The client integrated all decentralized operations on one place, optimizing resources, while working in one solution.
Summary
This Client is a microfinance company and serves micro and SME business clients affected by political conflicts and severe destruction consequences. The Client has a significant experience in the field, operating for years on the market and has a mission to improve living conditions for vulnerable categories of citizens, by providing sustainable access to financial services for micro-enterprises and small enterprises.
Challenge
Our Client has been operating for many years using decentralized software for Loan Tracking System and another Local Accounting System, both of which combined after years of usage, showed crucial disadvantages which started burdening the operations and had to be tackled quickly in order to ensure quality services to the growing base of borrowers.
The legacy system that the Client used had decentralized structure of operations and was dependent on many manual operations, which constantly caused employee confusions and unclear definition of duties among departments. Because of the decentralization, front line officers had to insert same data on several different locations, engaging more human resources, spending more time and loosing efficiency. Therefore, the Client decided that the key for successful continuation of operations is to obtain technological solution that will enable the organization to serve borrowers more effectively, efficiently and offer better services based on accurate insight into the data.
The Client searched for the proper Vendor, someone with experience in the microfinance industry, who is able to integrate operations from multiple systems into one solution and can migrate entire portfolio into the new system without any difficulties, and where manual work is not needed.
Solution
In order to detect the weaknesses and gaps in current business processes, Aspekt conducted detailed analysis of Client’s work operations, to detect and analyze the weaknesses and gaps during which time both Aspekt and Client Project Team closely cooperated on all issues enabling quality functional specification process.
The result of the analysis was clearly defined desired and required functionalities, where the Client Project Team carefully described real business processes and Aspekt suggested many process improvements which were later incorporated in the final solution design.
Aspekt managed to adapt the activity flow, in order to integrate all front office operations in one solution (product definition, loan initiation, approval processing, borrower creditworthiness analyses, loan disbursement and repayment) with back office operations, accounting, fixed assets and inventory management, HR & Payroll, all in one place giving the Client extra value of having this solution.
By choosing Aspekt as a Vendor and Aspekt Product Suite, the Client invested in a long-term asset. As the business grew, the platform developed simultaneously, offering adjustment possibilities of all functionalities, easily adaptable to Client requests and to regulatory changes. Aspekt being able to respond to all CLIENTS requirements resulted in proportional satisfaction from Client’s borrowers, which were served properly and on time.
Results
With the implementation of the Aspekt Product Suite, both Aspekt and the Client succeeded in accomplishing all predefined goals. The Client is satisfied to say that with this solution all front officers managed to lower down-time for processing loans, adapted real quickly to the solution interface and managed to move fast through the solution.
All manual work is replaced with complete automation up to 100%, eliminating unnecessary and time-consuming activities, thus increasing employee’s efficiency and the quality of data gathered.
The new solution fixed complete functionality gaps that the Client had in past systems, as it is the option for automatic postings of payments that streamlined completely the accounting operations.
The Client had huge benefit from using the solution, due to high operation-independence from Aspekt and being able to include new features, add new products and perform changes independently at any time.
The Client is free to use consulting services at any time, contacting Aspekt for any issue as arises and receive technological solution with maximum benefit of the change required.
