New Delhi: In a significant move to streamline and standardize vendor payments, state-owned oil and gas giant ONGC has joined forces with IBM Consulting to inaugurate the ONGC Shared Finance Services (SFS) in Noida. This initiative marks a major step in enhancing the 360-degree vendor experience and operational efficiency.
The inauguration event, attended by ONGC Chairman and CEO Arun Kumar Singh, along with other senior officials from ONGC and IBM Consulting, reflects the company’s commitment to leveraging technology for improving business processes. The SFS is specifically designed to centralize the processing of vendor invoices, update vendor information, and swiftly address vendor queries through a digital assistant and ticketing tool deployed by IBM Consulting.
Chairman & CEO ONGC Arun Kumar Singh while inaugurating the facility said, “It is a step to outsource repetitive transactional jobs and free up limited managerial time for more strategic and core jobs.” The SFS aims to reduce the time spent on repetitive transactional jobs, thereby freeing up managerial resources for core strategic tasks.
The SFS adopts a hybrid workforce model and incorporates digitalized compliance processes, centralizing compliance for TDS under GST and the Income Tax Act. This approach aims to ensure transparency and adherence to regulatory standards. Additionally, the system is designed to resolve vendor queries within 48 hours, emphasizing ONGC’s dedication to transparent and uniform processes and stakeholder satisfaction.
The partnership between ONGC and IBM Consulting is expected to lead to more efficient vendor payment processes, improved record-keeping, enhanced operational efficiency, and enriched vendor relationships. It also lays the groundwork for future initiatives, including the integration of intelligent workflows and AI-driven business operations.
