Omniyat Investment Management Upgrades Financials and Human Resources to Achieve 100% Uptime, Streamline Group Processes, and Re-Allocate Staff Resources
 
 

Omniyat Investment Management Upgrades Financials and Human Resources to Achieve 100% Uptime, Streamline Group Processes, and Re-Allocate Staff Resources

Omniyat Investment Management is a major business division of Omniyat, a privately held real estate development and service related company, headquartered in Dubai. Omniyat Investment Management aims to be the pre-eminent funds and asset management company operating in the Federal Financial Free Zone administered by the Government of Dubai. It is the first company of its type affiliated to a freehold property developer, in this case Omniyat Properties, and operating across the entire real estate value chain, including as an owner, investor, developer, and asset manager.

Omniyat Investment Management arranges investment deals, advises on financial products or credit, and manages assets. The company's vision is to build a funds management business in Dubai incorporating its entire main and subproperty fund offerings from a broad range of investment opportunities. In the future, Omniyat Investment Management aims to manage a range of property fund products to rival leading onshore fund centers, such as London, New York, Singapore, and Hong Kong.

 
 

 
 

Challenges

A word from Omniyat Investment Management

  • “Upgrading to Oracle E-Business Suite Release 12.1 has enabled us to streamline our core financial and human resources processes. We have reduced our administration overheads and can deliver 100% availability for daily processes—producing qualities that are critical and enviable in any fast-growing financial services organization.” ‒ Kenneth D’Costa, general manager, IT and Operations, Omniyat Investment Management

  • Deliver financial and human resources (HR) systems with 100% uptime, enabling operation at all times to ensure maximum business efficiency in the competitive real-estate and financial-management arenas
  • Enable multiorganization access control and subledger accounting with upgraded financial applications, ensuring greater consistency for financial information across the group, accurate reporting, and more efficient business planning
  • Automate core HR processes and enable self-service capabilities to improve operating efficiency as the company grows
  • Accelerate user adoption of the new business applications and jump-start return on IT investment

Solutions

  • Used Oracle Financials to segregate business unit transactions into multiple ledgers for more transparent analysis of all financial transactions, improving management reporting, decision-making, and auditing clarity and granularity
  • Gained a businesswide view of finances and HR—improving reporting speed and accuracy and enabling more informed and agile business decisions
  • Cut by 40% the resources required for the monthly financial close, while accelerating the process from nine days to just one-and-a-half days
  • Automated and improved finance and HR process efficiency, freeing employees to focus on strategic initiatives, as opposed to routine administrative functions
  • Cut staff required for HR administration from 11 to 2 employees
  • Enabled employees to manage HR information and processes, such as applying for leave or verifying salary payments, at their convenience, thanks to self-service applications while also complying with the local Wage Protection System, a Ministry of Labor electronic salary transfer system that pays wages through the Central Bank of UAE-approved and authorized financial institutions
  • Provided hands-on training in financial and HR applications for all employees depending on their business needs, using an as-if-live, predeployment test environment, ensuring a level of competency and skills that enabled the dramatic reallocation of administrative staff and, through self-service, empowerment of employees

Why Oracle

Omniyat Investment Management spent eight months planning the deployment and studying the potential benefits of improving its financial and HR systems. Senior management became convinced following in-depth analysis, that the investment in an upgrade to Oracle E-Business Suite Release 12.1 would deliver significant operational efficiency improvements, in particular the projected reductions and reallocations of employees dedicated to financial and HR functions.

“We are very happy with our decision to upgrade to the very latest version of Oracle E-Business Suite. We ensured postimplementation support with trusted Oracle Partner 4i Apps Solutions. Oracle has delivered the manpower transformations that it promised, and, on the technical side, our systems are now 100% available and provide the perfect foundation for future Oracle application deployments as our business continues to scale,” said Kenneth D’Costa, general manager, IT and operations, Omniyat Investment Management.

Implementation Process

Omniyat Investment Management worked with Oracle partner 4i Apps Solutions to upgrade its Oracle Database and Oracle E-Business Suite footprint. After eight months of meticulous planning, the implementation took four months and was ready to go live on the precise date planned and within budget. Four partner consultants were onsite for much of the implementation. During the implementation, 4i Apps Solutions also worked with Omniyat Investment Management to train users on new functionality.

Partner

Omniyat Investment Management selected Oracle Partner 4i Apps Solutions as a consultant and implementation partner for its Oracle E-Business Suite upgrade project. It received additional support from regional Oracle managers based in Dubai. 4i Apps Solutions designed the project to work around tight budgetary constraints in the wake of the global economic recession.

"We believe that 4i App Solutions genuinely understands our business. We evaluated dozens of potential partners, but were convinced by its exemplary record of post-implementation support for Oracle Financials, a strong local presence, previous experience working in Dubai, and its exclusive focus on Oracle technology," D’Costa said. "Omniyat Investment Management will certainly adopt more Oracle technology as we continue to grow, and we need a partner that not only represents excellent value, but is also committed to us and Oracle, so we can gain the greatest business benefit from Oracle E-Business Suite Release 12.1, as well as future Oracle projects and support."