NEWave Inc., which launched in the early 1990s as New Wave Automation, found success filling a niche in the gaming business. That niche is developing software that automates documents allowing casinos to archive them electronically.
Today, Las Vegas-based NEWave has 270 clients nationwide and a modest booth at Global Gaming Expo to market its products.
“We have four core software suites: myCompliance Manager, myRevenue Manager, myDocument Manager, and the new myData Manager, which we unveiled at G2E 2013,” said Jim Bach, co-founder of privately held NEWave.
Bach started the company in 1993 with co-founder Dick Favero. It’s software that assists casinos in three vital areas, financials, compliance and fraud, and audit and reconciliation, he said.
“That’s because no matter the size, every casino is concerned with compliance, efficiency and making the most of every dollar, and that’s what our clients look to our software to do,” Bach said.
Bach discussed NEWave’s business and G2E with the Las Vegas Business Press.
Question: Describe NEWave’s business.
Answer: For more than 20 years, NEWave has been creating software that helps casinos do business more efficiently, most cost-effectively, with less waste, and with absolute compliance. Our clients rely on our software to automate processes and digitally store information. That automation makes all types of business processes faster and more accurate, including Title 31 compliance, eFiling IRS documents, auditing, reconciliation, etc.
Question: Who are your customers?
Answer: NEWave serves more than 270 casino clients across the U.S. We work with casinos of all sizes, from those with thousands of slot machines to those with tens of machines. Some of our larger clients include Boyd Gaming, Caesars Entertainment, Cherokee Nation, Chickasaw Nation, Penn National, Pinnacle Entertainment and Station Casinos.
Question: What products did you release at G2E?
Answer: At G2E 2013, we introduced a new generation of software that will change the way casinos do business across the entire operation.
The first new software solution is myData Manager. The software takes large daily reports and files and automatically converts them into relevant data dashboards and spreadsheets. This data is then automatically turned into daily emails with targeted, specific data to the finance, operations and senior management teams. The end result is that each individual user has the data they want most, all in an easy-to-read dashboard. The user can then drill-down through the dashboard all the way to the original report, if they so choose.
Another new software solution is Audit Manager. With the new Audit Manager, casino audit staff can quickly and efficiently conduct any type of audit for any type of document in any department, gaming or non-gaming. Audit Manager centralizes all audit functions and is completely paperless … everything is automatically routed through email and work queue.
Question: Why introduce new products at G2E? Aren’t you concerned they might get lost in the crowd?
Answer: G2E is the industry’s largest trade show, and that’s exactly why we chose to reveal these products at the show. The industry comes to G2E expecting new things, so it made sense for us to launch myData Manager and Audit Manager here.
Question: Do you manufacture software products for other industries besides gaming? If not, why not expand your product offerings?
Answer: We are fortunate that our operation is based in Las Vegas, because gaming is what we do. In fact, every single person on our staff has direct in-casino experience so we understand operations and processes from the insider’s perspective. There is a great deal of need for our services within the gaming industry, and between those existing needs and our very high level of expertise, that’s why for now, we will continue to focus our attention on this industry.