Teaming up with IBM Global Business Services, COFIDE upgraded its core SAP applications to the latest release. The collaboration with IBM was enormously successful, with the entire complex upgrade completed precisely on schedule and with no critical incidents.
With the upgrade in place, the IBM Global Business Services team is helping COFIDE automate key financial processes and introduce best practices. As a result, the bank is boosting efficiency and providing better-quality data to organizations carrying out development work, helping them work more effectively to advance Peru’s development.
Finding the keys to success
SAP applications lie at the heart of COFIDE’s business, so it was paramount that the upgrade was performed with no disruption to commercial operations. For support during the complex transition, COFIDE engaged an expert team from IBM Global Business Services.
“When we spoke with vendors to select our integration partner, we were very impressed with the proposal from IBM Global Business Services,” continues Mónica Angulo. “The IBM consultants demonstrated a strong track record of completing complex SAP upgrades using a tool called Panaya. The Panaya solution identifies all processes and transactions that will be affected by an SAP upgrade, showing the team exactly which areas need to be examined. With these insights, the team can optimize resource allocation, and reduce the risk of errors and oversights.”
The COFIDE team worked hand-in-hand with the IBM consultants to upgrade its core applications from SAP ECC 6 EHP 0 to SAP ECC 6 EHP 7—an enhancement package that offers more than 750 additional functionalities from which COFIDE can pick and choose on an individual basis.
“IBM Global Business Services provided excellent support during our critical SAP ERP upgrade,” remarks Mónica Angulo. “The team worked tirelessly to identify and address any potential causes of delays, and in the end the whole project was completed precisely on schedule in just four months. Most importantly, there were no critical incidents, so users did not even notice the transition. Overall, the project was a huge success.”
With the upgrade complete, COFIDE can enhance its existing SAP for Banking solution, which is designed to meet the needs of financial organizations, to automate and standardize processes such as regulatory reporting. As COFIDE redesigns these critical processes and adopts industry best practices, the IBM Global Business Services team provides advice to help the bank maximize efficiency.
Benefits in detail
- Engaging IBM Global Business Services enabled COFIDE to complete the complex SAP upgrade on time and with zero disruption to commercial operations
- Enables the introduction of wide-scale process automation, unlocking valuable time savings for staff
- Accelerates reporting to organizations carrying out development work, helping them work more effectively to further the nation’s economic development
- Boosts the accuracy of COFIDE’s financial data, enabling it to provide higher-quality information to companies carrying out development work
- Simplifies reporting for compliance purposes
- Paves the way to the implementation of SAP HANA, which promises faster data processing than ever before
Embracing automation and gaining efficiency
Through its work with IBM, COFIDE is undergoing a dramatic IT transformation to become a leaner, highly efficient organization. As a result, it can provide better service to organizations carrying out development work, such as building bridges or constructing renewable energy production facilities.
Mónica Angulo comments: “Previously, to ensure accuracy, we ensured that figures such as interest calculations on loans were checked by three different people before they were distributed externally. Now, because we are confident that the numbers are correct, we can eliminate this extra step.
“As a result, we can provide companies carrying out development work with faster, more accurate information. For example, it used to take us four days to provide information on monthly interest on loans given to citizens, whereas now we can do it in just two days.
“Thanks to these improvements, organizations carrying out development work now have faster access to accurate information, helping them better manage their businesses. By enabling these organizations to work more effectively, we help to further Peru’s development and raise living standards for citizens.”
In turn, COFIDE is streamlining and automating processes such as payments to benefit its internal staff.
“Our vision is to free employees from manual work, so that they can dedicate more time to fine-tuning our strategy for advancing Peru’s economic development,” explains Mónica Angulo. “In doing so, we will save time and reduce the risk of errors in our figures, helping us work more effectively to support economic development across Peru.”
Before engaging IBM, COFIDE had been forced to put several major elements of its IT transformation on hold, because it first needed to upgrade its SAP systems. With the upgrade complete, COFIDE is now working with IBM to complete these projects—and all three are running on schedule.
“Two years ago, the government introduced new regulations affecting all banks and insurers in Peru, requiring us to report on information such as income earned through interest on loans,” adds Mónica Angulo. “When this wave of regulations hit, we had to perform manual workarounds to generate the required reports in the prescribed format—leading to delays and a risk of human error. Now, we are working with IBM to automate the creation of those reports. As a result, we hope to simplify compliance, achieve time savings and boost reporting accuracy.
“Similarly, we are working with IBM to automate calculations of capital reserves and accounts receivables. The aim is to help staff save time on manual work, and devote more energy to analyzing the figures.”
Once these projects are complete, COFIDE plans to migrate its SAP for Banking solution to the powerful SAP HANA® database, which features in-memory processing for rapid data analysis. By implementing SAP HANA, COFIDE hopes to further accelerate reporting and speed time-to-insight. Faster data analysis will help COFIDE make better decisions about which initiatives to fund to bolster Peru’s economy and to maximize quality of life for local people.
Mónica Angulo concludes: “Working with IBM and SAP, we are transforming into a more efficient organization. As a result, we are better equipped than ever to provide excellent support to our clients as they work to advance Peru’s economic development. Ultimately, our work with IBM and our core SAP applications help us work with our partners more effectively to raise living standards across the nation, and to help our economy flourish.”