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 SR184 billion ($49 billion) industrial market.
Saudi Arabia continues to post strong industrial growth, with Invest Saudi showing the market is worth SR 184 billion and is growing 6 per cent per year. Today, the Kingdom holds 60 per cent of the GCC’s industrial market, according to a statement from SIDF.
In line with Saudi Vision 2030’s nationwide digital transformation goals, along with the National Industrial Development and Logistics Program, and the National Transformation Program 2020, SIDF was trusted 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, it said.
Showing the strong business results, SIDF has delivered automation through the Tamkeen platform, leading to 60 per cent 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,” he added.
SIDF has also intelligently deployed innovative technologies, including the integration of automatic credit check and the automatic banking interface Bank Communication Manager. It 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.
“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.
“As part of SIDF’s focus on customer experience, Saudi industrial players can apply for and receive loans quicker and receive feedback in real-time. We will continue to support Saudi Vision 2030 with the latest innovations.”