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ONGC and IBM Transform Vendor Payments with Shared Finance Services
ONGC, an Energy Maharatna, has initiated a major business process change by introducing ONGC Shared Finance Services in partnership with IBM Consulting. This initiative aims to streamline and standardize ONGC's vendor payments, enhancing the overall vendor experience with a 360-degree approach. The Center, located in Noida, was inaugurated by ONGC Chairman and CEO Arun Kumar Singh, with the presence of ONGC Director (Finance) Pomila Jaspal and IBM Consulting India/South Asia Country Managing Partner Kamal Singhani.
The occasion saw the involvement of MD OVL Rajarshi Gupta, ONGC's Director (Exploration) Sushma Rawat, Director (Human Resources) Manish Patil, ONGC's CVO Ranjan Prakash Thakur, OVL's Director (Finance) Anupam Aggarwal, MRPL's Director (Finance) Vivek Tongaonkar, and the 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 the 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".
Implementing a hybrid workforce model, the SFS brings together ONGC and IBM Consulting resources in a collaborative environment, promoting growth and operational efficiency through best practices. The SFS also integrates digitalized compliance processes, managing centralized compliance for TDS under the GST and Income Tax Act. Centralization streamlines business operations with a Single TAN and centralized forex activities. The SFS underscores its commitment to transparency and adherence to regulatory standards through system-driven concurrent audit processes and tax compliance measures.
Tokens will be created for unresolved queries, aiming to resolve them 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 a commitment by ONGC and IBM to continuous process improvements and lays the foundation for exploring similar stakeholder-friendly initiatives in the future such as intelligent workflows and business operations powered by generative AI.
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