GAIL (India) Limited has achieved a remarkable milestone by winning the SAP ACE Award 2024 for Best Financial Transformation, marking the second year in a row the company has earned this recognition. The accolade highlights GAIL’s outstanding efforts in digitally transforming its trust accounting processes through the implementation of SAP Treasury and Risk Management (TRM), demonstrating leadership in financial innovation and operational excellence.
Key Highlights:
- Award Acceptance:
- The award was received by Shri R K Jain, Director (Finance) of GAIL, who expressed gratitude for the recognition. He stated:
“It is a great honour and privilege to receive this prestigious award. We have always been committed to empowering stakeholders in every possible way.”
- The award was received by Shri R K Jain, Director (Finance) of GAIL, who expressed gratitude for the recognition. He stated:
- Innovation in Trust Accounting:
- GAIL introduced a unique trust accounting solution using SAP TRM, Fiori, Workflow, and Adobe Forms. This solution addressed inefficiencies in trust business accounting, ensuring:
- Automatic interest calculations
- Real-time reconciliation
- Streamlined PF and pension updates
- Effortless approvals through advanced workflows
- Enhanced compliance and document management
- GAIL introduced a unique trust accounting solution using SAP TRM, Fiori, Workflow, and Adobe Forms. This solution addressed inefficiencies in trust business accounting, ensuring:
- Industry Benchmark:
- The SAP ACE Awards recognize IT excellence and digital transformation, setting a benchmark for the best practices among businesses and government organizations in India.
Impact:
GAIL’s innovative solution has not only improved operational efficiency but has also set a new standard for trust accounting systems in Public Sector Undertakings (PSUs) and government organizations. By leveraging cutting-edge SAP solutions, GAIL continues to contribute significantly to the digital transformation of India’s economy.
