New Delhi: State-run Oil and Natural Gas Corp. Ltd (ONGC) on Thursday announced the launch of ONGC Shared Finance Services (SFS) in collaboration with IBM Consulting to centralize and standardize all vendor payments of ONGC.
The energy major said in a statement that the service would enhance vendor experience.
Arun Kumar Singh, chairman and chief executive officer of ONGC, said, “It is a step to outsource repetitive transactional jobs and free up limited managerial time for more strategic and core jobs.”
Along with serving as a centralized hub for processing vendor invoices, the newly launched service will also help promptly address vendor queries through the digital assistant and ticketing tool that has been deployed by IBM Consulting. The SFS has been created to establish uniform standardized processes to improve the overall vendor experience, the company added.
The system developed by IBM Consulting adopts a hybrid workforce model, co-locating ONGC and IBM Consulting resources in a harmonized environment to foster growth and operational efficiency.
Further, the SFS incorporates digitalized compliance processes, handling centralized compliance for tax deducted at source (TDS) under the GST and Income Tax Act.
The company statement also noted that under the new system, tokens will be created for unresolved queries, aiming to resolve them within 48 hours. Shared finance services would lead to speedier processing of vendor payments, improved record keeping, enhanced efficiency, and enriched vendor relationships, according to ONGC.
Shares of ONGC on the BSE closed at Rs195.95 per share on Thursday, up 1.45% from the previous close.
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Published: 15 Dec 2023, 12:03 AM IST