Improvement
Plans and Projects
The Fund is keen to innovate and develop projects that support and improve the services provided to customers at the internal and external levels. During the past year, a number of projects were completed that contributed to the development and improvement of services.
Smart Contributions Project Achievement
The Fund continued to implement the smart contributions project, which achieved great success last year, as its application contributed to shortening the time and effort of entities, and raising their compliance with the Pension Law, which directly contributed to preserving the insurance rights of citizens, as well as providing retirement benefits to them without delay and according to international standards, and 100% of the entities registered with the Fund were included in the project. The project resulted in a set of results, including an increase in the accuracy of demographic data by 100%, an increase in the compliance rate of entities by 22% with regard to end-of-service transactions, in addition to reducing the operational cost on government authorities, equivalent to 1,320 working days, and for the Fund, equivalent to 82 working days. Moreover, the project contributed to increasing the satisfaction rate of entities, which reached to 85.5%, and reducing the consumed time and exerted efforts compared to the previous system by 86.4%.
Accomplishment of Entities Accounts Management project
During the past year, the Fund completed the implementation of the “ORACLE AR” project for entities accounts management. The system contributed to providing flexibility in managing contributions accounts, especially with the presence of exceptional cases or the ones requiring financial tracking. The project also contributed to a qualitative leap in the development of the Fund’s financial system, and increased the accuracy in preparing financial reports, automating the associated processes, providing a specialized financial system for managing contributions accounts, reducing audits, alignment and approvals, and linking divisions’ data. Among the most prominent outcomes of the project, which was fully accomplished during the past year: Automation of more than 8 major operations in entities accounts management, collection of contributions and due amounts, saving approximately 3,737 annual working hours from the competent division, in addition to providing easier access to financial reporting forms.
Completion of the Budgeting System Automation
The Fund has completed the development of the operational budget system, which aimed to develop the operational and projects budget management system and automate the process of establishing and managing the budget and financial planning, in addition to providing comprehensive, detailed and immediate reports on the actual expenditures against the budget. The Fund’s team was able to complete the project during the past year, and resulted in several positive outputs, including: the automation of more than 15 procedures and 3 main processes in the financial planning of the operational budget and human resources, the increase in the accuracy of budget management data by 100% in terms of amounts and actual expenditures, in addition to saving up to 140 working hours.
