Digital Transformation with SAP saves 60-70 percent of time on loan processes
The Saudi Industrial Development Fund (SIDF), the Kingdom’s primary financial enabler for the National Industrial Development and Logistics Programme, has announced a digital transformation partnership with global technology company SAP, which has financially empowered Saudi Arabia’s industrial sector for the past 46 years driving the Kingdom’s SAR 184bn (US$ 49bn) industrial market.
Saudi Arabia continues to post strong industrial growth, with the market growing 6 percent annually. Currently, the Kingdom holds 60 percent of the GCC’s industrial market.
In line with Saudi Vision 2030’s nationwide digital transformation goals, along with the National Industrial Development and Logistics Programme, and the National Transformation Program 2020, SIDF was entrusted to boost the competitiveness and sustaining strategic initiatives of the Kingdom’s industry, mining, energy, and logistics sectors.
SIDF worked with SAP channel partner in Saudi Arabia to replace more than 70 legacy applications in the core business with real-time digital dashboards, including one for customer relationship management. Thanks to the fully automated system, SIDF has gone paperless, with fully digital and electronic approvals.
Showing the strong business results, SIDF has delivered automation through the Tamkeen platform, leading to 60 percent less time to process loan applications and 70 percent less time for loan disbursements.
“As the Kingdom’s industrial sector grows, SIDF needed to migrate 40 years’ worth of data to one digital platform to deliver the optimal financing for the Kingdom’s industries,” said Abdulaziz Al-Ghufaili, Vice President-Technology, SIDF.
“SIDF shows how financial organizations can digitally transform into Intelligent Enterprises and continue the commitment of supporting the industry to reach their full potential,” said Taha AlMadani, Head of Customer Success and Active Quality Management, SAP Middle East North.
