United Oil Group, a member company of Basic Element, has started a project to build an integrated budgeting and payment control system. The project is implemented by IBS.
April 21, 2008. In the past, limitations of a software application used for budgeting purposes, fragmented databases and geographical distances between the subsidiaries hampered prompt quality performance of budgeting operations at United Oil Group. The current project will enable budgeting time reduction, better cash flow control and improved payment discipline throughout the company.
Following the bid, IBS was awarded the system development contract as a company that has a strong professional team and a solid track record in similar projects.
The project is scheduled for completion in the summer of 2008.
Olga Moshkovskaya, Financial Director of United Oil Group: “The information system that we develop jointly with IBS will allow to improve control over the cash flows and to reduce time spent on budgeting. We expect the new system to provide for a significant performance improvement of both functions as early as next year.”
Companies’ Profiles
United Oil Group, a Company of Limited Liability (OOO) is a subsidiary of Basic Element, a diversified holding company formed in 1997 with assets in Russia and abroad. Basic Element has core assets in seven sectors, i.e. energy, machinery, resources, aviation, financial services, construction and development. United Oil Group was established in 2005 as an oil exploration, production and refining company that owns an oil-refining plant, a number of oil storage reservoirs and a chain of gas stations. The Group comprises United Oil Group management company and four enterprises, i.e. Afipsky Refinery, Kuban Oil Resources, Samarainvestneft and VAI-Garant.
IBS is the leader in the Russian consulting and IT market. It was formed through the merger of IBS and Borlas Consulting Group. Along with Luxoft and Depo Computers, it is part of IBS Group Holding Limited. Its core lines of business span management consulting, implementation of business applications, IT outsourcing and IT infrastructure. IBS headcount exceeds 3,400 employees including over 1,500 certified consultants. For more information on IBS, please visit www.ibs.ru.
For further information about the company, please contact Lada Scherbakova, PR Director at 007 (495) 967 8080, or by e-mail at lada@ibs.ru.
29 april 2008.
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