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Novum Energy Trading Corp Chooses Infor to Provide Financial Management System

Infor recently announced that physical oil supply and trading company Novum Energy Trading Corp. has successfully deployed Infor SunSystems FMS. Implemeneted by Infor global partners TouchstoneEnergy, Infor Sunsystems is designed to help transform financial information into profitable action, in one unified solution, and will support Novum Energy’s trading activities of refined oil products including gasoline, distillates and other fuel oils. Since Novum Energy Trading focuses mainly on niche markets in the Caribbean and Latin America, they needed a risk management platform supportive of growth, streamlining management reporting, and financial record keeping. Since their inception in 2012, Chief Financial Officer Chris Scott of Novum Energy Trading has noted significant growth, leading to the company’s decision to think about alternative accounting solutions.  “TouchstoneEnergy has been an invaluable partner advising us how to get the best from our new accounting system… We are now reaping the benefits of a full and robust system that can support our increased trading and that can help instill confidence in our decision making as we continue to grow,” says Scott.

 

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Government Lays Groundwork for Shared Services, Potential Job Cuts

Enterprise Resource Planning (ERP) systems expenditures are on the rise; this poses a challenge given the current fiscal environment. The Department of Finance has proposed a plan that will set out a gradual alignment over seven years. The alignment proposition will include the adoption of common ERP business processes across the government, the establishment of a whole-of-government procurement panel for ERP products, which agencies would be obliged to buy from in order to limit the range of systems in use, centralised coordination of software updates, and transparency of pricing across government. The plan will act a catalyst to for the federal government, however, the scheme is also likely to lay the groundwork for future job cuts.

 

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