A multi-location GoLive on IND-AS Accounting Standards (IFRS)
Mumbai, November 1, 2017 – Hindalco Industries Ltd., Headquartered in Mumbai is a, Hindalco is the world’s largest aluminium rolling company and one of Asia’s biggest producers of primary aluminium is a subsidiary of THE ADITYA BIRLA GROUP: A PREMIUM GLOBAL CORPORATION, A US $41 billion (Rs. 2,50,000 crore) corporation, the Aditya Birla Group is in the League of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities. Over 50 per cent of its revenues flow from its overseas operations spanning 36 countries.
Due to significant increase in its volumes, Hindalco was facing challenges in managing its core treasury operations. The team members along with their legacy system which was excel based was building inefficiencies and not allowing them to carry precise business automation and scale. Hindalco then decided to opt for automation to increase organizational efficiency and productivity. Based on their own research and comprehensive shortlisting criteria, their team finally shortlisted CashTrea solution from Credence Analytics that can efficiently manage large database across the various departments that are located in multiple locations and also manage comprehensive, precise and customized reporting.
They had not only gone through their on shortlisting criteria, Prior experience with ABG group company Grasim, helped Credence become the obvious choice for Hindalco. Understanding of client’s business operations, readiness of the solution & agility to developed specific features & functionalities for Hindalco, created a win-win situation for both.
A Stable system is delivered in 10-12 months. Automation of Investment, borrowing & cash management modules are bringing in the required automation, operational efficiency at multiple locations.