As a specialized infrastructure project finance corporation in Colombia, Financiera de Desarrollo Nacional (FDN) is uniquely positioned to mobilize financing sources. By overcoming gaps in the market, projects financed through FDN benefit Colombian citizens and industry in areas such as transport and energy infrastructure, education, and health.
Comprehensive, accurate and accessible documentation is crucial in enabling FDN to assess and approve investment loan applications and related financial products, supporting the growing infrastructure development needs of the country. Processes and documentation alike are subject to stringent scrutiny to ensure compliance.
Having started from a base with little IT, FDN began to utilize SAP, but it was not able to provide the document centric capabilities needed for efficient and effective document management necessary to manage and mitigate risk. The search began to find a solution that would integrate seamlessly with SAP and just one solution was able to match up to the needs of FDN, OpenText™ Extended ECM for SAP® Solutions.
“With all loan processing and contractual documentation being handled by OpenText and easily accessible from within SAP, staff can quickly and easily get to the information they need, helping them improve overall operational efficiency. Requests for physical folders and files has already reduced by 53%,” said Roberto Sanz de Santamaria, Vice-President of Operations at Financiera de Desarrollo Nacional.
As FDN continues to move towards its goal of becoming a paperless organization, users have been able to make the transition quickly and effectively to home working due to the recent global COVID-19 pandemic. Digitization of documents aligned with process automation has resulted in many improvements, including notably the reduction in the time taken to draft supplier contracts. In the past, this could take up to six months, but with OpenText, it has been reduced to typically just five days.
The successful project has led to numerous requests from users across the business for more processes to be implemented using OpenText, a testament to their belief in its capabilities. Read the full success story here.