Most Unit Trust Companies are using the e-PPA system effectively and efficiently and it is a great help to cope with the rapid increase in investment withdrawal application.
The key elements that made this initiative/innovation a success were:
1) Close collaboration, commitment and team work among team members at EPF and other organisations.
2) Effective project management, especially project risk.
3) Strong commitment and support from Top Management.
Lessons Learned are:
1) On Scope and Work Processes – important to understand the whole system and processes involved.
2) Deliverables/Quality – strive to meet all deliverables with high level of commitment.
3) Timeline – overcome obstacles to ensure milestones achieved as targeted.
4) Effort – team effort-operation, technical, vendor and user.
5) Training/Skill Development – hands on and able to troubleshoot error/problem.
6) Communications – transparent, highlight implication and without procrastination.
7) Issues/Remaining – anticipate and mitigate any risk at the early stage of the project; open discussion and weigh pros and cons to ensure win-win situation.
e-PPA had bagged EPF both the IDC-Enterprise Innovation Awards 2010 and the Best Process Innovation Award in the Share Guide Association of Malaysia (SGAM) ICT Awards 2010. SGAM is an IT users Group and a nonprofit whose member organisations are primarily users of technology and IT services. These awards were given in recognition to EPF for achieving IT and Business Excellence in Malaysia, underlining its commitment to enhance service delivery through technology.
Since the implementation of e-PPA, EPF has seen tremendous achievements in terms of process efficiencies; operational cost savings, faster approval turnaround time and improved payment period. Initial development cost could be recouped within 15 months; however a significant saving is expected from year 2 onward as the saving is 40%-50%.