Covenant Management System
10xDS developed a solution that streamlines the checklist (obligations and conditions set forth in the covenant) management process for a leading power and utility company, headquartered in the Kingdom of Saudi Arabia.
Challenges
The current process involves a manual and time-intensive distribution of Excel-based checklists for quarterly approval and status updates, leading to inefficiencies and error-prone quarterly reports. Due diligence checks slow down the process, and reliance on numerous emails increases the risk of missed communications, making it challenging to track checklist statuses accurately. This approach consumes time and compromises accuracy and transparency in the workflow.
Solution
10xDS developed and implemented a solution to streamline its manual and time-consuming checklist management process. The app, featuring three phases – Upload, Task Execution, and Quarterly Reporting, addresses issues such as error-prone quarterly reports and the complexity of due diligence checks. It enhances transparency through automated notifications, provides data-driven insights with configurable dashboards, and streamlines information flow among users, increasing overall efficiency. The system also contributes to heightened compliance, reducing the risk of penalties. In summary, 10xDS has successfully transformed its checklist management into a streamlined, transparent, and data-driven process, fostering increased efficiency and compliance.
