148 YINSON HOLDINGS BERHAD OUR CAPITALS MATERIAL TOPIC: DIGITALISATION DEFINITION OF MATERIAL TOPIC Integrate digital solutions into business processes and operations to optimise business growth in line with technology. IMPACTS S2 S3 S4 S6 S7 S9 S10 GS1 GS2 GS3 GS5 GS6 WHY IS THIS TOPIC MATERIAL TO US? Technological advancement is one of the biggest forces shaping today’s business landscape. In order to keep our edge as a leader in our fields, we need to capitalise on emerging technologies and innovative digital tools that can be enablers for the growth of our business divisions. Our investments are guided by a thoughtful strategy that considers how the technology impacts productivity, asset lifecycles, scale-up potential and long-term business sustainability. The implementation of digital technologies and solutions will enable automation, increase data quality, collection and structure to be redeployed into our existing workflow. Digitalisation allows for higher process efficiency, reduction of human errors and better control over business operations. RISKS • Non-standardisation of internal processes may lead to inefficiencies in decision-making and operational processes, and worse, compromised safety of employees. • Lack of modern digital tools and mediums may create an uncompetitive business environment where work is hampered, leading to operational inefficiencies and loss of employee morale. • Companies that fail to embrace and invest in digitalisation and innovation may find themselves falling behind in the competitive business landscape. OPPORTUNITIES • Utilisation of digital solutions may reduce low-value, tedious work, freeing up staff capacity for more value-adding work. • Cost efficiencies may arise from processes that are made more efficient through digitalisation and technology. • New revenue streams may be unlocked through utilisation of data and novel technologies produced from assets and business processes. • Good access to accurate and timely data leads to better decisions made in a shorter time, which is a significant competitive edge for businesses. • A company that invests in new technology and digitisation platforms could contribute significantly towards solving global issues like climate change and energy inequity. Management approach By embracing digitalisation, Yinson creates value through optimisation of existing processes/workflows, enhancement of our core products and creation of new digital services. Yinson will continue to reinforce our organisation and governance to provide guidance, framework and to support further digitalisation. Optimisation of existing processes & workflows One of the key aims of digitalisation for Yinson is to ensure that timely and accurate data is provided to all stakeholders in order to increase efficiency and improve the quality of decisions made. The focus on digitalisation is Group-wide, connecting and aligning all Yinsonites to common workflows regardless of divisions, teams or geographies. Examples of digitalisation of our processes are found throughout this Report, and include: • A central Treasury Management System that monitors our liquidity, receivables, payables and debt through dashboards and analytics. • An ERP system that synchronises accounting data to be shared Group-wide. It features a cloud-based document system and dashboards of all key areas to empower users with control of their data and outstanding tasks. • A lifecycle cost model that is based on ISO 15663 that assesses the economic viability of various alternatives by calculating their lifecycle cost to support decision-making. • A centralised data management system to manage our engineering information and implement global engineering solutions. • An ISO 9001-qualified VRP which enhances our capabilities relating to pre-qualification assurance and vendor performance. • A Global HRIS which unites various HR systems across our global offices into a single, unified solution for all employees. • An ISO 45001-certified HSE Management System that provides a single and clear framework for the organisation to improve our HSE performance. • The YMS digitalises all the work processes in Yinson Production and makes them available both onshore and offshore. In terms of IT infrastructure, Yinson has adapted to demands of operating during and post Covid-19 pandemic. We have allocated resources, improved our technology and adapted our workflow to the needs of hybrid working mode. We have since transitioned to a fully cloud-based communication and collaborative platform. We empower our employees to work from home by providing hardware, software and training support. INTELLECTUAL CAPITAL MI3
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