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LB Finance PLC powered by Oracle Fusion and KPMG’s Expertise

LB Finance PLC powered by KPMG’s Expertise

The rapidly changing business environments have exerted immense pressure on corporates to remain competitive while having sustainability at the back of their minds. The smarter way to stay ahead of competition is to identify and capture uncontested spaces and thereby making the competition irrelevant. With the evolution of technology taking its turn on governing the ways of how businesses operate, businesses consistently need to keep adapting to the paradigms set by technological disruption.

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priyanka jayatilake

Partner - Head of Advisory

KPMG in Sri Lanka

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The rapidly changing business environments have exerted immense pressure on corporates to remain competitive while having sustainability at the back of their minds. The smarter way to stay ahead of competition is to identify and capture uncontested spaces and thereby making the competition irrelevant. With the evolution of technology taking its turn on governing the ways of how businesses operate, businesses consistently need to keep adapting to the paradigms set by technological disruption.

The Sri Lankan Finance sector is currently undergoing major changes to drive forward with the latest technological capabilities. Sri Lanka’s banking and non-banking financial institutions have identified that Enterprise Integration, Business Intelligence and Governance and Risk and Compliance solutions are critical to the succeed in highly dynamic environments in today’s context. LB Finance PLC, the largest listed non-banking financial institution of Sri Lanka in terms of the asset base, is one of the pioneers that has succeeded in transitioning to a digitally enabled entity along with the expertise provided by KPMG in Sri Lanka.

Having operated for the past 49 years, L B Finance PLC has continued to offer a portfolio of finance solutions trusted widely by large corporates, SMEs and individuals. By nature, the banking and finance industry requires a vast amount of data management. Inadequate data management measures would create many bottlenecks in operations such as incapability of capturing and analysing data, insufficient flexibility to develop customizable reports and unavailability of system approvals for the large number of transactions that happen on a daily basis.

For entities that are ambitious to overcome such inefficiencies through digital enablement, KPMG in Sri Lanka is willing to provide its global expertise to smoothen the digital transformation journey. KPMG in Sri Lanka is privileged to be accredited as a Platinum Partner for Oracle Inc. in Sri Lanka and the Maldives. KPMG in Sri Lanka was awarded ERP Partner of the Year, SCM Partner of the Year and IoT Partner of the Year at the Oracle SAGE Regional Awards in 2018. KPMG in Sri Lanka is powered with over 120 Oracle skilled professionals and other technology consultants.

Backed up with the reputation of being a platinum partner, KPMG in Sri Lanka proceeded with the implementation of Oracle Fusion; an ERP solution, that helped LB Finance PLC to streamline its operations with increased digital capabilities. The implementation of Oracle Fusion enabled LB Finance PLC to leverage new technology with existing investment.

Utilizing KPMG’s leading practice approach has delivered functionality while enhancing the user experience. The enablement of Self-Service through the ERP implementation has further provided LB Finance PLC an edge over the competition. In addition, KPMG’s expertise has helped LB Finance to improve its quality and the validation of the vast amount of data managed and to develop cross-department workflows with standardized processes.

As the largest listed non-banking finance company in Sri Lanka (in terms of asset base), LB Finance is now equipped with the industry’s best practices, automation of accounting processes and daily bank reconciliations that contribute to a smooth month end process, with continued support from KPMG.

KPMG Technology Solutions (Pvt) Ltd (KTS), the technology branch of KPMG in Sri Lanka is headed by Priyank Jayatilake (Managing Director – KPMG Technology Solutions Pvt Ltd and Partner – Head of Advisory, KPMG in Sri Lanka), continues to provide high quality solutions to large corporates and SMEs that are keen to embrace technology for smooth digital transition. KTS will provide a comprehensive set of services inclusive of Oracle ERP Implementation, Oracle Database and other Oracle Solutions such as Human Capital Management (HCM) and Internet of Things (IoT).

© 2020 KPMG, a Sri Lankan partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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