Challenge

OQ, a leading energy company with roots in Oman and operations in 16 countries, was formed in 2019 through the integration of ten operating companies, collectively generating a turnover of $40 billion. The company sought to establish a brand-new Global Business Services (GBS) function from the ground up, responsible for designing and delivering critical services across the Middle East, the US, APAC, and Europe. This function encompassed various areas, including Project Accounting, Hydrocarbon Accounting, Record to Report, Order to Cash, and Purchase to Pay.

Solution

To address this challenge, we implemented a comprehensive strategy:

• Strategic Plan: Defined and delivered the GBS vision and strategy, establishing a robust Target Operating Model. Secured senior stakeholder engagement to garner support for GBS growth.

• GBS Growth: Expanded the scope by onboarding additional support activities and processes into the GBS framework.

• Customer Service: Developed a Service Management Framework that included Customer Relationship Management and governance processes. Defined and negotiated Service Level Agreements (SLAs) and charging methodologies, while creating customer self-service channels for core GBS processes. This initiative significantly improved the first-time resolution rate from 20% to 75% and elevated customer satisfaction (CSAT) from 65% to 88%.

• Performance Culture: Instilled a culture of performance by embedding process KPIs and adopting Lean and Agile methodologies to drive continuous improvement. Achieved a 20% reduction in transaction costs over an 18-month period.

• Process Excellence & Automation: Launched continuous improvement initiatives leveraging Robotic Process Automation (RPA), Machine Learning, and AI. Established an Automation Center of Excellence utilising the UI Path RPA platform, resulting in the automation of 70% of GBS processes within 18 months.

• IPO Readiness and Bond Issue: Led finance business readiness plans to ensure compliance and operational readiness for an IPO and bond issuance.

• Control Framework: Developed a comprehensive Internal Control Framework for all GBS processes, ensuring robust governance and risk management.

This initiative not only transformed OQ’s operational capabilities but also positioned the company for sustained growth and success in the competitive energy sector.