AirAsia to enhance finance operations with Oracle
AirAsia has confirmed that it will partner with Oracle to centralise and enhance its finance operations by utilising Oracle Enterprise Resource Planning (ERP) Cloud.
The new developments support the affordable airline business growth plans and its goal of being the leading travel technology business in Asia.
Tony Fernandes, the CEO of AirAsia Groups explains that the business has supported ASEAN connectivity ever since its beginning in 2001. Over the last 18 years, Fernandes explains that AirAsia has expanded its network and launched a number of new routes across Asia Pacific, delivering new services to meet their guest’s needs.
AirAsia now sees this is as the next stage in their journey, enhancing their existing business progress and brand reputation and transforming AirAsia into something more than just an airline. Fernandes explains that AirAsia intends to be the travel technology business for the region and part of this goal involves developing into an intelligent and connected enterprise.
AirAsia has connected with over 6,000 organisations covering multiple location and industries with this development. Oracle ERP Cloud enables businesses of all sizes to effectively make use of the most recent innovations in artificial intelligence, digital assistants, the Internet of Things and other services to enhance overall productivity, reduce costs and improve control.
Pattra Boosarawongse, the CFO of AirAsia Group explains that creating agile finance operations is a vital part of delivering a successful business, creating readily available financial information in real time, which can be used to make strategic business decisions. Boosarawongse highlights that AirAsia now operates in 25 markets across Asia, Australia, the Middle East and the US, making their operations rather complicated. Their finance team needs to be capable of managing a range of data currencies and perform transactions with suppliers in various countries.
Oracle ERP Cloud provides an opportunity for AirAsia to simplify, standardise and automate all financial operations within the group and allow their finance teams more time to focus on important tasks that will expand the business.
Summary of Benefits of Oracle to AirAsia:
Align chart of accounts and enterprise structure modelling: Oracle ERP Cloud integrates the business activities of AirAsia, enabling efficient operations and enhance decision making. The cloud solution provides the latest best practices and the implementation partner TransSys supports the standardising of business activities within finance and procurement.
Revenue accounting and integration of operational systems: Oracle ERP Cloud is combined with the current business systems at AirAsia delivering a single channel across all financial and procurement functions.
Direct cost and operation control: Oracle EPM Cloud will support AirAsia with global account reconciliation, enabling the business to define, review and produce financial and management reports.
Reliable data models for profit analysis: Oracle ERP and EPM cloud can support core business models and reporting, enabling AirAsia to enhance its decision making processes.
Mark Hurd, the CEO of Oracle believes AirAsia is leading innovation in their industry and provides a fine example of how technology can improve both costs and overall customer experience. Hurd explains that the Oracle systems will provide a valuable tool to enable continued development at AirAsia and strengthen their position within the ASEAN travel market.