KUALA LUMPUR (March 2): OpenSys (M) Bhd has rolled out its Smart CIT secure logistics and cash management solution for Tenaga Nasional Bhd (TNB) to enhance process efficiencies and reduce up to 33% in overall processing costs.

In a statement Wednesday (March 2), the financial services, telecommunications and utilities solutions provider said it targets to complete the rollout of its Smart CIT solution across all 114 TNB retail outlets nationwide in the first quarter of 2022.

Developed by OpenSys subsidiary OpenSys Technologies Sdn Bhd, the Smart CIT platform combines conventional CIT services with cutting-edge IoT-based secure logistics solution that provides TNB with a real time dashboard view of critical management information on collection schedules, balancing and reconciliation.

The company said TNB would also be able to gain insight on cash flow and use analytics-based engines to manage cash cycles for better liquidity.

OpenSys CEO Luke Sebastian said Smart CIT aims to secure that ideal balance for large corporations in improving their productivity levels while optimising operating costs.

“Beyond day-to-day duties, Smart CIT provides forward-thinking customers with an Artificial Intelligence-powered engine to harness even more insights to guide future strategies and decision-making, and thus potentially increase service levels and efficiency,” he said.

Sebastian said the CIT market in Malaysia has an estimated total market value of RM768 million, with current participants made up primarily of financial institutions and large corporations.

He said that for this reason, the company was targeting two main customer segments for Smart CIT: the financial institutions or large corporations who would benefit greatly from a highly-visible and intuitive platform, as well as small and medium-sized enterprises who would now be able to enjoy efficient and safe CIT processes at a fraction of the costs for conventional CIT.

“Similar to this implementation with TNB, we would leverage on the group’s existing relationships with various banks and large corporations from our other business segments to help gain a foothold into assisting their CIT process.

“In doing so, we hope to become a primary technology provider for our pool of reputable customers,” he said.

At 12.28pm, OpenSys shed 0.5 sen to 36.5 sen with 72,400 shares done.