MFC overcomes its legacy system inefficiencies through the uses of Sundaram SmartLend in order to completely integrate and automate its systems to handle Asset and Working capital Financing as well as Debt Factoring and Payroll processing.
Overview
Country: Muscat
Industry: Financial services
Corporate Brief
Muscat Finance Company (MFC) is one of the largest and reputed financial institutions in Muscat. Promoted in 1987 by reputed business families, today it is a widely held public limited company serving the Omani economy with the highest market share in terms of asset base. MFC has a national presence through its wide network of branches at Muscat, Sohar, Barka, Ibri, Salalah, Sur and Nizwa.
Existing Problems:
MFC managed its business operations through a legacy system developed in-house. Some of the limitations of the existing system were as follows
- Disparate and non-integrated application systems
- Lack of data integrity and process control
- Lack of seamless integration between operations and the general ledger
- Inability to generate MIS reports in time and the added dependency on data processing tools like excel for generating reports
- curbing in business expansion due to limited system flexibility
Requirements
MFC wanted a completely integrated and automated system to handle its business operations effectively. The solution required by MFC had to manage increasing business volumes and complexities while still being state-of-the art with best business practices, proven and time tested.
Solution
MFC opted for Sundaram Smart Lend, which enabled it to handle the following operations effectively
- Asset financing
- Working capital financing
- Debt Factoring
- Payroll processing
For More Information
For more information about Sundaram Infotech’s Enterprise Solutions products and services, call +91-44-28604066, or visit www.sundaraminfotech.in
Contact Information
901-906, Raheja Towers
177, Anna Salai,
Chennai – 600002
India
http://www.sundaraminfotech.in
E-mail: info@sundaraminfotech.in
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