A diverse conglomerate, with more than 30 operating business units across the GCC, Almoayyed International Group (AIG) is constantly exploring avenues to improve finance and treasury processes through digitisation and automation. Here, Ajay Jain, CFO, AIG, outlines the transformation journey the group has been on with the help of BNP Paribas – and explains how the finance function has embraced new systems, updated workflows, improved processes with robust internal control and developments such as robotics to supercharge treasury, while also contributing to sustainability initiatives.
With internationally renowned expertise on delivering reliable, efficient and transformative solutions for the future, Bahrain-headquartered AIG has to stay at the forefront of innovation. As such, the company fosters a continuous improvement mentality and is always looking for ways to make its operations more streamlined.
As Jain explains: “Every member of the finance team plays an active role in idea generation and suggestion, which helps in improving current processes, thereby increasing productivity and efficiency of staff without compromising internal control.” A good example of this philosophy in action is the implementation of a Document Management System (DMS) across 14 divisions of the Group’s Finance and Commercial Department – automation of various processes and reports, digitisation of bank accounts – whereby processing 90% of payment and trade finance online saving time and cost – and moving towards a paperless office. Benefits have included: improved staff productivity; reduced manual processing costs; enhanced transparency and governance; access to documents while travelling; and a full audit trail.