Saudi-based pharmacy chain automates its treasury and payment systems, boosting efficiency and visibility as it plans regional expansion
July 2, 2020 – Infor, a global leader in business cloud software specialized by industry, today announced that Nahdi Medical Company, a Saudi Arabia-based pharmacy retail chain, has digitally transformed its financial management, payment systems, and financial planning with Infor Treasury Management.
This solution allows vast improvements to Nahdi Medical's financial management and planning capabilities, placing the company in a strong position to expand its operations in line with Saudi Arabia's Vision 2030 ambition to increase the private sector participation in the provision of healthcare services. Saudi Arabia is the Gulf Cooperation Council (GCC) leader in pharmaceuticals, with the region set to double its pharmaceutical drug market to USD 20 billion by 2025, according to Kuick Research.
Nahdi Medical operates the Middle East and North Africa (MENA) region's largest pharmacy retail chain, with a network of pharmacies in all cities and villages across Saudi Arabia, a clinic in Jeddah, and an expanding presence in the UAE. However, the size and scale of the company presented challenges for its finance department, which had relied on manual systems for tasks including payments, financial control and financial planning.
Mohamed Seddeak, head of treasury and corporate finance at Nahdi Medical, said: “By deploying Infor Treasury, we have completely transformed the way our finance department operates. We can now achieve far more with the same resources, while also gaining a wealth of data and analysis to help us plan effectively as we expand our operation with medical clinics in Saudi Arabia and new pharmacies in our home market and across the GCC.”
Nahdi Medical deployed three modules from Infor Treasury Management: Bank Account Management, Treasury Cash Management, and Treasury Payments. Combined, these modules have enabled Nahdi Medical to fully automate and simplify all finance-related aspects of its business, from bank reconciliation, to cash payments, and working capital strategies, while enabling the company to collect and analyze important financial data.
Khalid AlShami, Infor director of solution consulting for Middle East & Africa (MEA), said:
“Financial management and planning is the backbone for any company, and Infor Treasury is the ideal solution for automating complex and repetitive financial tasks, allowing finance teams to be more proactive and support their organizations' strategic plans. Infor Treasury will prove invaluable to Nahdi Medical as it digitally transforms and grows its presence across the region.”
Nahdi Medical started deploying Infor Treasury at the start of 2020 and completed the deployment in June. Infor's partner in Saudi Arabia, IT services company Kariba Systems, carried out the installation.