Etihad Airways has been presented with the Best Finance Transformation Award in 2015 by Innovation Enterprise, a leading US-based company specializing in enterprise innovation.
The award was given to Etihad Airways, which triumphed over other leading companies, for its Outstation Finance Transformation program, developed to centralise the airline’s processing functions to a low-cost operating environment.
James Rigney, Etihad Airways’ Chief Financial Officer, said: “We are proud to receive this award for the great work carried out by our financial planning team. We had a short window of six months to implement our transformation program, and their dedication to this task has allowed us to reduce finance manpower, start moving to a regional structure, and to deliver cost and revenue improvements which have delivered US$28 million in savings, with a target of a further US$50m this year.”
The first phase of the Outstation Finance Transformation program required the creation of a worldwide centre of excellence which would process transactions valued at US$ 1 billion from over fifty countries. The second phase saw Etihad Airways adopting leading initiatives to improve key processes and eliminate bottlenecks, in order to ensure that the centralisation of these functions were carried out without compromising the airline’s high working standards.
The Innovation Enterprise group is a leader in the promotion of innovation in the Financial Planning and Analysis (FP&A) profession, and is the largest FP&A event organiser in the industry.