Energy Maharatna ONGC launched a significant business process initiative today
with the inauguration of the ONGC Shared Finance Services in collaboration with
IBM Consulting. This will centralize and standardise all vendor payments of ONGC,
accelerating the processes for an enhanced 360-degree vendor experience. ONGC
Chairman and CEO Arun Kumar Singh, inaugurated the Centre at Noida in the
presence of ONGC Director (Finance) Pomila Jaspal, and IBM Consulting
India/South Asia Country Managing Partner Kamal Singhani on 14 December 2023.
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.
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.”
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 SFSs commitment to transparency, and adherence to
regulatory standards.
Tokens will be created for unresolved queries, aiming to resolve within a 48-hour
timeframe. The initiative reflects ONGCs commitment to transparent uniform
processes, stakeholder satisfaction, and collaborative growth. The anticipated
advantages of the SFS include speedier processing of vendor payments, improved
record-keeping, enhanced efficiency, and enriched vendor relationships.
The SFS signifies commitment by ONGC and IBM to continuous process
improvements and lays the foundation for exploring similar stakeholders’ friendly
initiatives in the future – such as intelligent workflows and business operations
powered by generative AI.
