The Abu Dhabi Health Services Company (Seha) was recently awarded Adam Smith’s Middle East Regional Award in category for ‘Best Practice’ at a ceremony in London.

The award was bestowed upon Seha by Treasury Today magazine, the organisers of the Adam Smith Awards, and finance and capital markets specialists. The honour was awarded in recognition of the transformation achieved by Seha in their procure-to-pay (P2P) practices, which led to significant savings for the company, and helped establish a basis for further enhancement and automation.

Working closely with Abu Dhabi Commercial Bank (ADCB), Seha achieved this transformation over a period of 18 months during 2013 and 2014. This transformation serves as an exemplar for other leading corporate treasury organizations to consider.

Treasury Today’s Adam Smith Awards are the largest corporate treasury Awards programme held anywhere on the planet. The panel of judges looks for solutions that demonstrate best practice and innovation in the corporate treasury arena.

The quality and number of 2014 nominations exceeded all prior years, with 206 nominations from 24 different countries. Now in its seventh year, the Adam Smith Awards have gained global recognition and renown.

Rashid Al-Qubaisi, Group chief financial officer at Seha stressed the keenness of the company with regard to the application of best practices in accordance with the highest international standards across all financial, administrative and health sectors.

Bernhard Solleder, director Group Finance & Business Development at Seha, who implemented the award winning project with his team and ADCB said: “The new system applied comes within the framework of Seha’s orientation for the transformation to e-Government. Seha is considered to be one of the first government agencies to have applied this e-System within all its HealthSystem facilities.

“By this, Seha aims to make it easier for its customers, speed up the implementation of services and responsibilities, and deliver them with precision. This system saves money, time and effort for those working at both Seha’s finance and accounting departments.”

Howard Gaunt, EVP and general manager of Abu Dhabi, Al Ain and GCC, Wholesale Banking Group, ADCB, stated: “We are pleased to support Seha in having achieved this landmark recognition. This achievement was the result of a close cooperation between Seha and ADCB in the area of cash management and banking services. We look forward to achieving further milestones together in the future.”

Murali Subramanian, EVP and head Transaction Banking Group, ADCB, added: “It has been a remarkable journey undertaken by Seha jointly with ADCB over the last 18 months, in automating and streamlining their cash management across the various treasuries within all departments of Seha. And we are very pleased to have been a part of the journey as a trusted advisor.” – TradeArabia News Service