Today OFSCL is able to completely manage their MIS needs with the use of Sundaram Smartlend and can quickly respond to changing needs of the top management when it comes to viewing their data in different dimensions. This has helped OFSCL in achieving a controlled and closely monitored collection where in it is handling many new customers, servicing existing customers better and all with a quicker turn around time.
Overview
Country: Sri Lanka
Industry: Financial Services
Corporate Brief
The Orient Financial Services Corporation Ltd (OFSCL) is the latest entrant into the Sri Lankan leasing market. It is a public limited liability company with an authorized capital of Rs. 500
Million and issued capital of Rs. 125 million. OFSCL's promoters and major shareholders are
Ready wear Industries Ltd and United Motors Lanka Ltd. The Head Office is located in
Colombo. The major business operations of Orient Financial Services Corporation Limited are Finance and Operating Lease.
Requirements
OFSCL wanted to completely automate the business operations in Leasing. It also required an integrated Financial Accounting solution. The solution had to be state-of-the art with best business practices, proven and time tested. OFSCL wanted a solution that would be scalable in order to handle growing volumes in future.
Solution
OFSCL chose Sundaram SmartLend.
Post our implementation, today OFSCL is handling many new customers, servicing existing customers better with a quicker turn around.
Through SmartLend the following business operations were automated
- Application Processing & Credit Appraisal
- Lease Creation and Initiation
- Delivery Order Processing (Dealer Reservations and LPO)
- Disbursements
- Debt Collections
- Collections Management
- Agreement Maintenance
- Customer Servicing Agreement Closure
- Agreement Accounting MIS
- Statutory Reporting
- Financial Accounting
Salient Features
Apart from the existing reports of SSL, OFSCL required different MIS reports that were specific to their needs in order to assist them in taking some key decisions for their future growth. Prior to this, OFSCL was using a varied combination of reports from SSL in some specific situations. A unique combination of Discoverer reports loaded on the existing SSL was provided such that the user could dynamically draw his own MIS requirements as per the requirement of the Board.
This measure was greatly appreciated by the top management and was an instant success. Today OFSCL is able to completely manage their MIS needs within this combination and can quickly respond to changing needs of the top management when it comes to viewing their data in different dimensions.
Debt collection, follow up and entry of the agents remarks, etc. against each contract is always one of the key issues of any financial organization and OFSCL is no different. In order to assist them in this task, a unique workflow based debt collection report was provided. Through this report, OFSCL can now see debt collector-wise over dues, enter remarks, assign calls to each other and follow up. This has helped OFSCL in achieving a controlled and closely monitored collection.
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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