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Saudi Industrial Development Fund announces digital transformation partnership with SAP

Saudi Industrial Development Fund announces digital transformation partnership with SAP

The Saudi Industrial Development Fund (SIDF), the Kingdom’s primary financial enabler for the National Industrial Development and Logistics Program, 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 184 billion industrial market.

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 of Technology, SIDF. “Now, we have full and real-time visibility on our loan processes, leading to more streamlined loans and a more competitive industrial sector aligned with Saudi Vision 2030.”

SIDF has also Intelligently deployed innovative technologies, including the integration of automatic credit check and the automatic banking interface Bank Communication Manager. SIDF has also embraced new technologies such as Advanced Java, AngularJS, Business Intelligence/Business Objects, Json, and UI5 to anticipate, meet and exceed the needs of clients.

The success story has culminated in SIDF winning an SAP MENA Quality Award, which recognise the region’s top digital transformation initiatives, in the “Business Transformation” category.