Winner Name: Tamkeen & Mobile Applications
Nomination: SIDF Digital Transformation Journey – Two Golden Stevie Awards for Innovation in Business Information or Application Websites
Winning Organization: Saudi Industrial Development Fund (SIDF)
SIDF
With a capital of $28 bn, the Saudi Industrial Development Fund (SIDF) was founded by the government to play a leading role in Saudi Arabia’s industrial development.
SIDF is the financial enabler of the National Industrial Development and Logistics Program (NIDLP), which is one of the largest programs of Saudi’s Vision 2030, aiming to attract investment and transform the Kingdom into a leading industrial powerhouse and a global logistics hub. SIDF has been supporting Saudi’s manufacturing industry by providing medium and long-term financial loans, advisory solutions, and human capital development of the ecosystem. In mid-2019 SIDF amended its bylaws to allow it to lend to key sectors that have not previously fallen under its remit: mining, energy, and logistic services.
Stevie Award-winning Case Study:
Digitalization is at the forefront of technological advancement and a priority solution that is being introduced to transform how organizations do business and increase the efficiency of their delivery of products and services.
As the Saudi industrial sector grew, SIDF needed to migrate more than 40 years’ worth of data to one unified digital platform to deliver the optimal financing needed for the Kingdom’s industries.
SIDF has developed a full-fledged robust system with SAP as a back-end engine, and BPM XL as a front-end portal. In addition, interactive CRM module with integration to all the relevant external agencies.
We had an end to end the well-defined process with hierarchy level approval systems paving the way for a total automation transformation and governance which includes:
- Payment Automation with inbuilt approval process and bank file transfer.
- E -Contract System linked with “Absher Services” for seamless automation and high security.
- Mobile Application for Android and iOS clients with more than 40+ services.
- Fully Automated Letter of Credit process with Direct Bank to Bank link.
SIDF was able to implement this automation plan in less than two years thus exceeding expectations in the duration estimated of implementation (i.e. three to five years). We are very proud of this achievement, accomplished in such a record time, which motivates our determination toward further development.
This transformation has also given SIDF’s wide recognition and awards from many prestigious entities, such as the SAP MENA Golden Quality Award, which recognizes the region’s top digital transformation initiatives.
In terms of metrics of achievement or success of our product with our successful launch, multiple products and services were configured seamlessly. Loan application approval time has been reduced to 20 weeks (58% reduction), and the rejection rate for loan applications reduced to 14% (Rejections due to incomplete data). This will be mitigated with extensive integration mainly with external entities. This will help the client and SIDF by reducing inaccurate data being input.
Final Quote
We achieved an unimaginable target. With a legacy of over 70+ applications and migrated data well worth over 40 years, we were able to implement in just over 17 months which was initially projected to be completed over at least 3 years.
VP Technology, Mr. Abdulaziz Saleh Al-Ghufaili:
“Digitalization is at the forefront of technological advancement and a priority solution that is being introduced to transform how organizations do business and increase the efficiency of delivering products and services.“
Saudi Arabia’s Vision 2030, supported with an ambitious plan and the genuine support of its citizens, plays a vital role in the development of the Kingdom, aiming toward a prosperous future for our country. This has facilitated the adoption of all means and solutions to pave the way to successfully achieve the targets of this Vision. Digitalization is at the forefront of technological advancement and a priority solution that is being introduced to make a substantial transformation in businesses of organizations and increase the efficiency of delivering products and services.
SIDF has won two gold awards at the Middle East and North Africa Stevie Awards, where the fund received the Gold Award for Innovation in Business Information or Application Websites, under the Web Site Awards Categories, for developing the Tamkeen Application to apply for and follow up on loans, and won the second Gold Award under the same category for the smart mobile application designated for the clients of the SIDF.