINANCIAL SOFTWARE

Myiris Plus, a desktop based application is a easy to use Personal Finance organizer which allows you to

consolidate different financial statements, track investments, view reports, and look at different financial

investment options.

Consolidation

Consolidates a large range of financial accounts right from banks, credit cards to small saving accounts.

Helps take better financial decisions with single view of the financial universe.

Portfolio

Tracks, researches and helps analyze the equity and mutual fund portfolios. Live price updates, charts,

latest news, watchlist, stock scroller and many more features that help manage investment portfolios.

Reports

Customized reports on Income & Expenditure, Networth, Capital gains, Portfolio, Budget, Cash

Movements and Equity & Mutual fund dividend history which assist in taking better informed financial

decisions.

TaxSimplifies tax filing by selecting the correct ITR form and auto populating the necessary fields with data


19/32


already captured by the application. The application prints the ITR form or generates an XML file for

online filling.

INTRODUCTION

Myiris.com is Indias most comprehensive personal finance portal for information on stock markets,

Companies, mutual funds, economy, broker research and much more. In addition, Myiris.com offers

multiple tracking and analysis tools for investors, such as the portfolio tracker, risk analyser and research

tutorial.

Myiris.com now brings to you myiris plus, an innovative software tool that promises to immensely

simplify the process of maintaining our financial records and filing your taxes. Detailed information and

analysis is now available at a mouse-click as myiris plus can record every single transaction (bank, credit

card, mutual fund or equity related) over a period of time, and aggregate it in one single view.

We can see a break-up of our income, investments and expenditure whenever we wish.

A person can also generate his/her Income Tax Return form on his/her desktop, ready for submission at the

Income Tax office. Myiris plus has detailed contextual help which appears on one side of the screen as we

are using the software. In addition, this user-guide will see us through the entire process of creating our

profile, updating our bank, credit card, mutual fund, equity and other investment records and finally

computing our tax and creating our Income Tax Return form.


20/32


PROJECT TITLE

CREATING DISRIBUTION CHANNEL OF A

FINANCIAL SOFTWARE


21/32


DESCRIPTION

Nature of work:

As the title of the project gives an idea about type of work i have to do throughout the summer training

is creating distributors in the given territory. The product was totally new in the market and there was a

lack of awareness about the product between the consumers. The name of the product is Myiris Plus.

It is a personal finance software for retail investors or you can say for every person living in this era of

technology and lack of time. The software maintains ones all financial accounts in one screen. It

analyses all types of financial accounts and generates reports according to the provided data. It helps in

making you financially secure tries to give an overview of ones entire finance. It also helps in

planning your finances better.

The work I had to do is to create distribution channel for the company. But the fact that as I was more

on the field so it was a kind of on-job-training for me. Me with my two college mates were given

hometown (Jamshedpur) for our training purpose as we were well accustomed with the area and the

type of market that prevails there. I used to call up the financial advisors present in the area and fix

appointment. There after I used to go to his place or office as there very few financial advisors have

offices of their own and give them a complete demonstration of the product. And then if he/she liked

the product then I proceed further in closing the deal. And thereafter comes the documentation

formalities.


22/32


23/32


The area covered by me during these six months of project was the entire Jharkhand as well as

Bhubaneshwar and Kolkata. The major areas in Jharkhand were (Jamshedpur, Ranchi, Bokaro,

Dhanbad, Etc)

METHODOLOGY

Research methodology is a systematic and intensive study directed towards a more complete knowledge

of the subject studied. Its purpose is to find answer to question through the application of the scientific

method.

The method or entire procedure involves carrying our research for specific purpose, research is thus and

make for its advancement. The purpose of research is to discover answer to question through application

of scientific procedures. Research always starts with a questions or a problem.

Method of data collection:

The data was mainly collected through primary sources like Questionnaire and Interview. Apart fromprimary sources some of the data were also collected through secondary sources like Brochures, Ensure

(magazine of Iris Business Services India Private Limited ) and Internet.

Sampling used:

Non-Probability sampling

Judgmental sampling

Convenience sampling


24/32


Judgmental sampling- in this process, sampling is done on the judgement of the researcher. The inclusion

and exclusion of the sampling units is based on the judgement of the researcher.

Convenience sampling- in this method, sample is selected according the convenience of the investigator.

In convenience sampling method, for the selection of the sample no scientific planning is done. In

convenience sampling the selection is unsystematic, careless and accidental.

DATA ANALYSIS


25/32


Accomplishments


26/32


Analysis Of The Project Result

Analysis of my performance:

The overall experience was very good as working under such a good brand is always helpful. As

product has a very niche market so convincing people was a bit tough at first but later on as the

days passed I got experienced and with the help of my boss ended up in doing a good business.

The sales target that was given to me was 30 copies of the software in minimum or 16 distributors

that I have to achieve within six months of my training. And I achieved more than the target and

ended up in selling 60 copies of the software and eventually made 3 distributors and 1 channel

partner. And this was the first time in the history of the company any person had made a channel

partner and sold the copies in a bulk of 50. This was later appreciated by the M.D of the company

Mr. Swaminathan and Product head Mr. Hassan Wangade.

Three Primary Strengths

Resilience

Team Player

What I did well & areas i would like to develope


27/32


What I did well was getting appointment from the people as it was the first step of my job and it is

the toughest one. But somehow I always made people to give me an appointment. And then it

becomes easy for me to persuade them to buy the product. And one more thing I was good at and

that is pitching the sales pitch.

The area I would like to develop within me is my communication skills. I need to be more fluent in

English, and i need to be more presentable while talking to customers. These are the few areas

where I need to develop.

CONCLUSIONS

In this project I had to contact the clients to know about the Consumer Awareness of Personal financial

software of Iris Business Services India Pvt Ltd. The survey was conducted through a questionnaire in

Jamshedpur region and it had 17 odd questions which helped me to come to a conclusion. After the survey

I found that many people were aware of Personal finance software but they were mostly using free sites

like moneyconctrol.com or valueresearchonline.com. The market is undoubtly dominated by these free

websites where people get there required reports. The higher middle class people were interested and were

targeted for these software as they are computer literate and they are prone to new technology. Company

was mostly targeting salaried people as these people work in office in front of a desktop or laptop and they

get very less time for maintaining their personal finance. But the company should come out with some

plans which were exclusively meant for business class. The product which Iris has is generally for urban

population and its not meant for rural population. People are not aware of finance software. The finance

software market is very huge, only around 10% of the market has been explored and 90% is yet to be

explored. So the company has great potential in future to reach to the top.


28/32


RECOMENDATIONS

1) Company should try to concentrate on commercial software for the financial advisors by

bringing some products exclusively for them.

2) Company should try to create some awareness about Financial Planning.

3) Low income people should also be targeted.

4) Company should try to market their product in rural areas also as people are not aware

about it and has not been touched yet.

5) Company should try to create satisfaction among consumers


29/32


BIBLIOGRAPHY

1) www.myiris.com

2) www.m3.myiris.com

3) www.irisindia.net

4) www.google.com

5) Brochures

6) Questionnaire

7) Research methodology by C.R. Kothari
http://www.m3.myiris.com/http://www.m3.myiris.com/


30/32


ANNEXTURE

1) Name 2) Address

3) Age

4) Occupation Student Service Business

Profession Housewife Others

5) Income (per annum)

a) Below 1,00,000

b) 1,00,001-1,50,000

c) 1,50,001-2,50,000

d) 2,50,001-4,00,000

e) Above 4,00,000

6) No. Of members in the family


31/32


32/32


14) Are you aware of AMFI?

Yes No

15) Are you satisfied with the software you have?

a) Highly Satisfied

b) Satisfied

c) Not so Satisfied

d) Highly Dissatisfied

16) Have you taken the software for financial planning or for maintaining financial accounts?

Date: - Signature of the respondent

Creating Distribution Channel Of A financial Software

Documents

Transcript of Creating Distribution Channel Of A financial Software