THE

CFOEX PRADEEP KUMARFACTOR streamlines UAE Exchange’s budgeting and accounting systems.

PUBLISHED BY 2 SUCCESS STORY THE EX FACTOR

ith 775 branches worldwide, firm also offers a range of Forex, prepaid Kumar says. “This stretches from UAE Exchange is a cornerstone and distribution services, among others. delivering an error-free experience for the in the remittance market. These include its pre-paid card scheme customer, to ensuring there are limited Determined to deliver an in partnership with MasterCard, and back-end costs for human resources.” W enhanced customer experience GoCash, a multi-currency travel card Although their services may seem and improved back-end operations, CFO that can be used in a six countries of the smooth, Kumar knew that UAE Pradeep Kumar opted for fresh budgeting customer’s choosing. Exchange’s budgeting and accounting and accounting solutions to keep track Ensuring the $25 billion of customer processes could not be classed as of the $25 billion in salaries that is remittance money transferred annually is seamless. “A number of department heads transferred annually through its channels. delivered in a secure and timely manner, in other countries were using Excel to Residents of the seven emirates have is no easy task. Behind the customer- manually input their budgets,” Kumar a fond association with UAE Exchange. facing in-store staff and online transfer says. “This was very time-consuming In a country that is reliant on its 90 services, a series of advanced technologies and compromised the quality of their percent expatriate population - where and processes are needed to ensure work. We needed to ensure a smooth citizens migrate for better job and salary transactions don’t go awry. “Our greatest flow of information, both internally and opportunities - sending money back home ambition is to automate everything,” in terms of the integration with our 150 takes on huge importance for people of correspondent banks.” the . For them, and Keeping track of working capital also 400,000 others worldwide who use these takes on huge importance for the firm, services monthly, UAE Exchange is a vital both in terms of its internal operations, channel that helps them feed, house and “This region and in dealings with these external banks. clothe loved ones around the world. “We always have to ensure that there is The company was founded in 1980, obviously has enough money available,” Kumar says. with just one branch to its name. Joining huge numbers Furthermore, the competitive nature of 25 years later, chief financial officer the money transfer business necessitates Pradeep Kumar has seen a great deal of workers a complex pricing model for the company. of change since his arrival. “Back then, All financial planning is undertaken in Q4, we had 27 branches and no global from South with a timeframe of 60-90 days needed presence,” he says. “There’s no doubt that , but our to create a fully-fledged budget for all the complexity of the operation – and operations, encompassing all types of of technology in general – has greatly expansion KPIs. increased since then.” UAE Exchange strategy Additional change to the company now boasts 775 branches worldwide, had put greater emphasis on the need but 70 percent of its revenue still comes involves for change. As of 2016, a new corporate from the , a region – like the structure has been put in place. This will UAE - that is highly reliant on migrant having a bring all the Group’s companies under one labour. “This region obviously has huge presence in umbrella, into a single holding company, numbers of workers from South Asia,” while UAE Exchange will also maintain Kumar says, “but our expansion strategy all markets dealings with multiple intermediary involves having a presence in all markets worldwide.” firms. “This has necessitated further worldwide.” automation,” Kumar says. “There are Aside from having a 6.51 percent different levels that need to be considered share in global remittance services, the when consolidating accounts. The more 3

companies that this applies to, the more planning.” Kumar is also confident that complex the process.” once complete, the accountancy aspect After a series of meetings with senior will bring similar benefits. stakeholders across UAE Exchange and The project has added broader his finance department, Kumar decided operations capabilities to UAE Exchange, to opt for SAP’s Business Planning and releasing bandwidth for the accounts Consolidation (BPC) software. Kumar team, which has proved very useful. “The opened discussions with UAE Exchange’s new system will help us have faster time CIO, and enlisted the IT department’s to market,” Kumar says. expertise for the design phase of the He speaks highly of the support budgeting module, a key component in the he received from implementation new strategy. He also sought assistance partner MDS ap. “They with the implementation from MDS ap. were supportive in terms of Facing “rigid” timeline and budget meeting our deadlines, which – some of which were unanticipated meant they often had to – constraints, the process of work overtime,” he says. implementation was not without certain “They did a great job in difficulties. “We were certainly concerned supporting our domain that we would not complete the project team for budgeting and by the end of 2016,” Kumar says. Adding accounting and were to these woes were the challenges in highly knowledgeable.” deployment and user testing, giving an Given the project’s extra headache to the finance and IT fresh implementation, teams. “Seamless” movement of data to Kumar says tangible the SAP modules was also imperative. cost savings are yet Nonetheless, the end-to-end to be realised, but he implementation of the project, from is sure they will be design to user access tests, took nine evident over time. “By months to complete, with Kumar keen to the end of 2016, we stress the physical implementation was will know the full extent “much quicker.” of them,” he says. “But The budgeting module of the software I have no doubt it’ll be a has now been successfully deployed, substantial amount.” with 2016’s work being carried out on Although Kumar the platform. The accounting module, recognises the importance meanwhile, is due to be completed in two of keeping up with the pace of months’ time. digitalisation, he is adamant that Kumar says the completed customers will continue to crave installations have already proved a traditional service models. “The fantastic value-add for the organisation. in-store model won’t die any time With the module now available to all soon,” he says. “If customers are appropriate stakeholders, the system sending home their hard-earned is automatically updated to reflect money, they’ll often want to speak budgeting changes. “It’s been a great with a human being rather that help in terms of tracking and meeting dealing with a machine.” He is our timelines,” he says. “It’s improved bullish about UAE Exchange’s broad our accuracy, and really enhanced service offerings. “We recognise that our governance. Beforehand, it wasn’t digital will be the order of the day, and uncommon to make modifications to we’re prepared to deliver services over our budget via email. Now, any change any device,” he says. “Our overriding goes through the system, giving greater aim is delivering the best possible transparency to our governance and customer experience.” About MDS ap

MDS ap provides customers with software solutions, professional services and business support that are focused mainly on SAP Business Analytics Platform. The company also specializes in banking and analytics solutions by the best of breed solution vendors such as Datawatch, LOXON, Pio-Tech, Datalytics and NETinfo. Solutions and service offerings by MDSap include Data Management, Enterprise Performance Management (EPM), Enterprise Information Management (EIM), Business Analytics/BI (including Real-time Analytics), Data Governance, Enterprise Architecture, Mobility and Omni-Channel Banking Solutions, ERP and Human Capital Management.

MDS ap is part of the Midis Group and has twelve offices across the Middle East and North Africa, Turkey and Central Europe. MDS ap is a Gold Partner of SAP and a member of EPM International.

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