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“IndianOil Shared Service Center Vendor Invoice Management is a comprehensive digital initiative that synergizes invoice processing from a centralized office in Noida (Delhi NCR),” IBM said in a statement.

Indian Oil Corporation (IOC), the country’s largest oil company, has partnered with IBM Consulting to set up a shared service center (SSC) to manage supplier invoices.

“IndianOil Shared Service Center Vendor Invoice Management is a comprehensive digital initiative that synergizes invoice processing from a centralized office in Noida (Delhi NCR),” IBM said in a statement.

The center will be staffed by employees from both IOC and IBM Consulting’s business processes and equipped to process more than 1.5 million invoices annually.

The IOC and IBM Consulting business process operations teams at the center will process vendor invoices, resolve queries, handle exceptions, make payments, and maintain master files using on-premise OpenText Vendor Invoice Management (VIM) for SAP Business Suite on HANA .

“The project is essentially unique compared to the supplier invoice management projects of other oil marketing companies,” it said.

The SSC for supplier invoice management is equipped with the latest digital technologies such as optical character recognition (OCR), a supplier portal and ticketing tools.

IBM Consulting will also deploy industry-leading analytics and automation solutions to provide IndianOil with greater insight into key process metrics. The SSC will also make AI-enabled self-service chatbots available to suppliers, which can be used to get updates on invoices and payment status.

The facility was inaugurated by Sandeep Kumar Gupta, Director (Finance), IOC in the presence of John Granger, senior vice president, IBM Consulting.

IOC, which has leveraged technology, sees significant benefits to its company in establishing SSC.

Granger said: “The SSC underscores the powerful impact of technology on companies of IndianOil’s size and scale.

IBM helps deliver enhanced bottom-line growth and is proud to be IOC’s long-standing strategic technology partner in its digital transformation. The partnership leverages our deep industry expertise, the best of our global talent and world-class practices rooted in hybrid cloud and AI.” Gupta, noted, “IndianOil Shared Service Center introduces centralized processing for accounts payable functions across the length and breadth of India. The adoption of advanced digital technology supports an improved supplier experience by increasing on-time payments and faster resolution of queries.”

This post IOC establishes shared service center with IBM

was original published at “https://www.financialexpress.com/industry/ioc-sets-up-shared-service-centre-with-ibm/2468294/”