26 April 2004
Oracle Corporation, the world’s largest enterprise software companies, yesterday announced that Oman’s BankMuscat has selected the Oracle E-Business Suite 11i as the foundation of its efforts to update its financial, purchasing, and human resources functions.
“As the bank continues to grow both domestically and regionally through a strategy of mergers and acquisitions, the Oracle business software deployment will enable BankMuscat’s executives to better manage its cash flow and the resources of more than 2500 employees in Oman and Bahrain,” the Oracle statement said.
“With portfolios in the retail, corporate, and investment banking sectors, BankMuscat will rely on the Oracle financial and Oracle purchasing solutions to integrate all of its accounting processes across the different banking groups, ensuring that executives have up-to-the-minute information on the organisation’s cost, capital and assets.
From a personnel perspective, the Oracle Human Resources Management System, including Oracle Payroll, will automate and deliver a number of on-line services that BankMuscat’s employees around the region can access, significantly reducing the time and cost associated with manual functions such as salary payments, expense reports, and leave requests,” the statement added.
“In order to maintain our leadership in the market as expert financial advisors and reliable business partners for our clients, it’s critical that BankMuscat itself have stringent control of our own financial processes, including an integrated real-time system that reflects the bottom lines of all of our diverse banking interests.
“The Oracle E-Business Suite provides a solution that links critical elements such as employee payroll to our core financial functions, resulting in a more informed, integrated business environment,” said D. Venu, Bank Muscat’s IT manager.
“In addition to integration between financials and human resources, Oracle’s demonstrated scalability will be a boon to Bank Muscat given our aggressive growth strategy and lineup of new customer services being developed. Oracle’s strategic partnership with the governments of both Oman and Bahrain – our key markets – is also further evidence of the software’s reliability,” Venu added.
“Any organisation pursuing a growth strategy based on mergers and acquisitions must be able to report on its financial health at any given time, in addition to requiring the flexibility to act quickly when market opportunities arise. Similarly, the merged entity needs human resources in place that maximise skills while streamlining administration. In recognising these issues, BankMuscat has invested considerably in the future of its success with the Oracle E-Business Suite,” said Husam Dajani, vice-president of Oracle Middle East.
Oracle Corporation, the world’s largest enterprise software companies, yesterday announced that Oman’s BankMuscat has selected the Oracle E-Business Suite 11i as the foundation of its efforts to update its financial, purchasing, and human resources functions.
“As the bank continues to grow both domestically and regionally through a strategy of mergers and acquisitions, the Oracle business software deployment will enable BankMuscat’s executives to better manage its cash flow and the resources of more than 2500 employees in Oman and Bahrain,” the Oracle statement said.
“With portfolios in the retail, corporate, and investment banking sectors, BankMuscat will rely on the Oracle financial and Oracle purchasing solutions to integrate all of its accounting processes across the different banking groups, ensuring that executives have up-to-the-minute information on the organisation’s cost, capital and assets.
From a personnel perspective, the Oracle Human Resources Management System, including Oracle Payroll, will automate and deliver a number of on-line services that BankMuscat’s employees around the region can access, significantly reducing the time and cost associated with manual functions such as salary payments, expense reports, and leave requests,” the statement added.
“In order to maintain our leadership in the market as expert financial advisors and reliable business partners for our clients, it’s critical that BankMuscat itself have stringent control of our own financial processes, including an integrated real-time system that reflects the bottom lines of all of our diverse banking interests.
“The Oracle E-Business Suite provides a solution that links critical elements such as employee payroll to our core financial functions, resulting in a more informed, integrated business environment,” said D. Venu, Bank Muscat’s IT manager.
“In addition to integration between financials and human resources, Oracle’s demonstrated scalability will be a boon to Bank Muscat given our aggressive growth strategy and lineup of new customer services being developed. Oracle’s strategic partnership with the governments of both Oman and Bahrain – our key markets – is also further evidence of the software’s reliability,” Venu added.
“Any organisation pursuing a growth strategy based on mergers and acquisitions must be able to report on its financial health at any given time, in addition to requiring the flexibility to act quickly when market opportunities arise. Similarly, the merged entity needs human resources in place that maximise skills while streamlining administration. In recognising these issues, BankMuscat has invested considerably in the future of its success with the Oracle E-Business Suite,” said Husam Dajani, vice-president of Oracle Middle East.
© Bahrain Tribune 2004
