Swedish finance institution moves to Unit4 Scanmarket

The Swedish Export Credit Corporation (SEK) has selected Scanmarket by Unit4, as it looks to move from disconnected processes to a single centralised solution for supplier management. The SEK is a state-owned company that has offered financing to Swedish export companies, their subcontractors and international customers since 1962. By offering loans, it helps to increase the competitiveness of Swedish Companies. In so doing, it helps to create and maintain jobs and promote growth across Sweden.

The organisation was originally set up by the largest Swedish banks and the government, but became fully state-owned in 2003. Working in a highly regulated industry and helping to secure loans from across the world, the organisation needed a robust supplier reporting system that met compliance requirements for the loans and related contracts.

Having considered the options the SEK selected Scanmarket from Unit4. Scanmarket is a strategic sourcing solution that helps organisations such as Aalborg University, Bacardi and Pandora to better manage their suppliers and procurement.

SEK has implemented several of the modules within the Scanmarket solution, including:

• eRFx: Streamlines RFI, RFP and RFQ collection and increases the efficiency of sourcing activities
• Contract Management: Simplifies the creation and management of your contracts
• Spend Analytics: Streamline forecasting and financial planning: Understand distribution of spend to maximize savings, through real time insights and analytics
• Supplier Management: Centralize supplier data: Optimize selection, increase operational efficiency and avoid non-compliance within the supply chain
• Project Management: Complete visibility of all projects: From status to history, gain full insight into your source-to-contract activities

Magnus Löfmark, Procurement Manager, SEK, commented, “We are committed to efficiency, transparency and accountability and by implementing Unit4 we will enhance how we manage supplier relationships. This investment will enable us to standardise procurement, strengthen compliance and accelerate our ability to manage projects efficiently.”

Meeting the Compliance requirements

Scanmarket provides the centrals data repository and automation that SEK needed to manage its supplier relationships. It also provides the specific compliance requirements that it needs. Enterprise Times asked Unit4 what compliance requirements within the solution are that SEK required.

Kärt Kukke, Senior Managing Consultant, Unit4, replied, “SEK is ensuring that the platform allows them to capture ICT services related information about their supplier, contract and procurement activity so they can be compliant with the EU regulation focusing on ICT services (Regulation (EU) 2022/2554).”

SEK now has a complete overview of its supplier landscape. The user-friendly interface provides full visibility into contract data within a single, compliant location. It allows every member of the Procurement, Legal, and Security teams to access the latest version without concern. Members of each department have visibility into the information they need, with comprehensive security controls that prevent the delays that presumably occurred previously.

The eRFx and Project Management modules have further streamlined time consuming processes across the organisation. Scanmarket also doesn’t work in isolation. During the implementation the platform was integrated with ServiceNow and Visma to meet reporting needs and ensure data integrity across their software stack.

Johan Reventberg, Chief Revenue Officer, Unit4, said, “We are pleased to be partnering with SEK. Stakeholders from both organisations worked closely to understand the requirements and build a foundation of trust.

“This partnership approach ensures the solution is tailored to SEK’s long-term strategic goals for compliance and risk management.”

Enterprise Times: What does this mean?

For SEK, Scanmarket provides a best-in-class sourcing solution that meets their requirements today and for the future. Importantly, it doesn’t sit in isolation but integrates with the other systems of record it uses. The open architecture that Unit4 promotes has enabled the firm to integrate ServiceNow and Visma. And will now let it improve its strategic sourcing, optimise efficiency, meet compliance requirements, and increase productivity.

For Unit4, it demonstrates that Scanmarket can stand on its own without other Unit4 applications and compete effectively with other sourcing applications in a competitive market. What will be interesting to see is whether SEK will help produce a case study that identifies the quantitative benefits that Scanmarket has delivered.

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