Invenio Business Solutions wins new contract to implement VAT and Excise Tax for the Saudi Government

Reading, UK – 16th of December, 2016 – Invenio Business Solutions announced today, the signing of their newest contract with the Ministry of Economy and Planning in Saudi Arabia. Invenio will be responsible for the implementation of Excise and Value Added Tax to their existing state-of-the-art technology SAP Tax & Revenue Management system at the Department of General Authority of Zakat and Tax (GAZT).

Two years ago, GAZT and Invenio started the implementation of a commercial off-the-shelf SAP based Tax & Revenue Management system. The new solution replaced the legacy system and went live in March this year. Through it, GAZT is now benefiting from a modernised and more effective business process, which supports the organisation with different functionalities. The solution currently helps the successful collection of Zakat, Income Tax, and Withholding Tax. The success of this project was a key factor in their decision to include VAT and Excise tax into the same modernised system. This is possible, because the system is scalable, and it will provide a single view of the taxpayer for all tax types.img-20161206-wa0009

The Ministry of Economy and Planning of Saudi Arabia, deployed a consulting firm, which had to evaluate all possible options for the implementation of Excise and VAT. After a six-month period of deliberations, Invenio Business Solutions was appointed as the best company for the project.

Invenio’s Global Head of Public Sectors Sales, Sunil Srivastava, said: “It is a great honour for us to be a part of the Saudi 2030 vision and work with the Government on this critical project for generating Non-Oil Revenue. It also brings with it a huge responsibility to implement the system by the start of 2018.”

Invenio will implement and provide one year of support services once the project is live. The new tax types are expected to generate USD 10 billion of annual tax revenue for the Saudi Government, starting from 2018.

*On the photo are His Excellency Saleh Al-Awaji and Partho Bhattacharya after signing the contract

Five Reasons IT Projects Fail

Research suggests that large IT projects are at far greater risk of failure than smaller ones.

However, regardless of business size IT projects are failing everyday – some are big budget and high profile and make the headlines, others receive less attention, but can be equally damaging to those concerned.  But why and what can you do to prevent failure?

Partho Bhattacharya, MD & President, Invenio Business Solutions discusses the top five reasons why IT projects fail and how to prevent failing.

 

  1. Devil is not in the detail…

The most important factor in success of a project (or failure) is top management commitment in the project (or lack of…) It’s not the operatives but the top management who need to have steadfast focus in seeing a project successful.

Intel’s CIO, Kim Stevenson, recently commented, “There are no IT projects, only business projects”. Whilst we may become engrained in the day-to-day intricacy of delivering IT that works, we should never lose sight of the bigger picture and the impact of successful IT projects on the business as a whole.

In the digital, hyper-connected age, IT underpins all that we do within an organisation and therefore has the power to transform business processes from the ground up. This means you need buy in at all stages from a variety of stakeholders. Map who these individuals are and ensure that they are a part of the process from the beginning and that their needs and job function have been considered. IT has the power to transform businesses but only if the employees are part of the journey.

 

  1. Project management, skills and experience

It’s no secret that smaller projects are easier to manage and control, but how can this be replicated into larger organisations to ensure the number of failing projects is reduced?

Having the right project manager and supporting PMO team in place is crucial. Too many managers and there’s likely to be conflicts and contradicting priorities, too little and resources will be stretched.

Ensuring project managers have the right skill sets for the role is also crucial. Great project managers will know how to bring together the right team of skilled individuals, and will be able to motivate and inspire even when the pressure is on.  The same is true about the team members. The right skills in right composition is key to project success. At Invenio, we are a team of dedicated SAP specialists so we can provide our customers with the expertise and insights they often don’t have internally – something they find invaluable.

 

  1. Inaccurate timings

Timelines need to be realistic. We’re all familiar with the IT project that was required yesterday, so by setting realistic time scales at the outset – including buffers for testing phases – then projects will be more successful.

It’s better to get it right first time even if it does take slightly longer. Rushed projects can cause hassle down the line so it’s about planning and future proofing your investment to ensure results and success is for the long term.

 

  1. Data & Interfacing

Often ignored at the start of the project is data that the new system needs to use. Often data from old system are incomplete or inconsistent and this needs to be tackled from day 1. Data cleansing is time consuming, tedious and sometimes just not compatible with the system. Too many good projects fail because of useless data that are fed in making the system unusable. If you the wrong fuel in a world class car, it will inevitably fail to start.

Touch points between systems are another trap often ignored. Interfaces need to tried and tested from both sides thoroughly. A faulty interface can often be the death trap for a good implementation.

 

  1. Keep it real

During the planning and roll out of an IT project there are often unrealistic expectations around what will be delivered when, by whom and for what reason. Along the journey too, there can be confusing or changing requirements.

Throughout the process, expectations need to be set and reassessed every step of the way to ensure there are no surprises.  Total transparency between the partner and the customer is absolutely essential. Through building close relationships with suppliers they can become partners on this journey to ensure full visibility from day one. This will also allow a value added service to be provided.

Choosing a supplier that allows for flexible contracts will enable greater ability to adapt and change along the way, it makes the process easier and ensures projects are delivered as expected achieving the goals set out at the beginning.

Too many IT projects are failing unnecessarily, so businesses need to choose a partner that can best support the needs and requirements of the business. A partner who can ‘hold their hand’ through the early stages, minimise implementation drama, provide expertise and go above and beyond to make the project a success.

If you would like more information about Invenio’s SAP solutions call us today on +44 (0)330 440 1800, or complete our online enquiry form for further information.

Invenio Business Solutions Achieves Re-certification of its Quality Management System ISO 9001: 2008 in India.

Mumbai, Dehli and Hyderabad centres meet international quality management systems standards (QMS).

Invenio Business Solutions, are delighted to announce the re-certification of our technology hubs in India, for ISO 9001:2008. The certificate, renewed annually, was first issued to our centres in India, in September 2015 by Det Norske Veritas Germanischer Lloyd (DNV.GL).  This year the recertification, was successfully completed on the June 20th, 21st, and 22nd respectively.

The quality management system ISO 9001:2008 audit, obligates an organisation to demonstrate the capability to provide products and services, that abide by customer, statutory and regulatory requirements. The quality management system (QMS), ensures high levels of customer satisfaction are maintained through continuous process and systems improvements.

The ISO 9001:2008 is a model for quality management systems that highlights the effectiveness of processes within a business. The quality standard provides an iterative approach to process improvement, emphasising a specific set of conditions, that an organisation must adhere to; value add, improve process performance and effectiveness, and deliver continued improvement to objective measurements.

The requirements are generic, are applicable to all organisations, irrespective of the nature of business conducted, the size and scope of commercial operations and the services delivered.

Re-certification provides our customers in Media and Entertainment, Government and Manufacturing with an assurance. In the capabilities of our business consultants to partner with our customers, on projects, that mitigate risk, whilst leveraging their technological infrastructure and operations to enable sustainable business growth and profitability.

The audit conducted by the independent international body, Det Norske Veritas Germanischer Lloyd (DNV.GL) confirms Invenio Business Solutions technology hubs in Mumbai, Dehli and Hyderabad, deliver consistent and reliable services, that meet the appropriate internationally recognised standards and our determination to exceed our customer expectations, maintain high levels of customer satisfaction, and the ongoing development of our commercial relationships.

 

About Invenio Business Solutions

Invenio Business Solutions is an award-winning Business System Provider, headquartered in Reading, UK. The company supports customers in the government, media and manufacturing sectors, in areas that include industry-specific enterprise resource planning (ERP) focussed on SAP tax and revenue management, SAP business intelligence & big data, SAP mobility, Hybris eCommerce, CRM and Enterprise integration services. Formed in 2006, the company has subsidiary offices in India, Germany, Mauritius, Saudi Arabia, Dubai and the U.S.A. Throughout its history, Invenio has grown rapidly, organically and profitably. Invenio is a constituent of The Sunday Times Tech Track 100 for 2012, 2013 and 2014. Invenio is an SAP Gold partner and recipient of numerous awards from SAP, including EMEA Regional Partner Excellence Award 2014 in the category “Database & Technology” for its work with SAP HANA®. The SAP consultancy is accredited for SAP’s global partner quality program and is certified for ISO 9001, a quality management system based on the principles of customer focus, process approach and continuous improvement.

About Det Norske Veritas Germanischer Lloyd (DNV.GL) 

DNV GL enables organizations to advance the safety and sustainability of their business. We provide classification and technical assurance along with software and independent expert advisory services to the maritime, oil & gas and energy industries. We also provide certification services to customers across a wide range of industries. Operating in more than 100 countries, our professionals are dedicated to helping our customers make the world safer, smarter and greener.

Media Contact

Kofo Are, Head of Marketing

+44 7833445335

125, Wharfedale Road, IQ Winnersh

Reading.

RG41 5RB

kofo.are@invenio-solutions.com

Invenio Business Solutions achieves re-certification for the third time, as an SAP Partner Centre of Expertise.

Invenio Business Solutions achieves SAP Partner Centre of Expertise certification

IQ Winnersh, READING, UK – Monday the 23rd of March 2016

Invenio Business Solutions is an SAP Gold Partner and award winning business system provider, headquartered in Reading, UK. Invenio achieved re-certification, for the third time in a row, as an SAP Partner Centre of Expertise (PCOE).

The Partner Centre of Expertise certification is a rigorous audit, conducted every two years, of a partner’s operational and delivery capabilities. It includes a rigid set of parameters, centred around technical and compliance issues; encompassing support staff and processes and technical infrastructure.

The (PCOE) certification authorises Invenio Business Solutions to deliver, first and second level support for SAP Business Suite, SAP Business All-In-One, SAP Analytics and SAP HANA customers, seeking the services of an application and solution consultancy, during implementation and maintenance of SAP products and solutions.

The re-certification proves our commitment, at Invenio Business Solutions, to SAP’s vision; of ensuring that, the partner community’s delivery team of consultants, conform to the technical and organisational standards of SAP.

Invenio’s customer-centric approach is to deliver exceptional services and solutions to our customers around the world, 24 hours a day, 7 days a week. This exceptional service record of Invenio enabled us to retain each and every customer we ever acquired in the 9 years of Invenio Business Solutions history. In our history of existence, we have never lost a customer.

Our continued investment in the development of high-performance delivery teams, through the certification of our consultants and solutions managers in SAP technologies; SAP HANA, SAP Business- All-in-One; SAP Business Intelligence; SAP Mobile solutions, and SAP CEC commerce forms the initial stage of their journey in service excellence.  The creation of a test environment in our in-house laboratories, for SAP HANA and UI technologies further enables us to deliver ground-breaking solutions.

Read more about the SAP Partner centre of expertise here

About SAP

Founded in 1972, SAP is at the centre of today’s technology revolution. The market leader in enterprise application software, SAP helps organisations fight the damaging effects of complexity, generate new opportunities for innovation and growth, and stay ahead of the competition. Visit our corporate site to explore news, information for investors and analysts, career resources, SAP’s history, and more. Learn more at http://go.sap.com/uk/about.html

About Invenio Business Solutions

Invenio Business Solutions is an award-winning Business System Provider, headquartered in Reading, UK. The company supports customers in the government, media and manufacturing sectors, in areas that include industry-specific enterprise resource planning (ERP) focussed on SAP tax and revenue management, SAP business intelligence & big data, SAP mobility, Hybris eCommerce, CRM and Enterprise integration services. Formed in 2006, the company has subsidiary offices in India, Germany, Mauritius, Saudi Arabia, Dubai and the U.S.A. Throughout its history, Invenio has grown rapidly, organically and profitably. Invenio is a constituent of The Sunday Times Tech Track 100 for 2012, 2013 and 2014. Invenio is an SAP Gold partner and recipient of numerous awards from SAP, including EMEA Regional Partner Excellence Award 2014 in the category “Database & Technology” for its work with SAP HANA®. The SAP consultancy is accredited for SAP’s global partner quality program and is certified for ISO 9001, a quality management system based on the principles of customer focus, process approach and continuous improvement.

 

Media Contact

Kofo Are, Head of Marketing

+44 7833445335

125, Wharfedale Road, IQ Winnersh

Reading.

RG41 5RB

kofo.are@invenio-solutions.com

Lessons from Redcar

The news that the coke ovens and blast furnace at the Redcar steelworks will close because there’s ‘no realistic prospect” of a sale was finally confirmed yesterday. The loss of 2,200 plant jobs and thousands more in the supply chain is a profound shock for the North East of England. As Anna Turley, Labour MP for Redcar, said: ‘I feel the government has thrown the towel in. I cannot believe the government has allowed 170 years of steelmaking to fade away with no fight, no determination and no understanding of what this means to our area, to people’s livelihoods and to the British economy.’

It is now unlikely that steel production will resume at Redcar. Partho Bhattacharya, MD and President of Invenio, however, believes that there are lessons to be learnt from the Redcar debacle: “The recent news that Redcar Steel Plant is to close is another sad chapter in the UKs manufacturing sector, the ramifications for the Teeside community are of course far reaching. Much of the attention for the reasons why the plant ultimately proved unviable focuses on external factors, such as the global price of steel, cheap Chinese imports and access to raw materials. There has also been criticism of the government for failing to act to minimise the impact of these factors and help to keep the plant competitive.

“Whilst these are all valid points, UK manufacturing organisations must also continue to look internally and review their own procedures, processes and business planning capabilities to ensure they are as efficient and lean as possible. The deployment of business analytics and planning software should be a central component of this. In today’s complex global environment organisations need to future-proof operations by implementing technology that can; better manage R&D spend, improve visibility through integrated planning and enhance customer service through better use of data and analytics.

With a transparent end-to-end view of the organisation and its supply chain, business can have a clearer view of their operations and finances. Business leaders can’t necessarily prevent the external factors attacking their business but with this transparency and intelligent use of technology they can develop more accurate modelling to understand what the impact of external factors will be and what proactive steps can be taken.”

Media Contact:

Krithika Arun

+44(0)330 440 1800

125, Wharfedale Road, IQ Winnersh

Reading.

RG41 5RB

krithika.arun@invenio-solutions.com

 

Reaping the Rewards with Procure to Pay

In our first blog of this series we discussed ideas on how to improve cost controls by doing more with less, and introduced the benefits of using a global, SAP-based, P2P system. We want to continue the series further by reviewing the issues facing CFO’s and their finance teams when multiple processes and software systems are in place in a global procurement function. We’ll also look at how these issues can be addressed, and the savings which could be achieved.

A report from The Cost of Control – Disrupted Networks stated that finance teams expect 15% of invoices to go unpaid past their payment terms, and 59% of those surveyed believe that the visibility of their supplier network activities and payments is becoming more complex. 64% went on to say that they believe that an open and transparent supplier network would help overcome this issue. This report, we believe, shows a need for change in a lot of organisations.

From our own research we’ve seen even more issues arise for the CFO and their finance teams when using multiple systems. These challenges include:
1. Data Accuracy: CFOs cite enormous difficulty in getting to “one version of the truth” when data sits in various systems outside of the corporate SAP system.
2. Time lag: With data in different formats and systems it can take weeks to consolidate and compile the data for reporting and analysis.
3. Cost: Companies need to update, integrate, maintain and train users on multiple different systems.
4. Silo-ed data: This issue leads to multiple issues. As an example, it’s difficult, to tell where suppliers are being used in different parts of the world or by different parts of the company. This means opportunities for group discounts can be over looked and higher fees can be paid for lower amounts of stock.
5. Added administration: Extra administration overhead is needed for data rekeying, and manual data checks – meaning human error is much higher as a consequence.

Although different organisations may experience only some of issues from those listed above, the case is probably still the same. Using multiple systems and processes to manage an organisation’s procurement process is inherently problematic, but there is a solution. Using a single purchase to pay system can help as it uses a single, common database to hold all data. The end result – a more consistent, accurate, timely and cost effective way to manage spend.

Having one global purchase to pay system helps companies to automate the entire procurement process from end to end. It will help to improve data accuracy and reliability, eliminate expenses associated with third party software solutions and it will eradicate any system integration issues. Because manual data entry, validation or interrogation is required it removes the risk of errors and extra overhead costs.

The current market conditions may be seeing “green shoots of recovery” but organisations still need to position themselves against competitive threats. Reducing the incidence of multiple systems can help reduce data errors, improve efficiency and improve cost efficiencies. What’s more it provides timely, reliable reporting, meaning the critical decisions CFO’s and Business Leaders have to make will be reassured by correct data from the past, present and future.

Multiple systems can be moved to one single platform but there are many options out there and the landscape can be very confusing. Here at Invenio, we help our customers choose the right system to suit their needs. We develop the system around the business needs and business processes with as little disruption as possible.

Rising to the challenge of Doing More with Less…

How can CFOs  help realise global cost savings from the procure to pay process?

In this series of blogs we examine the role of the procure to pay process within an organisation’s cost control initiatives and take a look at best practice techniques and technologies that can help increase the chances of success.

Increasingly competitive global markets combined with the economic uncertainty have impacted the profitability of businesses everywhere, so the need for on-going cost reduction has never been greater. Whatever type of business you’re in, and whatever its size or location, you’ll probably be familiar with the mantra of ‘doing more with less’.

However, in trying to do more with less, it is often the CFO and the finance team who bear the brunt of inconsistent and sometimes ill-considered cost saving initiatives. They face a battery of operational challenges:

  • How to best manage cost reduction initiatives.
  • How to discover hidden spend.
  • How to correct budget overruns.

Couple these with fragmented IT systems, inconsistent reporting infrastructures, and disconnected data silos it’s not hard to see how these issues can lead to a scenario where a CFO, unable to get a consistent, accurate view of global costs, risks making critical decisions based on inaccurate or incomplete information.

Creating a global culture that embraces visible cost control can give a CFO the vision to see where the business can make and maintain significant cost savings. And one of the key tools used by organisations today to keep these costs visible and under control is an effective procure to pay system. After payroll, the purchase of goods and services that support business operations is often the biggest source of costs in organisations today. And it is usually one of the hardest to control.

Whilst the finance team may not be directly responsible for global procurement processes, we’d argue that they ought to be intimately involved. After all, it is the CFO and his or her finance team who carry ultimate responsibility for prudent cost control and financial insight. Crucially, they also ‘own’ the core finance system – often the lynchpin of any successful business operation.

In this series of blogs we’ll be sharing ideas on how the CFO and the finance team help to improve cost control via implementing a standardised global procure to pay process. We’ll also take a look at the Invenio’s Procure to Pay solution  –  designed with this purpose in mind. Built on SAP technology, it enables finance teams to incorporate the entire global P2P process within a corporate SAP finance system. There are many advantages in this approach – and we’ll examine all of these, one by one, so that you can understand why, and how, a fully integrated P2P solution, driven by finance, will help you do more with less.

In our next blog we’ll take a closer look at the challenges that arise for the finance team through having multiple processes and software systems in a global procurement function. We’ll also take a look at how these can be simply and easily addressed by implementing a corporate standard solution across all offices worldwide – and the kinds of savings this will enable you to make.