|Bharti Airtel Bags Adam Smith Award 2012 for 'Best in Class Benchmarking'
IT News Online Staff
Bharti Airtel Ltd. announced that it has received the Adam Smith Award 2012 for "Best in Class Benchmarking" in recognition of its excellence in the area of treasury operations.
This year the Adam Smith Awards were organized by London-based publication House - Treasury Today in association with Lloyds Bank.
The awards' jury adjudged Bharti Airtel as Highly Commended in this category for the recent success achieved by the company in centralizing its all-India payment operations into a captive shared service - the Airtel Center of Excellence.
This award was received by Alok Bafna (Head - Finance, Airtel Center of Excellence Finance) and Manish Kapoor (Head - Cash and Bank, Airtel Center of Excellence) in an award ceremony held at London a few days ago.
The solution for Airtel Center of Excellence was developed by Airtel jointly with IBM, Citibank and HDFC Bank. A Web-based system has been implemented for processing a million payment transactions worth about $12 billion annually to all vendors and subscribers across India.
The company said the Adam Smith Award to this solution is in recognition of this project's efficient and error-free delivery of a payment processing model, elimination of physical instruments, on-time vendor payments, continuous auditing, accurate forecasting and headcount efficiency.
According to Treasury Today, "the selection criteria for winning entries at Adam Smith Awards is based on tangible results in the form of cost savings and above average ROI driven through exceptional implementation and quantitative improvements in efficiency. In total, 229 nominations from 24 countries were received from companies' across various industries".