Terraoil has implemented an industry-leading Enterprise Resource Planning System to transform the Company's business operations, allowing it to achieve operational excellence and meeting local and international industry standards. The new ERP technology involves the utilization of a cloud-based computer platform that offers substantial business advantages including high level tracking capabilities, improvement of automated data and financial information providing the Company with the flexibility to concentrate on core operations. The insights into financial data will not only promote cost efficiency and improve the financial productivity but also assist the Company to meet accounting standards such as IFRS.
The Company has been working diligently with Vienna Advantage to ensure a smooth transition and rolled out the system in phases, beginning with its Swiss headquarters in Zug. All entities will be operating under the Vienna Advantage ERP System for 2021 onward.
Terraoil's CFO, Bill Cummins was interviewed by Vienna Advantage: