Tuesday, February 27, 2024
HomeInsightNews & UpdateONGC launches Shared Finance Services in collaboration with IBM to revolutionize Vendor...

ONGC launches Shared Finance Services in collaboration with IBM to revolutionize Vendor Payment Processes

Maharatna Energy ONGC and IBM Consulting jointly launched the ONGC Shared Finance Services, marking the beginning of a major business process project. This will speed up the procedures for an improved 360-degree vendor experience by centralising and standardising all of ONGC's vendor payments. In the presence of IBM Consulting India/South Asia Country Managing Partner Kamal Singhani and ONGC Director (Finance) Pomila Jaspal, ONGC Chairman and CEO Arun Kumar Singh officially opened the centre in Noida.

Maharatna Energy ONGC and IBM Consulting jointly launched the ONGC Shared Finance Services, marking the beginning of a major business process project. This will speed up the procedures for an improved 360-degree vendor experience by centralising and standardising all of ONGC’s vendor payments. In the presence of IBM Consulting India/South Asia Country Managing Partner Kamal Singhani and ONGC Director (Finance) Pomila Jaspal, ONGC Chairman and CEO Arun Kumar Singh officially opened the centre in Noida.

The event also witnessed participation of MD OVL Rajarshi Gupta, ONGC Director (Exploration) Sushma Rawat, Director (Human Resources) Manish Patil, CVO ONGC Ranjan Prakash Thakur, Director (Finance) OVL Anupam Aggarwal, MRPL Director (Finance) Vivek Tongaonkar and senior leadership team of IBM.

Read also – Space Startups Jumped from 1 in 2014 to 189 in 2023: Union Minister Jitendra Singh

The ONGC Shared Finance Services (SFS) for Centralized Vendor Payments, has been developed in collaboration with IBM Consulting. The SFS will serve as a centralized hub for processing vendor invoices, updating vendor master information and promptly addressing vendor queries through digital assistant and ticketing tool that has been deployed by IBM Consulting. The SFS has been created with the goal of establishing uniform standardized processes to enhance operational efficiency and improve the overall vendor experience.

Chairman & CEO ONGC Arun Kumar Singh while inaugurating the facility said, “This is one of the number of vendor-friendly initiatives that ONGC has taken to improve the overall vendor experience. We will continue to take more stakeholder-friendly initiatives by leveraging technology and taking the ease of doing business to the next level. All repetitive transactional jobs would be outsourced so that limited managerial time is freed up for core strategic assignments.”

Read also – Angel One Appoints Hemen Bhatia as CEO of Asset Management Business

Speaking on the occasion, Kamal Singhani, Country Managing Partner, IBM Consulting India/South Asia said, “We see this collaboration, that leverages the collective strengths of IBM and ONGC, as good for India. We’re proud to help ONGC advance their digital transformation with our industry and domain expertise, technological innovation, and results-oriented approach.”

The SFS adopts a hybrid workforce model, co-locating ONGC and IBM Consulting resources in a harmonized environment to foster growth and operational efficiency with best practices. Additionally, the SFS incorporates digitalized compliance processes, handling centralized compliance for TDS under the GST and Income Tax Act. Centralization brings ease of business through a Single TAN and centralized forex activities. System driven concurrent audit processes and tax compliance measures demonstrate the SFS’s commitment to transparency, and adherence to regulatory standards.

Read also – actyv.ai Appoints Benny Abraham as Managing Director – India and South Asia

Speaking on the occasion, Kamal Singhani, Country Managing Partner, IBM Consulting India/South Asia said, “We see this collaboration, that leverages the collective strengths of IBM and ONGC, as good for India. We’re proud to help ONGC advance their digital transformation with our industry and domain expertise, technological innovation, and results-oriented approach.”

The SFS adopts a hybrid workforce model, co-locating ONGC and IBM Consulting resources in a harmonized environment to foster growth and operational efficiency with best practices. Additionally, the SFS incorporates digitalized compliance processes, handling centralized compliance for TDS under the GST and Income Tax Act. Centralization brings ease of business through a Single TAN and centralized forex activities. System driven concurrent audit processes and tax compliance measures demonstrate the SFS’s commitment to transparency, and adherence to regulatory standards.

Read also – 1to1help Names Mahua Bisht as CEO

About IBM Consulting

IBM Consulting helps accelerate business transformation for their clients through hybrid cloud and AI technologies, leveraging their open ecosystem of partners. With deep industry and business expertise spanning strategy, experience design, technology, and operations, they have become a trusted partner to the world’s most innovative and valuable companies, helping them modernize and secure their most complex systems. Their 160,000 consultants embrace an open way of working and apply their proven co-creation method, IBM Garage, to scale ideas into outcomes.

Viestories

RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -

Also Read

- Advertisment -