LEADING AUTOMOTIVE MANUFACTURER DRB-HICOM CHOOSES PROPHIX SOFTWARE FOR GLOBAL FINANCIAL CONSOLIDATION
Malaysian Multi-Sector Conglomerate to Benefit from the Digital Transformation of Finance
MISSISSAUGA, ON, Sept. 13, 2022 /CNW/ -- Prophix Software, a global leader in Corporate Performance Management (CPM) software, announced today that DRB-HICOM, one of Malaysia's largest and most diverse conglomerates, will implement Prophix for global financial consolidation and reporting. Prophix's consolidation solution will enable DRB-HICOM to provide a single and trusted view of financial data more quickly for the company and its more than 80 global subsidiaries, representing 46,000 employees worldwide.
"Financial consolidation and close for multinational organizations like DRB-HICOM is a significantly time-intensive process," said Alok Ajmera, President and CEO of Prophix Software. "By automating its consolidation and reporting through Prophix, DRB-HICOM will benefit from enhanced agility and accuracy, with better-connected finance teams serving the company's multiple vertical markets and varied business operations around the world. We're honored DRB-HICOM has entrusted us with this key part of its financial planning, reporting, analysis and consolidation process."
DRB-HICOM selected the Prophix solution to realize the following benefits:
Reduced processing delays: Easy, web-based data entry with real-time validation improves the integrity of DRB-HICOM's data and prevents processing delays that can result from human error.
Eliminated redundancies: Fast, delay-free online submission functionality allows subsidiary companies to submit data directly from working files or spreadsheets, eliminating the need to rekey monthly, quarterly and yearly reporting.
Improved accuracy and speed in reporting: DRB-HICOM can leverage Prophix's automation capabilities to calculate non-controlling interest, translate financial results of foreign entities in multiple currencies, calculate results-sharing from associates or joint ventures and more. By avoiding complicated manual calculations in spreadsheets, this automation helps to avoid errors and increase speed in their global financial reporting.
DRB-HICOM Berhad is one of Malaysia's leading conglomerates with core businesses in the Automotive, Aerospace & Defence, Banking, Postal, Services, and Property sectors. With 82 active companies in its stable and more than 46,000 employees group-wide, DRB-HICOM's aim is to continue adding value and propelling the nation's development. In the Automotive sector, DRB-HICOM is involved in the manufacturing, assembly and distribution of passenger and commercial vehicles, including the national motorcycle. In Aerospace and Defence, DRB-HICOM is involved through its subsidiaries CTRM and DEFTECH, while it is represented in the postal segment through its subsidiaries Pos Malaysia, and banking through Bank Muamalat. In the Services segment, DRB-HICOM is involved in various businesses, including concession, education, aviation and logistics and investment holdings whereas in Property, DRB-HICOM is involved in the development of industrial properties.
To empower mid-market companies to achieve their goals, Prophix provides an integrated, cloud-based platform to the Office of Finance; one that delivers planning, budgeting, reporting, forecasting and consolidation solutions. With Prophix, finance leaders improve profitability and minimize risk and put the focus back on what matters most – uncovering business opportunities. Prophix supports the future with AI innovations that adapt to meet the strategic realities of more than 2,600 active customers, globally, who rely on Prophix to deliver tangible business outcomes and transform the way they work. For more information, visit www.prophix.com.
SOURCE Prophix
David Paolini, Sr. Manager, Corporate Communications, [email protected], +1 519-572-6848; Colleen Irish, [email protected], 617-842-1511
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