FinMin open to idea of disinvestment in SBI, ONGC: Report
The minister further said the government is not against the idea of holding a minority stake in key strategic public sector companies.
The Oil and Natural Gas Corporation (ONGC) on Thursday launched a significant business process initiative with the inauguration of the ONGC Shared Finance Services in collaboration with IBM Consulting.
This will centralize and standardise all vendor payments of ONGC, accelerating the processes for an enhanced 360-degree vendor experience.
ONGC Chairman and CEO Arun Kumar Singh, inaugurated the Centre at Noida in the presence of ONGC Director (Finance) Pomila Jaspal, and IBM Consulting India/South Asia Country Managing Partner Kamal Singhani.
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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.”
The Shared Finance Services (SFS) will serve as a centralized hub for processing vendor invoices, updating vendor master information and promptly addressing vendor queries through a 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.
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