Sandvik Credit Group aims to be flexible financing company with emphasis on productivity, innovation and efficiency. With Banqsoft on board they live up to their targets, and in the autumn of 2014 they deployed a new, flexible back-office system on four continents.
Sandvik Credit Group is a part of the Sandvik group, and is a captive finance company that offers financing in connection with the sale of products such as mining and drilling equipment, etc. from the group. They have five installations, where they offer leasing and instalment contracts. Out of the group’s approx. 48,000 employees, approx. 1,000 work in the IT department. Sandvik operates all systems itself.
In 2013 the financing company had reached a point where the existing back-office system was obsolete and needed replacement. A good back-office system was critical, and Sandvik Credit Group had high expectations toward functionality in a new solution: It needed to support seasonal variations and differing depreciation rules, work internationally, and have great flexibility in handling different business practices and rules. It was also important that the system could be integrated with Sandvik’s ERP system, which was based on SAP.
Against this backdrop, a number of qualified vendors were invited to submit tenders. Banqsoft was the preferred vendor with its CoreView functionality, which met all of Sandvik’s requirements and had global tailoring and deployment capacity. The cost was also crucial for the choice.
Solution and delivery
The CoreView system was initially developed for vendors with a broad range of banking services, and can be supplied “off the shelf”. For Sandvik, the system required minor adjustments to function optimally and integrate with existing systems. In the autumn of 2014 the solution was up and running at Sandvik Credit Group in the USA, Chile, Australia and South Africa, in addition to Europe.
“The back-office system is critical to us, and we couldn’t envision that the existing vendor could take us into the future. Through this delivery, Banqsoft has proved that they can,” says a satisfied Michael Turesson, who is responsible for Business Control, Customer Finance at Sandvik Credit AB.
In a large and global project, it is essential to have a clear and credible project plan that makes everyone aware of their responsibilities and deadlines. The scope must be clearly defined, and sufficient competent resources must be allocated among all parties to prevent delays and avoid losing momentum.
“Cooperation with Banqsoft has been excellent. They have been attentive and worked hard every step of the way, and the delivery is as promised. We have been incredibly satisfied both with respect to partial deliveries, allocation of time and project planning and execution. Banqsoft’s resources have provided 100% as promised, and there have been no direct delays related to their part of the delivery,” Turesson emphasizes. He is also clear that such a major restructuring always entails internal adjustments and user challenges. This is why Banqsoft and Sandvik Credit agreed early on that user support would be provided after deployment. With Banqsofts unique expertise on the system, this was the best way to handle the critical stage just after launch.
Banqsoft also has good experience from the collaboration:
“We greatly appreciate Sandvik’s confidence in us on this project. Working on a global scale has been instructive and has improved our expertise. At all times Sandvik has had an understanding of the complexity of serving a group with so many locations and employees, and have given us leeway to take the measures necessary to achieve high quality in the delivery,” says Ulf Hagen, who was the Sales Manager for the project on behalf of Banqsoft.
The road ahead
Sandvik Credit Group is pleased to have cooperated with Banqsoft, and have a positive view of the future:
“It’s too soon to know what opportunities the future will bring, but there may be many exciting challenges ahead. We need to mature and gather experience following this delivery, then we’ll consider the next stage,” Turesson concludes.