June 30 2021
Enterprise Resource Planning (ERP) systems offer a wide range of advantages, assisting decision-makers to streamline their processes and expand their operations. Most ERP solutions include various features such as automation, CRM, data analysis, accounts, and shipping management, etc.
The National Development Bank PLC – a Bank that has always been at the forefront of providing the best solutions to the Bank’s customers – has a means of providing ERP solutions to the Bank’s MSME base. Accordingly, the Bank entered into agreements with companies such as Codevus (Pvt) Ltd and Thinkcube Solutions (Pvt) Ltd under NDB’s “Jayagamu Sri Lanka” initiative as a means to give customers a value chain management facility through a comprehensive ERP platform enabling them to efficiently handle their day to day administrative functions as well as support chains.
Expressing his views, NDB Bank Director/Group CEO Dimantha Seneviratne said, “Developing the SME sector in Sri Lanka by providing tailor-made solutions has always been an important element of NDB credit propositions. That’s where NDB’s Jayagamu Sri Lanka initiative has really made head winds. These ERP solutions being provided to our clients will assist them in inventory and debtor management, payroll management, cash flow management and other essential accounting functions at their convenience. It would be a win-win solution where bank also can take comfort of these volumes when credit decisions are taken.”
The ERP solution provides a cost-effective platform that enables its users to efficiently manage their entire value chain, from administrative functions to HR, inventory management, supplier management, etc…
NDB has thus taken the steps towards providing comprehensive ERP solutions by tying up with such solution oriented companies to deliver an affordable, efficient and user friendly interface to enable the Bank’s SME base to develop their businesses especially during times such as these where the COVID 19 pandemic has made a massive impact on businesses around the globe.
The Small & Medium Enterprises (SMEs) contribute to almost half of Sri Lanka’s economy and provide employment to more than 52% workforce. The SMEs are thus an important part of the ecosystem and it is imperative that they get access to the right infrastructure to grow.
NDB introduced the “NDB Jayagamu Sri Lanka” initiative in order to create a pathway for Sri Lanka’s exporters, innovators and entrepreneurs to have the necessary means to target the companies that are looking to diversify their supply chain, thus bringing in much needed revenue in to Sri Lanka.
The uniqueness of “NDB Jayagamu Sri Lanka” is that it is more than just a loan scheme with loan approval in seven working days to assist entrepreneurs, exporters and innovators of the country. It is also a platform in which they will receive a boost to kick start their businesses as well as a place in which they will receive the support and the means to create new innovative ways to sell their wares. NDB, along with nearly 10 non-financial service and solution partners, will assist SMEs, innovators and exporters with financial and non-financial support.
The Bank was crowned as Sri Lanka’s Best Bank 2021 by the prestigious Global Finance Magazine of USA, fresh on the heels of being recognized as The Bank of the Year Sri Lanka, by The Banker Magazine UK. NDB Bank is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. The only financial services conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan capital market to provide its customers seamless access to the product and service offerings of all its group companies.