New Delhi: Energy Maharatna ONGC has partnered with IBM Consulting to launch the ONGC Shared Finance Services (SFS), a centralized hub for processing vendor invoices and queries, on 14 December 2023. The SFS aims to improve the vendor experience by standardizing and accelerating the payment processes, as well as providing a digital assistant and a ticketing tool for resolving issues. The SFS was inaugurated by ONGC Chairman and CEO Arun Kumar Singh, along with ONGC Director (Finance) Pomila Jaspal, and IBM Consulting India/South Asia Country Managing Partner Kamal Singhani, at Noida.
The SFS is a result of the collaboration between ONGC and IBM Consulting, leveraging their respective strengths in the energy and technology sectors. The SFS will also handle centralized compliance for TDS under the GST and Income Tax Act, as well as forex activities, ensuring transparency and adherence to regulatory standards. The SFS will free up managerial time for core strategic assignments, as well as enhance operational efficiency and vendor relationships. The SFS is a part of ONGC’s digital transformation journey, and lays the foundation for exploring more stakeholder-friendly initiatives in the future, such as intelligent workflows and business operations powered by generative AI.
The event was graced by the presence of Rajarshi Gupta, the MD of OVL, Sushma Rawat, the Director of Exploration at ONGC, Manish Patil, the Director of Human Resources, Ranjan Prakash Thakur, the CVO of ONGC, Anupam Aggarwal, the Director of Finance at OVL, Vivek Tongaonkar, the Director of Finance at MRPL, along with the senior leadership team of IBM.
