Indian Oil Corporation Limited launched its Shared Service Centre (SSC) for Vendor Invoice Management in collaboration with IBM Consulting. The digital initiative will synergise invoice processing from a centralized office based in Noida. The centre will be staffed by employees from both Oil major and IBM Consulting's Business Process Operations and is equipped to process over 1.5 million invoices annually, said the company.
The Indian Oil and IBM Consulting Business Process Operations teams at the Indian Oil Shared Service Centre will use on-premise OpenText Vendor Invoice Management (VIM) for SAP Business Suite on HANA to process vendor invoices, resolve queries, handle exceptions, make payments, and maintain master files.
Shrikant Madhav Vaidya, Chairman, Indian Oil, said, “Indian Oil has always been at the forefront as far as driving the nation's digital agenda is concerned. We have been leveraging technology to serve and delight our stakeholders with excellence, and the SSC is another significant step in that direction. We believe it will lead to significant benefits for our business and improve the stakeholder experience.”
John Granger, Senior Vice President, IBM Consulting, said, “The SSC underscores the powerful impact of technology on companies with the size and scale of IndianOil. Helping deliver enhanced bottom-line growth, IBM is proud to be IndianOil's long-standing strategic technology partner in its digital transformation. The collaboration leverages our deep industry expertise, the best of our global talent and world-class practices rooted in hybrid cloud and AI.”
According to the company, the new facility is outfitted with cutting-edge digital technologies such as optical character recognition (OCR), a vendor portal, and ticketing systems. Additionally, IBM Consulting will deliver leading analytics and automation solutions to improve IndianOil's visibility of critical process KPIs. Additionally, the SSC will make available to vendors AI-enabled self-service chatbots that can be used to obtain invoice and payment status updates.
Sandeep Kumar Gupta, Director (Finance), Indian Oil, said, “Indian Oil Shared Service Centre introduces centralized processing for accounts payable function across the length & breadth of India. The adoption of advanced digital technology supports enhanced vendor experience by increasing on-time payments and faster query resolutions.”