GAIL (India) Limitedthe state-owned natural gas company, has won the SAP ACE Award 2024 for Best Financial Transformation for the second consecutive year. The award, received by GAIL Director (Finance) RK Jain, recognizes the company’s digital transformation of its trust accounting process.
The shares of GAIL (India) Limited were trading at ₹185.13 down by ₹3.76 or 1.99 per cent on the NSE today at 2.45 pm.
The company implemented a pioneering solution by integrating SAP Treasury and Risk Management (TRM) with Fiori, Workflow, and Adobe Forms. This integration has addressed the previous lack of standardized solutions for trust business operations in the sector.
The new system enables automatic interest calculations, real-time reconciliation, and streamlined updates for PF and pension cards through a Fiori interface. The implementation also incorporates workflow approvals and document management features to maintain compliance standards.
SAP ACE awards serve as an industry benchmark for business excellence in the Indian subcontinent, specifically recognizing IT innovations that contribute to India’s digital economy through SAP Solutions implementation.
GAIL’s solution has established a new standard for trust accounting systems, particularly relevant for government organizations and other public sector undertakings (PSUs)The implementation represents a significant advancement in financial operations management for public sector enterprises in India.