Yinson Annual Report 2021

110 YINSON HOLDINGS BERHAD SECTION 05 : OUR CAPITALS BUSINESS SYSTEMS AND PROCESSES Tax, treasury and finance A key enhancement to Yinson’s treasury management in FYE 2021 was the introduction of a Treasury Management System, as described below: t 1IBTF PG UIF 5SFBTVSZ .BOBHFNFOU 4ZTUFN XBT implemented, providing a central platform to monitor our liquidity, receivables, payables and debt. t 8F BJN UP JNQMFNFOU 1IBTF PG UIF TZTUFN UIJT ZFBS which will link the system to our banking network, allowing payments to be processed via this single platform instead of through the different banking portals. In terms of tax management, Yinson is currently implementing a deadline monitoring dashboard and analytics to drive better business insights. This is expected to be completed in FYE 2022. Another focus for FYE 2022 is to improve the information gathering process from multiple locations around the world into one centralised platform. Enterprise Resource Planning Various enhancements were made to our ERP system, IFS, in FYE 2021 as follows: t 6QHSBEFE UP B OFX WFSTJPO PG &31 TZTUFN XJUI POHPJOH updates regularly applied. t &31 TZTUFN BEPQUFE CZ OFX DPVOUSJFT #SB[JM BOE /JHFSJB t &31 TZTUFN FYQBOEFE GSPN UXP UP UISFF PGGTIPSF VOJUT t *NQSPWFE VTFS FYQFSJFODF BOE VTBCJMJUZ PG &31 TZTUFN CZ applying several configurations. Tailor-making information and functionality to Yinson-specific needs rather than purely generic screens and functions. t 1SFQBSFE DPOOFDUJPO UP DMPVE CBTFE EPDVNFOU TZTUFN GPS projects, to go live in FYE 2022. t *NQMFNFOUFE EBTICPBSET JO BMM NBKPS BSFBT UP FNQPXFS users with control of their data and outstanding tasks. t *NQSPWFE DPOUSPM PO VQEBUFT PG NBTUFS EBUB Offshore production systems Data Management and lifecycle efficiency has been a key focus for our Offshore Production Division, driving solutions that improve efficiency, reduce costs and extend the lifespan of our assets. Highlights for FYE 2021 include the following initiatives: Lifecycle Cost Model t *OJUJBUFE EFWFMPQNFOU PG B -JGFDZDMF $PTU i-$$w NPEFM based on ISO 15663. t 5IF NPEFM BTTFTTFT UIF FDPOPNJD WJBCJMJUZ PG WBSJPVT alternatives by calculating their life cycle cost to support decision-making. INTELLECTUAL CAPITAL t -$$ NPEFM XBT EFQMPZFE JO UIF QSPKFDU BOE UFOEFS phase in FYE 2021. Future development plans include the automation of LCC calculations and expansion of the model to include environmental and social impacts. Data Management In FYE 2021, Yinson centralised all engineering information through a data management system and implemented a global engineering solution, allowing Yinson to reduce the time, cost and risk of capital project engineering. Yinson also established a working group for data management to drive data management improvements across the lifecycle phases. Key improvements from the data management system include: t $FOUSBMJTFE EBUBCBTF GPS QSPKFDU FOHJOFFSJOH JOGPSNBUJPO t 7JTVBMJTBUJPO QMBUGPSN GPS PQFSBUJPOBM EBUB t 5JNF TUBNQFE TFOTPS EBUB t "VUPNBUJD USBOTGFS PG PQFSBUJPOBM EBUB UP PGGTIPSF reporting applications. 3D printing of spare parts t *O ':& :JOTPO FOUFSFE JOUP BO BHSFFNFOU XJUI Wilhelmsen to receive exclusive access to technologically advanced 3D printing services, for both on-demand and catalogue products. t 0WFS UJNF % QSJOUJOH PVS TQBSF QBSUT MPDBMMZ XJMM significantly reduce total cost of ownership, time, environmental impact and carbon footprint. t :JOTPO SFDFJWFE PVS mSTU PO EFNBOE % QSJOUFE TQBSF part for FPSO Helang in January 2021. The process was proven to be time efficient while maintaining the quality and integrity of the spare part. t 4JODF UIFO XF IBWF JNQMFNFOUFE UIF QVSDIBTF QSPDFTT PG 3D printed parts in our supply chain management system. Information technology The Covid-19 pandemic caused a worldwide demand for technological improvements and resources to enable the ‘new normal’ of working remotely. Yinson’s IT team supported this transition by: t &YQFEJUJOH UIF USBOTJUJPO UP B GVMMZ DMPVE CBTFE communication and collaborative platform. t 1SPWJEJOH IBSEXBSF BOE TPGUXBSF TVQQPSU UP FNQMPZFFT from the comfort of their own homes. t 1SPWJEJOH *5 TVQQPSU GPS WJSUVBM PS IZCSJE NFFUJOHT BOE events including Board Meetings, AGM, town halls and business meetings. t 1SPWJEJOH USBJOJOH BOE SFTPVSDFT GPS VQTLJMMJOH FNQMPZFFT to embrace the new systems. Key digitalisation initiatives rolled out in FYE 2021: t 3PCPUJD 1SPDFTT "VUPNBUJPO GPS BVUPNBUFE TDBOOJOH PG invoices and documents. t $FOUSBMJTFE *5 SFRVFTU BOE SFRVJTJUJPO TZTUFNT Financial Capital, pg 82