Yinson Annual Report 2020

80 MANUFACTURED FINANCIAL NATURAL SOCIAL & RELATIONSHIPS HUMAN ORGANISATIONAL Yinson Holdings Berhad SECTION 4 OUR CAPITALS implemented in our active projects, and will be used for future projects as well. Phase 2, which is planned for FYE 2021, aims to see the portal integrating with our ERP system. Enhancement of offshore communication system During the financial year in review, we successfully enhanced our offshore communication system by expanding into digital reporting for punchlists, mechanical completions and commissioning. This is part of the Group’s overall strategy in digitalisation, moving away from a manual system of records and tracking. Our aim is to bring about greater efficiency of site teams and systematic control of ownership and reporting. The system was successfully deployed on FPSO Helang, and we look forward to implementing it in our upcoming projects as well. Digitalisation and upgrade of supply chain management process Yinson’s goal is to use digital tools/technology to continuously streamline and improve how we manage our supply chain, thus enabling us to deliver the required goods at the right time, right price and highest quality. We currently facilitate the screening and selection of our Continual improvement of vendor management capabilities Vendor quality control Vendor due diligence Transparency Information sharing Standardisation Internal communications vendors through our VRP, which is designed to capture and administrate requirements to be our vendor. In the coming financial year, Yinson is looking to upgrade the VRP to ISO 9001 qualified standards, and enhance capabilities relating to pre-qualification assurance and vendor performance. We aim to improve the supply chain tendering process via automation and digitalisation, to achieve a system that is streamlined, sustainable, transparent and scalable. Another planned enhancement is to increase the scope of the VRP to include the ability to run analytics and to generate business insights for supply chain optimisation. In the coming financial year, our procurement team will explore areas where strategic frame agreements with vendors can be established, which we believe will improve lead times and leverage off economies of scale. To achieve these objectives, we will leverage off the industry experience and knowledge of the team; alongside current project and tender opportunities. Vendors/suppliers (pg 105) Strengthen Corporate Advisory function through digitalisation In the coming financial year, Yinson plans to implement an integrated and technologically-robust Treasury Management System to facilitate our growth across new territories and the development of our business divisions.