CAIRO: Orascom Holding will deploy Infor’s Performance Management solution at its head office in Cairo, according to a statement released this week.
Infor Performance Management will help centralize and automate the capture of financial data across Orascom’s 115 subsidiaries all over the globe, incorporating Orascom Development Holding.
“The centralized data system provided by Infor is a welcome relief to Orascom as we can now consolidate the financials as well as non-financial data of all our subsidiaries and use readily available tools for analytics and reporting,” said Mahmoud Zuaiter, SVP chief financial officer, at Orascom.
Infor’s channel partner, ACT, will be tasked with administrating consultancy services in order to help tailor solutions to the needs of Orascom’s varied operations spanning from real estate and construction to town management and hospitality sectors.
When asked about the advantage provided by the new system, Maged Taha, senior applications marketing manager at ACT, said, “While using external auditing agencies has proved long and tedious to date, we expect Orascom to see an immediate return on investment (ROI) due to the automated data capture and the minimal staff required to use the system.”
The management system will afford Orascom the ability to use a variety of planning methodologies and ‘what if’ scenarions as well as help Orascom create realistic budgets, accurate forecasts, identify trends, and confidently report to stakeholders and decision makers.
“Infor’s Performance Management solution will provide timely and accurate financial information, with thorough analytics in real time as well as during statutory and regulatory reporting periods,” said Paul Hammond, Middle East general manager at Infor.
The application will allow Orascom to maintain local and international standards for financials, as well as provide flexible business analysis with integrated business analytics, something paramount to a company like Orascom’s growth. Hammond went on to add, “With cautious optimism growing in the Middle East market, financial information is of utmost importance now more than ever.”
In 2010 Orascom Telecom Holding posted LE 8.96 billion or $1.49 billion in profit while incurring a total of LE 4.99 billion ($832 million) in total operating expenses.
The application of Infor software in order to consolidate many Orascom subsidiaries financials as well as non-financial data hopes to enable Orascom the ability to minimize expenses while expanding in a variety of new and existing markets.
