Recognized for its payment process excellence project
KUWAIT: Alghanim Industries, one of the largest privately owned companies in the region, was recently recognized at the Adam Smith Awards 2018 on June 21. The awarding ceremony, which took place in the prestigious Plaisterers’ Hall in London, included representatives of more than 60 companies from 35 countries around the world.
Representing Alghanim Industries, Richard Quinlan, Corporate Controller, Sonal Gupta, Head of International Accounts and Pramod Bhattiprolu, Senior Manager, Corporate Treasury received the award for the Best in Class Treasury Solution in the Middle East category, for completing the Payment Process Excellence project. Launched and completed within 12 months without compromising workflow, the Payment Process Excellence Project unifies transactions in Alghanim Industries’ 300+ bank accounts, spread across more than 20 business units, with a new system. The new system centralizes all payments securely across different business units of Alghanim Industries, working integrally with built-in systems.
This new wide-reaching solution is in line with Alghanim Industries’ ongoing efforts to enhance corporate finance and funding, risk management, governance, and cash management across all its businesses and bank accounts. Having the new system in place automates processes and creates an easier workflow, improving financial visibility and increasing security throughout the transaction process; in essence, implementing the Payment Process Excellence Project has allowed the company to improve its infrastructure in ways that are groundbreaking to the local market.
Robert Etman, Chief Support Services and Chief Financial Officer at Alghanim Industries, said: “We are very happy to be receiving the prestigious Adam Smith ‘Best-in-Class’ Treasury Solution Award. This award is another wonderful achievement and a true testament to the professional skills of our Treasury team at Alghanim Industries. We will continue to pursue the best practices and strive for excellence in the future to ensure delivering the best products and services to our various segments of customers.”
The award is yet another testament to Alghanim Industries’ long record of accomplishments over the past years. Last year, the company was awarded the 2017 Corporate Treasury Team of the Year Award from the Association of Corporate Treasurers (ACT). Treasury Today’s Adam Smith Awards were first introduced 11 years ago, with the aim to highlight the best of corporate treasury achievement of Treasurers, CFOs and Finance Directors. This year’s edition saw hundreds of submissions from 35 countries from around the world competing in 18 categories.