In a significant move towards operational efficiency and stakeholder satisfaction, Energy Maharatna ONGC has joined forces with IBM Consulting to launch the ONGC Shared Finance Services (SFS). The initiative, inaugurated by ONGC Chairman and CEO Arun Kumar Singh, centralizes and standardizes all vendor payments, promising a 360-degree vendor experience.
The ONGC Shared Finance Services, located in Noida, aims to streamline vendor payment processes, update vendor master information promptly, and address vendor queries through a digital assistant and ticketing tool provided by IBM Consulting. The facility adopts a hybrid workforce model, co-locating ONGC and IBM Consulting resources in a harmonized environment, emphasizing growth and operational efficiency.
The SFS incorporates digitalized compliance processes, handling centralized compliance for TDS under the GST and Income Tax Act. Centralization also brings ease of business through a Single TAN and centralized forex activities. The system-driven concurrent audit processes and tax compliance measures underline the SFS’s commitment to transparency and adherence to regulatory standards.
Arun Kumar Singh, Chairman & CEO ONGC, emphasized the significance of the initiative, stating, “It is a step to outsource repetitive transactional jobs and free up limited managerial time for more strategic and core jobs.”
The SFS is poised to bring advantages such as speedier processing of vendor payments, improved record-keeping, enhanced efficiency, and enriched vendor relationships. Tokens will be created for unresolved queries, aiming to resolve them within a 48-hour timeframe.
The collaboration between ONGC and IBM signifies a commitment to continuous process improvements, laying the foundation for future stakeholder-friendly initiatives such as intelligent workflows and business operations powered by generative AI.
