The Saudi Arabian Monetary Agency (SAMA) said it had made significant progress, in collaboration with SAP, in the digital transformation process, noting that it has reduced its operations time and simplified complex operations by about 30 percent.
This comes as SAP launched its first public cloud data center for Riyadh to cover services in Saudi Arabia, the Middle East and Africa region.
During a press conference, SAMA Budget Director Sami Abdulaziz al-Foraih announced the Agency is moving forward to strengthen the digital system for a comprehensive view of all stages and procedures of the budget study.
He added: "With regard to the Agency’s work in the preparation of the budget, we have implemented this program in full. It is a system that specializes in the process of entering the data of each financial institution to help manage their budget."
“SAMA needed one digital system that could deliver full visibility across the budgeting processes,” said Foraih.
He revealed that this system has achieved several important and necessary goals, including reducing the time it takes to prepare the budget.
The director pointed out that the system benefited SAMA specifically in the calculations and forecasts of expenditures in the preparation of the budget, indicating that all parties receive and can easily access data through a single platform.
The system provided an opportunity to reduce the time spent in any process related to budget preparation by 30 percent, and even the process of predictions became more accurate than it was before using this system, according to Foraih.
He noted however several challenges that need to be addressed in SAMA’s operations in terms of budget management.
