Invenio completes first phase of a three year project to increase revenue, interconnect various government agencies, reduce fraud and provide greater visibility for the Department of ZAKAT and Income Tax, Saudi Arabia
IQ Winnersh, READING, UK – 22nd of March 2016 – Invenio today announced successful implementation of SAP’s Tax and Revenue Management solution for the Department of ZAKAT and Income Tax (DZIT), Saudi Arabia. The three year project, began in 2014 to develop and modernise its automation systems for Zakat and Tax Automation System (ZTAS).
Following a comprehensive selection process, DZIT chose Invenio to lead the implementation, over BULL SAS and Oracle Inc. due to its proven SAP expertise, project execution methodology and attitude to working. Invenio committed to an aggressive project plan to ensure the complex implementation of the solution was delivered within budget so DZIT can start deriving return on investment.
Now that the system is live across the nation’s Tax and Zakat payer base, DZIT will be able to collect and manage taxes more efficiently, and with greater visibility. As a result DZIT has already prevented a number of fraud cases that would historically have been unidentified. The new system is also enabled online for mobile users to manage their tax affairs from any device.
Partho Bhattacharya, Managing Director, Invenio Solutions commented: “We are delighted to have successfully implemented SAP Tax Revenue and Management to help DZIT deploy appropriate Zakat and tax management flexibly across the Kingdom of Saudi Arabia. While still in the early days of go live, the ROI already being received proves the importance of modernising infrastructure to gain greater visibility and ultimately increase revenue. This is an example of successful deployment of British skills in the world stage.”
Looking forward, Invenio is in the process of implementing, Fraud Management and Predictive Analysis on SAP HANA to further prevent fraud by introducing deeper validations and better understand past behaviours and trends to provide more reliable identification of suspicious cases in the future.
Invenio Business Solutions is an award-winning Business System Provider, head quartered in Reading, UK. The company supports 45 customers in the government, media and manufacturing segments, in areas that include industry-specific enterprise resource planning (ERP), tax and revenue management, business intelligence, big data, mobility, CRM and integration solutions. 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 a 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®. Invenio is also accredited for SAP’s global partner quality program. For more information visit: http://invenio-solutions.com
The Department of Zakat and Income Tax (DZIT) was established per Ministerial Resolution no. 394, dated 7/8/1370 H. (14/06/1951). The mission of DZIT is briefly to administer and collect zakat on commercial goods from Saudi individuals and companies and from individuals and companies of GCC states subject to the same treatment like Saudis, and to administer and collect tax from non-Saudi individuals doing business in the Kingdom, resident Saudi companies on shares of non-Saudi partners, and non-resident companies doing business in the Kingdom through a permanent establishment or deriving income from a source in the Kingdom.
The Head-office of DZIT is in Riyadh. There are ten field-offices that report to the Head-office; the field-offices are located in Riyadh, Jeddah, Dammam, Makkah, Madinah, Taif, Qassim, Abha, Tabuk and Al-Ihsa. In addition, there are sections in the Financial Offices to collect zakat and tax in regions and districts with no DZIT field-offices.
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IQ Winnersh, Reading.
READING, UK – 08 September 2014.
Invenio today announce for a third time a place in the Sunday Times Tech Track 100, a league table which ranks Britain’s top performing private technology companies. The ranking is based on sales performance over a period of three years in order to give a true measure of a company’s ability to meet sustained, organic growth.
Invenio started off their hat-trick at place 51 in the Tech Track List in 2012, last year they leaped to place 24 and now this year increasing the rank again at place 20. Invenio continues its commitment to deliver innovative SAP solutions to a growing global customer base. That, combined with a continued extraordinary focus on customer service are key factors contributing to this growth. Invenio has ramped up their offerings in areas of high performance products such as SAP HANA, SAP Tax and Revenue Management solutions to Central Governments, together with innovations to improve customers’ core business processes like their unique procure to pay system built on SAP’s technology.
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READING, UK – 16 September 2013. Invenio today announced a leap of 27 places in the newly announced Sunday Times TechTrack 100, a league table which ranks Britain’s top performing private technology companies. The ranking is based on sales performance over a period of three years in order to give a true measure of a company’s ability to meet sustained, organic growth. Invenio is now positioned in 24th place compared to last year’s rank of 51.
Over three years Invenio’s annual sales have grown by an average 117% year on year. The company’s commitment to delivering innovative SAP solutions to a growing customer base, combined with a continued focus on service excellence are key factors contributing to this growth. Over the past year, Invenio have also intensified the investment in emerging technologies including those that support the growing requirement to exploit Big Data, improve analytics and incorporate mobility. In addition, the company is ramping up in other areas including the delivery of high performance SAP Tax and Revenue Management solutions to Central Governments, together with innovations to improve customers’ core business processes including Invenio’s P2P Solutions, the P2P self-service supplier portal based on SAP NetWeaver technology.
Partho Bhattacharya, Invenio’s Managing Director said “We are really proud of this achievement. Not only is this the second year we have featured in the Tech Track 100, but we have also seen the company improve its position by a significant margin. The Invenio team has once again risen to the challenge of growing our business admirably. Their focus and commitment to solving our customers’ biggest business challenges has helped Invenio thrive in this competitive market, and it is a testament to their commitment that has seen us being recognised again this year”.
Download Invenio’s official press release here.
To view The Sunday Times feature, and explore the full list of this year’s constituents please click here.
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Reading, UNITED KINGDOM, Mumbai, INDIA–06/03/2013.
Invenio Business Solutions Limited (www.invenio-solutions.com), a fast-growing provider of SAP solutions and services, today announced the appointment of Arun Bala to the newly created role of Chief Operating Officer.
Arun brings over two decades of experience to the team–gained through a variety of leadership positions at a number of high profile IT, BPO and ERP Consulting firms. His background includes executive positions in markets across North America, Western Europe and Asia-Pacific, for companies that include Wipro, Cognizant and Cable &
Wireless. Prior to joining Invenio, Arun served as Vice-President for Sutherland Global Services were he managed the communications business in the APAC region.
The paucity of mid-market resellers geared up to serving ambitious medium sized enterprises appears to be a gaping hole. Cambridge OnLine a top reseller of Microsoft Dynamics Nav, is one of small band of re-sellers that recognises it is time to call change in the way that services are delivered to mid-sized companies that operate internationally.
Ray Olds, a director and founder of Cambridge Online told FSN, “We are seeing a growing number of clients expanding across Europe but the traditional dealership model is too parochial and caters very poorly for their needs. Up until now companies have had the choice of large and expensive ERP systems or fending for themselves on a country by country basis which means that they miss out on a globally consistent approach.”
According to Olds, even operationally diverse (heterogeneous) multi-nationals can benefit from a cohesive and unified approach to business processes, technology and human capital. “It is about striking an appropriate balance between local and group needs, taking care to accommodate local custom, culture and business practice,” Olds told FSN.
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