ONGC launches Shared Finance Services in collaboration with IBM to revolutionize Vendor Payment Processes
Energy Maharatna ONGC launched a significant business process initiative recently 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.
Inauguration of ONGC Shared Finance Services 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.
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.”
ONGC Shared Finance Services will revolutionize Vendor Payment Processes
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.
Tokens will be created for unresolved queries, aiming to resolve within a 48-hour timeframe. The initiative reflects ONGC’s 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.
