Saudi Industrial Development Fund digitally transforms with SAP
The Saudi Industrial Development Fund (SIDF), the Kingdom’s primary financial enabler for the National Industrial Development and Logistics Program, has partnered with global technology company, SAP, for its digital transformation. SIDF worked with SAP’s 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 allowing SIDF to go paperless with fully digital and electronic approvals.
Saudi Arabia continues to post strong industrial growth, with Invest Saudi showing the market is worth SAR 184 billion and is growing 6 percent per year. Today, 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 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.
“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.”
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.
The success story has culminated in SIDF winning a SAP MENA Quality Award, which recognizes the region’s top digital transformation initiatives, in the “Business Transformation” category.
