Case Studies

India Takes the Lead in Fintech Sector Investments, Igniting a Global Frenzy

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26 May 2023

India’s fintech sector has emerged as a global powerhouse, attracting massive investments and reshaping the landscape of alternative lending, digital banking, payments, and e-wallets.

In a groundbreaking revelation, the global fintech industry has amassed a staggering total of USD 53.3 billion throughout its history, revolutionizing the alternative lending, digital banking, payments and transfers, and e-wallet sectors. Astonishingly, these fintech companies have raked in a remarkable USD 17.8 billion in revenue, showcasing their immense potential for growth and profitability. The impressive rate of return, calculated by dividing the total revenue by the total funding, stands at approximately 33.4%, translating to an average of 33.4 cents earned per dollar attracted annually.

A deep dive into the geographic distribution of funds reveals that India has emerged as the frontrunner, attracting an enormous USD 25.6 billion (48%) in investments. Following closely behind is Singapore, which has garnered USD 14.7 billion (27.6%) in funding, solidifying its position as a major player in the fintech landscape. Notably, Indonesia has secured USD 7.5 billion (14.1%) in funds, while the Philippines, Vietnam, and Malaysia have received USD 2.4 billion (3.4%), USD 1.8 billion (3.4%), and USD 966 million (1.8%) respectively. In contrast, Pakistan, Bangladesh, and Sri Lanka have witnessed comparatively lesser inflows of USD 240 million (0.5%), USD 24 million (0.05%), and USD 307,000 (0.001%).

Analysis of the latest available data from 2021 reveals India, Indonesia, and Singapore as the top-earning countries in the fintech industry. India’s fintech sector has generated an astounding USD 10 billion (57.2%) in revenue, followed by Indonesia with USD 2.4 billion (13.7%) and Singapore with USD 1.9 billion (10.6%). Vietnam has also made a noteworthy contribution with revenue amounting to USD 1.7 billion (9.4%), while the Philippines stands at USD 875 million (4.9%). Bangladesh, Malaysia, and Pakistan have contributed USD 287 million (1.6%), USD 283 million (1.6%), and USD 167 million (0.9%) respectively, with Sri Lanka reporting the lowest revenue of USD 24 million (0.1%).

Remarkably, India continues to witness the highest concentration of investment stages, with a remarkable 53.8% of all fintech companies operating within its borders. Singapore closely trails behind, hosting 14.3% of these innovative companies, while Indonesia follows suit with an 8% share. A closer look at investment activity reveals that the alternative lending sector commands the highest attention, housing 45.8% of all fintech companies. The payments and transfers sector closely follows, accommodating 38.8% of the companies, while digital banking and e-wallets hold 8.5% and 6.9% respectively.

As the global fintech revolution continues to gather momentum, these groundbreaking figures highlight the immense growth potential and profitability of the industry. With India leading the charge and Singapore making significant strides, the fintech sector is reshaping the financial landscape and paving the way for a digitally-driven future.

Stay tuned for more updates on this transformative industry as it unfolds. The full report is available by clicking on the link: https://bit.ly/3Wycb9l 

Cash Flow Issues, Talent Shortage and Cybersecurity Risks: Overcoming the Challenges CFOs Faced in Q1 2023 

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25 May 2023

Lee Thompson, Senior Vice President, Asia Pacific & Japan, BlackLine addresses the challenges faced by Chief Financial Officers (CFOs) in 2023 and explores the strategies to safeguard financial data in an uncertain global economy.

It comes as no surprise that Chief Financial Officers (CFOs) have had their hands full this year, amid turmoil in the financial sector, persistent high inflation, ongoing effects of Russia’s invasion of Ukraine and the pandemic. Many had to create value and drive profitability, contribute to the strategic vision of their organization, and predict the future – all while navigating a volatile global economy fraught with uncertainty. 

The first quarter of 2023 saw CFOs having to deal with the following challenges:

Cash Is King, Now More Than Ever

One major challenge is ensuring that the organization has access to working capital. In today’s volatile economic environment, the age-old adage of ‘Cash is King’ is more relevant than ever. Monetary needs can arise quickly and unpredictably, and it is important that businesses have access to working capital to meet their short-term financial commitments and fund future growth investments. 

A study by BlackLine found that two thirds of Singapore C-suite and Finance & Accounting (F&A) professionals say visibility over cash flows will be key to surviving the economic storm. Despite the importance of cash, many companies do not have visibility and insight into their existing cash flow. In fact, less than 4% of the Singapore respondents in the same survey have complete confidence when it comes to visibility over cash flow – suggesting that many organizations may be making decisions without an accurate, up-to-date view of the company’s liquidity.

Having full visibility and ensuring good credit management will be critical to protect the cash flow and working capital. CFOs will need to invest in digital transformation and scale automation, with the aim of optimizing their accounts receivable function to increase working capital. They need to find ways to speed up customer insight to understand which customers hold the most value and which hold the most risk to generate a predictable cash flow. This ensures stability to plan, invest and grow the business. 

Shortage of Talent Continues to Plague the F&A Industry in Singapore

The F&A industry is facing a dearth of talent. Many CFOs are finding it difficult to hire people with the right skills and experience to take up positions in their departments. Gartner predicts that hiring and retaining staff will be the most difficult task CFOs face over the next 12 months, owing to the tight labor market. 

This is a growing concern in Singapore where university cohorts of accountancy graduates have dropped significantly in recent years. The intake of students across all years in accountancy degree programmes in autonomous universities here has fallen to 5,182 students, down from 5,650 in 2017. Worse still, not all accountancy graduates go on to take up roles in the F&A function and industry, which makes the talent shortage even more dire. 

The F&A industry has been finding it difficult to attract new blood for multiple reasons. On one hand, there is the perception that bookkeeping as a profession is boring and unrewarding. On the other hand, the lower starting pay and heavy workloads can be a drawback, in comparison to glitzy roles in other sectors which offer highly competitive compensation and welfare perks.  

Unsurprisingly, automation of repetitive financial processes, such as account reconciliations and intercompany transactions, can help address the F&A labor crunch faced by organizations. By taking over repetitive, mundane tasks, automation gives F&A professionals more time back in their day, allowing them to take up more meaningful, strategic and in-turn, better-compensated roles. 

F&A Functions Are Big Targets for Cyberattacks

Today’s distributed working arrangement in many organizations inherently extends organizational network perimeters and entry points for threat actors, making them more vulnerable to cyberthreats. When employees use personal, unmanaged devices or unsecured networks to access business-critical platforms, this can risk credentials being compromised and sensitive data exposed. 

With the average cost of a security breach reaching US$4.35 million, no organization can afford to let their guard down. Those dealing with sensitive financial data in particular, can have an especially big target on their back.

A proactive approach to safeguard the organization’s network and data will be essential, and this begins with investing in cybersecurity solutions. Advanced data collection and analytics solutions like security information and event management (SIEM) and AI-driven user entity and behavior analytics (UEBA) can help organizations gain full visibility of their IT operations to address security threats as they arise. 

Employees play a critical role in protecting an organization’s data, which is why organizations will need to invest in cybersecurity awareness training for employees across all levels of the organization. By learning how to recognize security threats and handle a data security compromise, employees will be better equipped to detect, prevent and protect the business from malicious activities early on. 

The ongoing impact of the pandemic, coupled with other economic and geopolitical uncertainties, means that CFOs must remain resilient and proactive in their approach to risk management, financial planning and decision-making beyond Q1. Those that are able to take bold action and adapt to the new circumstances with agility, will be able to navigate the uncertainty and emerge stronger ahead. 

Workday’s Cutting-Edge Solutions Propel BINUS Group’s Digital Transformation into the Future

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23 May 2023

In a groundbreaking development, Workday, the eminent leader in enterprise cloud applications for finance and human resources, has made a momentous announcement today. BINA NUSANTARA (BINUS) Group, one of Indonesia’s premier private education institutions, has successfully deployed Workday Human Capital Management (HCM) and Workday Financial Management. These strategic implementations will serve as catalysts for BINUS Group’s relentless expansion and exponential growth. Moreover, the highly anticipated integration of Workday Adaptive Planning is slated to go live later this year.

With over 30 thriving business units and a workforce of more than 3,500 employees spanning 20 offices and campuses, BINUS Group has set an ambitious vision to establish itself as a world-class educational powerhouse by 2035. Embracing digitalization as a pivotal priority, BINUS Group seeks to revolutionize its workforce, ensuring optimal resource utilization, efficiency, and unparalleled business agility to thrive in today’s ever-evolving landscape.

Stephen Santoso, the esteemed Chief Operating Officer of BINUS Group, affirmed, “It is crucial to our business strategy to accelerate digital transformation in today’s ever-evolving environment. I am certain that we are taking the right step forward towards transforming our workforce through achieving better resource optimization and efficiency to gain greater business agility and resilience. As we continue to deliver on our 2035 strategic plan, we are excited to be partnering with Workday to improve our business processes and empower our employees to thrive in their roles. With Workday’s intuitive and user-friendly interface, we are sure that BINUSIANS will have an enhanced employee experience. With that, we will be able to work better, smarter, and more efficiently in this age of digital transformation.”

Stephen further added that “Managing and running a large organization efficiently can be complex and easily slowed down by inefficient processes and legacy platforms. With Workday’s solutions, we have been able to improve our generation of reports, track inquiries, and eliminate low value-added tasks. Our finance team, for example, can focus less on transaction processing but more on analysis and action. With the synergies achieved through our digital transformation efforts, I’m certain BINUS can better position itself as a world-class education institution.”

Recognizing the changing paradigms of work, BINUS Group is embracing modern and hybrid work models. Thanks to the integration of Workday’s mobile app, employees now have seamless access to real-time data across various functions, including compensation, time tracking, talent, and performance. The era of “anytime, anywhere” access has truly arrived for BINUS Group.

Notably, the adoption of Workday’s cloud-based solution and cutting-edge technologies has propelled a remarkable digital finance transformation within the organization. From expeditiously generating comprehensive business reports to automating previously arduous and repetitive tasks such as financial planning and reporting, employees now possess the invaluable freedom to dedicate their time to more value-added endeavors.

By virtue of Workday’s unified platform, BINUS Group has effortlessly simplified the complexities associated with organizational management. This powerful solution empowers both business leaders and teams to make informed decisions, thereby accelerating BINUS Group’s path to future growth and unmatched success.

Pannie Sia, the General Manager for ASEAN at Workday, expressed enthusiasm at the partnership, stating, “We are glad to be supporting BINUS Group as their trusted technology partner in realizing their digital transformation goals. Implementing the right technology infrastructure to leverage data-driven insights will enable BINUS Group to face the challenges, opportunities, and risks of today’s dynamic business landscape. Supported by strong digital architecture, BINUS Group will be able to strengthen its workforce and operational resilience to ensure its long-term success and growth.”

This remarkable collaboration between Workday and BINUS Group heralds a new era of digital transformation, positioning the organization as an unrivaled force within the education sector. The future is now, and BINUS Group is leading the way with the cutting-edge solutions offered by Workday.

Just like BINUS Group, businesses should embrace the future today and embark on a transformative path to unlock the full potential of their organization. With real-time data access, seamless mobile app integration, and advanced technologies, BINUS Group is empowered to thrive in the modern, hybrid work models and drive digital finance transformation.

For more information about Workday, visit workday.com.

Givaudan Automates Order Management and Accounts Payable Globally with Esker

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DigitalCFO Newsroom | 9 February 2022

Global leader in flavor and fragrance manufacturing drives growth and expansion plans with comprehensive digital transformation

Esker, a global cloud platform and leader in AI-driven process automation solutions for finance and customer service functions, today announced that Givaudan, the world’s leading manufacturer of flavors and fragrances for the taste and wellbeing and fragrance and beauty markets, has selected Esker to automate its accounts payable (AP) and order management activities. Several years ago, during the design of the Givaudan Business Solution journey, Givaudan decided to implement Esker’s cloud-based solutions globally. 

Givaudan sought an automation solution that could meet its current needs and scale alongside its growing portfolio, as it continues the journey to becoming a Certified B Corporation. These are businesses that meet the highest standards of verified social and environmental performance. Givaudan initially engaged Esker to address order entry inefficiencies, and after seeing a positive improvement on order processing time, the company also looked to Esker for its AP needs. By eliminating the need for manual data entry through automation, Esker’s solutions will support Givaudan in improving operational efficiency while allowing staff to focus on building and nurturing customer relationships. 

“Adopting best-in-class technology is paramount in driving our forward-thinking methodology and providing an unmatched customer experience, which is the foundation of everything we do at Givaudan,” said Jan-Willem Scheele, Solution Expert, Customer Care and Demand Planning Service Manager at Givaudan. “Even in today’s unique circumstances, and with newly distributed and remote workforces, our standard for quality work and quick turnaround is unwavering. We look to Esker as a trusted provider to improve and scale our operations with its turnkey and reliable solutions.”

Givaudan is currently rolling out Esker’s AI-driven Accounts Payable and Order Management solutions to its teams worldwide. With shared services centers in Kuala Lumpur, Buenos Aires and Budapest, Givaudan is continually growing and needed to maximise its capabilities on a global scale. 

Automating Order Management 

Givaudan receives 60 000 orders every month and, before implementing Esker’s AI-driven solution, each order requires several manual changes and selections. Now, Givaudan’s customer care team improves on processing orders without manual intervention every week.  In some regions already up to 20% of the orders are without manual intervention. This has allowed the company to reduce bottlenecks and time-consuming tasks, which in turn improves speed and ensures the quality of order processing—without increasing headcount as Givaudan grows. 

Automating AP 

To further propel its growth and value, Givaudan turned to Esker to support its AP overhaul. Although SAP® offered Givaudan a highly customised solution, the process behind invoice data entry was still highly manual. Integrating Esker’s intelligent invoice capture with SAP plays a pivotal role in meeting Givaudan’s evolving needs, by providing substantial time-savings.  

“Givaudan at heart is a manufacturing company, and given the nuances of handling raw materials, we required a solution that supported the needs of our purchasing channel from end to end,” said Marton Nagy, Global Solution Expert Procure-to-Pay at Givaudan. “On average, we’re processing 2,300 to 2,500 invoices every day across the globe, and the benefits of deploying Esker’s solutions is already clear. Their team took the time to fully understand our needs, quickly outlined how to most effectively improve our AP processes and helped us deploy a new system that serves to simplify our team members’ jobs—so they can concentrate on the aspects of their roles that require human creativity and care.”  

Through AP automation, the company is empowering its accounts payable team members to invest in providing more of the unrivaled customer service for which Givaudan is known.  

“Our goal for automation is not to make our people redundant, but to make them more valuable,” continued Nagy. “We need our employees to be creative, to think, to make sure we go further than where we are today. Automating the tedious, repetitive tasks lets them use their time for more valuable purposes.”

Leveraging Automation Through Change

Givaudan started down the path to automation and the “Esker Touchless Journey” well ahead of the  COVID-19 pandemic, yet its embrace of process automation helped it adapt smoothly to the new way of working. Givaudan attributes a key part of its success during the pandemic – and its ability to adapt to future radical changes in the global business environment – to the implementation process and working closely with the Esker team.

Askrindo Indonesia Selects FSS Smart Recon to Transform Reconciliation Operations

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DigitalCFO Asia Newsroom | 30 August 2021

Rachmad Hidayat

Senior VP, Division Head of IT, Askrindo

FSS Technologies Singapore Pte Ltd., a globally leading provider of integrated payment products and a payments processor, today announced Askrindo, a market leader in Indonesia’s general insurance industry, has implemented its Smart Recon solution to modernize and maximize the efficiency of its reconciliation operations. Established in 1971, Askrindo, member of Holding Indonesia Financial Group or IFG, is a rapidly growing insurance services provider, catering to the insurance needs of medium and the small enterprise segment to support Indonesia’s economic development.

To support its rapidly growing operations, Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which create challenges around efficiency, accuracy, and control. Designed to process complex and large volume of payments, claims and settlement data, FSS Smart Recon automates core workflows encompassing data extraction, enrichment and reconciliation, exception management and settlement. The advanced workflow automation significantly reduces time to close daily and period-end reconciliation activities, provides greater control over reconciliation processes, and improves regulatory compliance. This frees resources to focus on value adding tasks such as strengthening customer service.

Rachmad Hidayat – Senior Vice President Division Head of IT at Askrindo, commented; “It was important for us to select the right technology platform on our digitalization journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion. We were impressed by FSS’s extensive experience, innovation, and depth in deploying reconciliation solutions for a wide customer base, strong local presence, and support in the Indonesian market. With FSS Smart Recon we are building an agile back-office that helps us optimize reconciliation cycles, reduce errors, and lower operational risk exposure.”  

Speaking on the partnership Krishnan Srinivasan COO, FSS PayTech stated; “Askrindo is the latest addition in our growing base of reconciliation customers in the APAC region. Askrindo needed an experienced partner to address reconciliation challenges and we are excited to work with Askrindo to deliver a modern, web-based reconciliation framework, that would help unlock new operating efficiencies, reduce risk and ensure high levels of compliance. 

FSS has partnered with Berca, one of the largest IT companies in Indonesia, to offer on-the-ground technical support to Askrindo for proactive service management and quick resolution of issues. For Askrindo, it rationalizes costs and eliminates rational overheads associated with running the day-to-day services. 

FSS provides a full set of reconciliation capabilities to help Askrindo meet its business objectives for improved efficiency, transparency, and control over the financial close process. FSS Smart Recon automates the entire reconciliation process from premium, claims, inter-system, and intercompany reconciliation as well as Bordeaux reconciliation. It integrates both transaction- and balance-level data from claims acquisition and matching through period-end premium approvals and reviews. The solution is data-agnostic and greatly increases reconciliation set-up speeds while reducing exceptions and manual interventions, freeing staff for value-added tasks.

FSS Smart Recon can match millions of transactions between multiple systems within few minutes, seamlessly accommodating growth in transaction volumes The solution has been benchmarked to process 1-Billion transaction records in an hour. 

PT Visionet Internasional (OVO) Selects Oracle Cloud ERP to Support Accelerated Expansion

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Indonesia’s largest digital payments platform moves core financial systems to the cloud

Qinthara Fasya | 11 August 2021

Sharly Rungkat, Chief Financial Officer, OVO

PT Visionet Internasional (OVO) has selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) to support its mission to drive financial inclusion in Indonesia. With Oracle Cloud ERP, OVO can streamline integration of its core financial systems with its customer-facing application, providing OVO with visibility across finance, procurement and reconciliation processes.

As the world continues the fight against COVID-19 and the idea of a digital economy becomes a necessity with lockdowns and social distancing measures becoming the norm, OVO’s mission to drive financial inclusion in Indonesia through digital payments becomes even more important. The shift to Oracle Cloud ERP will provide us with a more holistic view of our financials, enabling us the scalability and flexibility to make data-driven decisions around growth and innovation.

Sharly Rungkat, Chief Financial Officer, OVO

OVO, Indonesia’s only fintech unicorn and the leading digital payments platform in Indonesia, is available on 115 million devices nationwide. Since OVO’s establishment in 2017, the company has developed a reputation for agile execution, underpinned by a robust framework of checks and balances. As OVO continues to add new businesses, expand and accelerate in transaction volumes, more robust reporting and forecasting have become increasingly important. To support its continued growth, OVO made the decision to move its financials to Oracle Cloud ERP.

“After looking at several tech partners to upgrade our financial systems, we chose Oracle Cloud ERP for its secure and scalable applications that align with international accounting standards. The shift to the Cloud will allow us to create a seamless, end-to-end process across our financial operations, and increase synergies between our back-office and customer-facing operations with real-time insights,” said OVO CFO Sharly Rungkat.

Oracle Cloud ERP is designed to help organizations increase productivity, lower costs, and improve controls. With Oracle Cloud ERP, OVO can gain a more complete view of its finances and operations, empowering the company to quickly respond to changes in the market, and serve its users better.

“As a digital native, OVO understands the importance of a unified business platform and staying ahead of the curve through constant innovation. With Oracle Cloud ERP, OVO can leverage the most advanced technology in the cloud, with a complete view of their financials to help drive business growth. Together, Oracle and OVO can enable the company’s mission to drive financial inclusion in Indonesia,” said Iman Muhammad, head of applications, Oracle Indonesia.

About OVO

OVO is the leading digital payment, rewards and financial services platform in Indonesia. OVO is present on 115 million devices and can be used to access payments, transfers, top up, and withdrawals, as well as asset and investment management. OVO is accepted in more than 426 cities in Indonesia and we are committed to building the largest financial payment and technology company in Indonesia.

About Oracle

Oracle offers suites of integrated applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Achieving End-to-end Ap Efficiency & Streamlined Processes About Scholastic In Shared Services Centre

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Scholastic Customer Story

A Case Study by Esker

Photo from LinkedIn

Scholastic, an American multinational publishing, education and media company was facing challenges to effectively streamline and maintain internal business processes like accounts payable (AP). Looking to centralise accounting and achieve global efficiency, the company set up a Shared Services Centre (SSC) in Kuala Lumpur, Malaysia. At the same time, it decided to automate its AP process to simplify and standardise invoice management and gain visibility over its end-to-end process.

Setting Up An SSC

While setting up the SSC, Scholastic implemented Esker’s Accounts Payable cloud solution and encouraged local teams to adopt the new process. Scholastic counted on Esker to help standardise AP processing without any disruption to business. ”Esker helped us get buy-in from our local entities. Teams were reassured by Esker’s user-friendly solution and confident that setting up an SSC was something achievable,” said Mariana Shaharudin, VP SSC.

Centralising & Standardising Ap Processing

The main challenge for Scholastic was to consolidate invoice processing for nine countries and 14 entities and put an end to inefficient and expensive manual handling (e.g., couriered hard copies, lost invoices in transit, different file formats, physical space for document archiving, etc.).

Thanks to centralised AP automation and seamless integration with the company’s NetSuite ERP system, all invoices from local finance teams are consolidated for the SSC team to process. They are also able to simplify and standardise processes with the local teams to ensure operational efficiencies.

“The primary objective for our SSC is seamless document flow as this is the most crucial step before processing invoices. Users are now able to easily retrieve all incoming invoices to process. Thanks to Esker, we’ve been able to achieve and build a successful SSC .” Mariana Shaharudin | VP SSC

Increasing Visibility With Customisable Dashboards

Scholastic’s AP process involves many people and in order to communicate, delegate and share information quickly, it was important to have visibility over the whole process. Esker’s customisable dashboards, featuring real-time KPIs and analytics, have simplified the global management of the SSC by enabling it to display, sort and coordinate the data collected.

Speeding Up The Approval Process

Once invoices are processed at the SSC, local finance managers outside the SSC must approve them. Thanks to enhanced process visibility, all information is made available to them, which facilitates internal communication and simplifies follow-up and review. “Having information readily available allows us to promote ownership within the team. We are also able solve any potential issues quicker,” said Mariana Shaharudin, VP SSC.

Local Support

With high invoice volumes and limited resources locally and at the SSC, Scholastic must process invoices very quickly in order to avoid late payments. To help speed up the process, it was important for Scholastic to have local support in order to resolve any issues in a timely manner. “Esker’s support team is based in the same location as us which means we can reach them quickly,” said Terry Lim, Team Manager, Invoice Processing.

Transiting To A Remote Work

Esker’s cloud-based solution has allowed Scholastic to maintain business continuity while transitioning to a remote workforce. They are even looking to expand Esker to other parts of their department as well.

“There’s been no obvious change to how we work, apart from being in a different location. All our AP processes were already in place digitally, so we were able to successfully and seamlessly transitioned to remote working.” Terry Lim | Team Manager, Invoice Processing

Hankook Tire Switches to Rimini Street Support for its SAP Applications 

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Leading global tire company plans to leverage costs and resources saved from switching to third-party support to help improve operations with AI and digital sensor technology. 

By: DigitalCFO Newsroom | 7 April 2021

Photo by Obi Onyeador on Unsplash

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced leading global tire company Hankook Tire has switched to Rimini Street Support for its SAP ECC 6.0 applications. Hankook Tire reduced its annual maintenance fees by 50% with Rimini Street Support. With the efficiencies gained from switching, the company plans to focus its resources on developing innovative technology capabilities, including artificial intelligence and digital sensors. 

Receive Ultra-Responsive ERP Support and Optimize IT Costs 

Founded in 1941, Hankook Tire was the first automobile tire company in Korea and has grown to be a market leader in tire manufacturing worldwide. Currently operating in over 180 countries, Hankook Tire has eight production sites and five R&D centers worldwide, with over 20,000 employees. The company’s CIO began to explore third-party support to address the need for more technical enterprise software expertise and support services for its heavily customized SAP ECC 6.0 applications. After learning about Rimini Street’s quality of support, Hankook Tire decided to switch support providers to benefit from the Company’s high-value, ultra-responsive SAP support.  

“Keeping our business performing efficiently and at its highest level is very important to us. The company is on the fast track to digital transformation with the pursuit of innovation and technological excellence at our core,” said Seyul Ryu, chief digital and information officer, Hankook Tire. “After learning about Rimini Street’s global availability and expert engineer support, we decided to switch our mission-critical ERP application support to Rimini Street to gain efficiencies and free up resources to focus on maximizing manufacturing operations.”  

Expert Engineers Available 24/7 Worldwide 

Hankook Tire, along with all Rimini Street clients, is assigned a Primary Support Engineer, backed by a team of functional and technical experts, who have an average of more than 15 years’ experience in the client’s software system. All clients also benefit from the Company’s industry-leading service level agreements of 10-minute response times for critical Priority 1 cases and 15-minute response time for Priority 2 issues.  

“Most manufacturing companies, including Hankook Tire, are focusing on pursuing innovations in this demanding economic environment. Rimini Street enables these companies to take back the control of their IT roadmap, find efficiencies and free up funds to invest in innovation aligned with its business to drive competitive advantage and growth,” said Hyungwook “Kevin” Kim, regional general manager, Korea, Rimini Street. “Rimini Street has helped more than 4,000 clients worldwide gain peace of mind by providing a team of expert engineers available 24/7 with a 10-minute response time for critical issues, as well as providing the technical and functional advice to maximize their existing software investment.”