Kenanga Investment Bank Berhad is a wholly-owned subsidiary of K&N Kenanga Holdings Berhad, an investment holding Company listed on the Main Board of Bursa Malaysia Securities Berhad. Kenanga Investment Bank Berhad offers a variety of financial products and services.
BACKGROUND OF ENGAGEMENT
The K&N is a Universal Broker with diverse business activities in the financial industry including, inter-alia, Stockbroking, Corporate Advisory, Capital Services, Unit Trust Management, Asset Management and Fixed Income. K&N stockbroking business activities are throughout the country in 16 branches. As part of its re-engineering of the operational systems, K&N has decided to select and implement a packaged Financial Accounting System (FAS) to address its business needs.
SCOPE & VALUE DELIVERED
Scope of work:
The implementation involves SAP Financials (GL, AP, AR, CM, CO, AM, Procurement).Companies and subsidiaries implemented include Kenanga Investment Bank Berhad, Kenanga Deutsche Futures Sdn Bhd, Kenanga Capital Sdn Bhd and K&N Kenanga Holdings Berhad
- Each subsidiary has an independent environment of disparate legacy systems, applications, processes and data sources. Maintaining legacy systems is one of the difficult challenges faced by this customer.
- Data conversion and mapping was also challenging as each system has its own coding structure to represent GL accounts, vendor, customer respectively.
Value to the client:
A major benefit of having this new SAP ERP system in K&N Kenanga is replacing multiple, disconnected databases with a single, integrated system residing in various subsidiaries. Duplicates in master data can be eliminated in this situation. We have provided a Project & Quality Assurance Management to manage from project strategy, interfaces with multiple external systems and support, ensuring the success in delivering the business desired functionality within budget and on-time.
All the entities involved share a common chart of accounts now leading to better maintenance of a standardized accounting structure and reduces reconciliation procedure. Users found the system to be friendly and easy to use. This allows faster month end closing within an integrated single common system.