The system, which is a cloud-based service called Fusion, is a huge step forward and replaces older accounting, monitoring and group systems. This new system will definitely help us advance the Bank’s strategy of being ever-smarter, to leverage the data we generate and ensure the accuracy of information.
We implemented the system incrementally, ensuring that all components had been tested, employees had been trained and risk minimised before the Bank’s actual books were transferred to the new system. The systems were not combined; rather, our approach was based on transferring the Bank’s books in batches in line with experience gained and processes developed. This turned out to be a good decision and the project is well on track.
One of the benefits of the new system is that it reduces the number of touches needed to approve invoices. We now only issue electronic invoices and are working on accepting only electronic invoices, which would simplify invoice registration significantly. We have various other plans about utilisation of the system and look forward to achieving even more success through enhanced use.”