SSF's Journal - June'18

1. JUNE 2018 Shifting Paradigms for Maximum Impact IN THE COSMOS OF UNCERTAINTY EXCLUSIVE FEATURE Priyan Fernando, the PIONEERING BUSINESS LEADER FOR GLOBAL SHARED SERVICES, has a heart-to-heart conversation with Team SSF, about what makes him be the Leader that he is, what makes him tick, and what makes him successful. A Journal of Shared Services Forum

3. Editor’s Note JUNE 2018 The Harvard Business Review recently titled an article that ‘The Best Leaders are great Teachers’. Priyan Fernando proves this interesting combination, being more than a business leader, to also being a teacher for the team of people who worked with him for over three decades as a Senior Executive, and later, an EVP at American Express. This energetic and charismatic leader has demonstrated some phenomenal results making him one of the most revered business leaders in the services industry. His focus was not just about work but extended to deeper wisdom of life, success and growth. He has categorically stated the importance of betting on people as a greater priority to betting just on strategy. A Journal of Shared Services Forum EDITORIAL BOARD Sanjay Gupta Rakesh Sinha Pallavi Jayaswal One has to but feel the passion that he displays towards his people each time one raises a business question to him. Having seen Priyan operate at a distinctive level, I can personally vouch for the magnetism that he can bring about. His ability to directly connect with individuals, motivate and inspire the teams to carry out even the most complex functions or projects is exceptional. Priyan is not alone in pitching his stake with his people. More and more leaders are recognizing the importance of an engaged team to build an effective work culture. Individual contributors are making way for group deliverables and accomplishments. CORPORATE OFFICE Shared Services Forum D-75, Malviya Nagar, New Delhi - 110017, India Phone: +91-11-2667 4920 www.sharedservicesforum.in Published, Printed and Owned by Shared Services Forum This creates a significant shift in the deliverables from the HR group. No more is HR a mere service provider to the organization. A traditionally run human resources department provides structure and the ability to meet business needs through managing the company's most valuable resources – its employees. The new roles expected from HR are much more. HR leaders are being routinely considered as part of the top strategy team. HR leaders have as much a ‘seat’ on the table as do the others. No business strategy is ever considered complete without the significant inputs by HR. All rights reserved. Reproduction in whole or in part without written permission from Shared Services Forum is prohibited. The role of HR is changing in yet other ways too. Computers and systems processes have become prominent. Several tasks hitherto undertaken by humans are being automated. By increasing intelligence in the environment, humans need to keep one step ahead. Managing the new cognitive workforce is a new ball game that HR has ventured into. The omnipresent question is how far this will go. It is now possible to treat robots at par with their human counterparts. Robots get employee IDs, they have reporting supervisors, and need training. Thankfully they do not have interpersonal issues. But does this make robots candidates for being considered as employees? We don’t know the answer to that, but we do know that HR is an important contributor to the digital agenda of the organization. Write to us: contact@sharedservicesforum.in Sanjay Gupta is the Chief Architect of Services Forum. He has over 32 years of Shared work experience Management, Financeand Human Resources. in the fields Processes, of Business Sanjay has pioneered & published several research papers on BPM & Shared Services and also co - authored the first ever comprehensive book on BPM – “BPM in Global India - The Inflection Point Advantage”. Sanjay is the Executive Editor of Shared Journal, Process Edge and contributes immensely towards Services/ BPOs by knowledge capture, sharing and dissemination through articles, research and creating models for baselining and growth. Similar to HR, the Finance function too struggles to remain relevant. Technology has changed everything rapidly. The speed at which technological changes are taking place is far too greater than what most departments are capable of keeping up with. The advancement of newer techniques is creating an ever increasing expectation from the services. Use of big data for analytics, robotics for speed and efficiency, and artificial intelligence for cognitive assessments is being routinely infused in the services to provide meaningful management information for decision making. The world is progressively realizing that going digital is probably the only way to remain competitive for Competitive Services Forum’s GICs/ Shared In this VUCA world, there is an intrinsic uncertainty in the cosmos. The best way to make a difference is by creating paradigm shifts i.e. fundamental change in the approach or underlying assumptions, to acknowledge the reality and swing into appropriate actions. If each company and person in the world wants to create a competitive advantage over the rest, it must replace the usual way of thinking about or doing something by a new and different way of thinking. New research is finding new markets and new analytics provides new solutions. And, new paradigm shifts enable achieving success and significance. Sanjay divides his time between SSF activities and consulting corporates. In addition, he provides English coaching to the underprivileged children,youth and youngadults. for large www.sharedservicesforum.in

4. Table of Contents 3 COVER FEATURE The Power of Self, People and Shared Services WORDS OF WISDOM FROM A LEGENDARY BUSINESS LEADER 10 ReDefining the HR for Competitive Edge A REPORT ON THE 2ndNATIONAL HR LEADERSHIP SUMMIT 2018 13 The Race for Relevance TECHNOLOGY OPPORTUNITIES FOR THE FINANCE FUNCTION - AN EXCERPT FROM ACCA’S RESEARCH REPORT 18 Leadership Highway for Process Revolution A REPORT ON SSF’s EVENING OF POWERFUL CONVERSATIONS 24 Data-Data Everywhere, but Not a Drop of Value A CASE STUDY – LEVERAGING ANALYTICS TO DRIVE CUSTOMER EXPERIENCE 27 3 ‘I’ Framework for Competitive Edge A USEFUL CAPABILITY FRAMEWORK FOR HR TRANSFORMATION www.sharedservicesforum.in

5. COVER FEATURE The Power of Self, People and Shared Services WORDS OF WISDOM FROM A LEGENDARY BUSINESS LEADER ▪ TEAM SSF IN CONVERSATION WITH PRIYAN FERNANDO Priyan Fernando – an outstanding global leader with vision, humility, people centricity, and outcome-focus – has inspired many business leaders and professionals, and continues to be a role model. In the mid-90s, when global organizations were exploring new ways and means to cut costs, American Express launched a pioneering and innovative initiative under the inspirational leadership of Priyan Fernando to set up three Financial Centres across the globe, including a green field centre at Delhi, India. Financial processes from 46 countries were brought under these three centres, with India progressively emerging as the global centre for offshoring operations of multiple functions and processes. Priyan is a business leader whose work innovations, new ways to drive efficiencies and enhance businesses, replicated across American Express and other Priyan retired after a distinguished 32 year Express in NYC. At that time he was Executive Global American Express, responsible for all internal operations of this $32 billion financial enterprise with a presence in over 130 markets. He is currently the Chairman of Brandix Lanka Ltd. And also works as a senior Consulting Group (BCG), one of the most prestigious global consulting firms based in the USA. has resulted including in proprietary several effectiveness which of have been global organizations. career with American Vice President, Services Business of advisor to the Boston Recently, Shared Services Forum (SSF) felicitated PIONEERING BUSINESS LEADER FOR GLOBAL SHARED SERVICES for his “Creativity & Leading Global Shared Services and Enterprise- wide Transformation delivering Value Business, Industry Sanjay Gupta, Chief Architect of SSF, has a conversation with Priyan as the Mission, Impact Society”. and to & heart-to-heart him to PROCESS EDGE | JUNE 2018 | understand what makes Priyan be the Leader that he is, what makes him tick, and what makes him 3

6. The Conversation SSF: You are a pioneering leader in several aspects of modern established yourself as a prominent contributor to modern business thought, to the extent that you are looked at as a brand in yourself. What in your words is the description of ‘Brand Priyan’ and how is it a differentiator in people’s minds? Priyan: differently and everyone is unique. Similarly, each person’s definition of success is also unique to them. So it is not correct to compare people, rather we should benchmarks based on aspirations. More often than not, I see myself as continuously calibrating myself with what I could be and I am pretty open about it with my team. The world sees different people business. You have set our own and our values Priyan: A person’s ‘brand’ should be indifferent profession. It is all about ‘who’ you are and not ‘what’ you are. It is really based on your likes and dislikes, your values and your habits. If I was to describe ‘Brand Priyan’, I would picture a regular guy who loves being around people and wants to everything I do. to titles and get better at ‘ ‘ Our industry has in many ways complimented Mother India’s brand. When you think of ‘shared services’, you think of India – and to think that we were the first to do it is a pretty humbling thought. ’ ’ Whether it was work, sports, music, or leisure, I was always surrounded by people. My home was a place where friends hung out and we were always trying to get better at something or the other. I think that it inspires them to help me and also chart out their own personal and professional journeys. We spent so much time imagining the possibilities and planning where we can go together with shared services. I experienced this with the team in India. I was fortunate to have many positions that gave me room to drive change. I had the confidence that I could do things differently and better. I also knew that I could drive and engage people to rally around an outcome. I was fortunate to be able to channel my energy and abilities and make up for what I missed out on my first love – sports. We had this to create the FRCs* ground up for American Express. I could sense the pioneering spirit and inspiration of the leader Harry Robertson and his leadership team in India. Books can be written about it. I am really proud of the leaders we nurtured and built during this initiative. They have gone on to have a tremendous impact on this industry. Our industry has in many ways complimented Mother India’s brand. When you think of ‘shared services’, you think of India – and to think that we were the first to do it is a pretty humbling thought. wonderful green field opportunity So it is really about being a regular guy, passionate on purpose surrounded by great people doing extraordinary things, all excited about achieving the Getting ordinary people to do extraordinary things’ is what I take pride in. I found that with my team. We were not the most senior people in the organization but what we achieved was transformational. We all believed in each other and in what we were doing. We believed that shared services was business world even before it became a familiar term or industry. potential outcome. SSF: You are a role model for many leaders. What is it that you specifically do to continue to remain relevant and to keep up with the modern age organizational thinking? going to change the Priyan: I try to read a lot to stay on top of stuff. Wearing the hat of an advisor to a large corporate, I have to stay abreast with what is happening around the world. Thanks to my work with BCG, I get great exposure to all that’s new in my field. *Financial Resource Centers SSF: How does the world look at you differently from other leaders – several of them being your contemporaries? There is a certain aura around you. Did you use this differentiator in your work PROCESS EDGE | JUNE 2018 | 4 life and become more successful than several others because of the things you do differently?

7. Priyan: The real ‘mantra’ is to have a growth mind-set. I am convinced that being a regular guy, I always needed to be learning something to keep up and that’s been a real motivator. Thanks to the shared services discipline I review, take timely measurement (KPI’s) on progress, and constantly enhanced my knowledge, relationships, my accomplishments, reputation. Even today, though I have officially retired, I am constantly looking for ways to learn. Currently, I serve as Chairman of Brandix Lanka Ltd, a world class manufacturing organization of 55,000 employees. I am amazed at the talent and sophistication of this company and I learn so much on my visits to Sri Lanka. I cannot also understate how much I learn from my children. In fact, they say that we are the first generation that’ll have to learn from our children to be relevant in our old age. I also try to stay sharp by playing squash and the piano. check my if skills, and I have my my I am at a stage where I could better balance my personal, professional, These are like the legs of a three-legged stool. If one is out of balance the seat gets rocky. Sometime tough decisions need to be made to ensure that your stool is not standing on only the professional leg. I really love this book ‘Mind-set’ by Carol Dweck, She talks about having a ‘growth mind-set’ rather than a ‘fixed mindset. When you stop growing, it signals the beginning of the end. I really believe that ignorance can be fixed, ‘bad attitude is fatal’. This book describes that people can be very smart, yet carry a fixed mind- set. It warns us against such a mind-set . and spiritual needs. but SSF: You have been reported as saying “getting better” is not enough; one has to “get better faster”. Is it like a non-ending spiral? What do you think is the recipe for businesses to cope with this ever increasing pressure? ‘ ‘ The real ‘mantra’ is to have a growth mind-set…. I take stock often, take timely measurement on progress, and constantly check if I have enhanced my knowledge, my skills, my relationships, my accomplishments, and my reputation…. When you stop growing, it is the beginning of the end. ’ ’ SSF: While it is easy to say that challenges are opportunities, how do you tackle challenges and look at them as opportunities and what is that moves you to look at those things as areas of improvement? Priyan: The speed of change will only get exponentially faster. You can only worry about what you can control. So you have to move as fast as you can, given the environment you are in. You have to be a fast follower when important new things happen. You have to be in a position to exploit technological innovations as soon as they become relevant. Pressure will remain a fact of life but it is all relative. If you don’t react to pressure in the right way, it will always result in drudgery. Similarly, Technology disruptions could be seen as threats or as growth opportunities depending on your attitude. Priyan: In school, I wasn’t at the top of class or bottom of the class. For me to get to the next level was always a challenge. I have also been playing sports all my life, I still play squash., and as the old guy in the squash league I have to play smarter to compete. immigrant in the US, I initially felt like an outsider always trying to establish credibility. All these experiences have built a competitive streak in me. Remember when David confronted Goliath with only a catapult, he did not say that this guy is too big to hit, instead he said that this guy is too big to miss. So it is with my problems and challenges. If you competition and conquer them, amazing things can happen. You have to look beyond the challenge, as just another hurdle to get to the next level. Further as an I have seen companies and people crumble under pressure, when in fact this is the time to shine.. I was in the midst of all the chaos when 9/11 happened in New York. Watching Ken Chenault, our CEO, operate, was a lesson in leadership. He modelled composure, confidence and hope. It was all about the very basics of leadership – caring for people, even though everything seemed to be falling apart around him. He was a tower of strength, and just so composed and together professional and spiritual being – even at the worst of times. can treat it like SSF: Is there a ‘mantra’ that you set for yourself to keep the power within you and to turn business challenges into opportunities? in his personal, PROCESS EDGE | JUNE 2018 | 5

8. SSF: businesses manage themselves”, it is said. What advice can you give to the manager in a hurry? “Manage processes well, and the mismatch of their aspirations with the work they are doing, you have a problem. Despite the talent assessment processes etc. in place, the alignment of hearts and minds of the people have to be first addressed. You have to help them find purpose. Only then will you be able to overlay effective processes. Success also lies in the attitude of the leader. You are the steward of your talent and your people look up to you for inspiration, encouragement, and improvement. And when you lose processes can break good people. Priyan: It goes back to what I said earlier. If you cannot be the person you want to be, you need to do something about it. If you are on this treadmill running to nowhere, sooner or later you are going to get disillusioned. You have to find purpose in what you are doing. When you see the big picture of where you are going, with an ultimate purpose, you can put all your busyness into perspective. You have to make some hard choices to cope with the tyranny of “Busyness”. We are taught in business how to prioritize and establish process around our work. sight of that, good to ‘ ‘ You have to remember that when you are working with people – you don’t bet on strategy, you bet on people… ’ ’ Leaders processes to the extent that it becomes very mechanical. Processes must be designed around the leader’s desire to successful. For instance without an effective process of feedback and coaching is of little use. Once you believe that ‘inspiring comes before evaluating’, you could then use processes to optimize performance. At the end of the day you don’t bet on strategy, you bet on people. So caring for and nurturing people needs to be at the center of one’s leadership skills. sometimes get very hung-up on We need to apply those same principles in other aspects of our lives so that we will find purpose and a process to drive effective outcomes in what we are doing. We need to ask ourselves if we are using the management by eliminating inefficiencies and clutter in our lives. We must try to create balance regardless of how hard we have to work. Most people define ‘balance’ as working for only 8 hours a day. I do not think that’s realistic. There will be a stage in your life when you have to work 12 hours a day. You will have to be flexible and be prepared to work after the kids have gone to sleep. enables us to do that. There are different seasons of life for different things to happen. We need to go with the flow, be happy at work and at home and things will work out. make talent their assessment people principles of all process those Technology SSF: The world is changing rapidly, both socially and in business. Newer words are taking over: Internet of Things, Robotics, and now Blockchain. How do you think today’s leaders need to manage this explosion? And, where do you think the next big wave will come from? Artificial Intelligence, SSF: How important is people management as opposed to process management? Does process management in its wider definition already include people management? Can there, and should there, be situations where leaders prefer one over the other? Priyan: My understanding of this is limited too. Let me tell you one thing – our individuality is changing in this very connected world. Chances of anonymity are becoming less – both at the individual and at the corporate level. We can’t override that. We can either escape and hide in the jungles or find a way of riding this new wave. It is a wave of transparency. We need to recognize a few things. For instance thanks to digitization, everything will be connected. But this digitization leaves an exhaust of data – both personal and business. This will be the new currency and we will need the skills to manage, protect, analyze and monetize it. Priyan: At the center of it all are our people. As leaders we have to model our lives in such a way that will win their trust, and do everything possible to make them successful. I must say that many people are unhappy at their workplace –too often it is not because of the workplace but because of the mismatch of job skills and aspirations. You have to address this mismatch. You can have all the processes in the world but if you don’t address the PROCESS EDGE | JUNE 2018 | 6

9. Priyan: your employees that you could be trusted and you care deeply for Then you can collectively think of how to ride this wave and not avoid it. It has been said that the “certainty of misery is far better than the misery of uncertainty.” So it is important to communicative at times of change. First, as a leader you must convince We are still at the early stages of this revolution but we know that exploiting data will be at the center of things to come. The concept of Blockchain and distributed revolutionary. The traceability transaction requires transparency and integrity. It eliminates the cost transacting, thus providing a new platform for applications like crypto currency and many others. We have to be ready to plug-and-play in this new environment. Our processes will need to be simplified and transparent. Our systems will need to be integrated. We will need to play in the global digital supply chain and in some cases our business models may need to change. Either way, we will need to radically cut costs, and find funds to retool for this exciting this new world. ledger of is every be very open and and inefficiency of Secondly, you should not worry about what you cannot control. You can control your mind to make sure that you are ’all–in’ for this rapid-fire, fast-changing, extremely competitive world. As I mentioned before, the key is to be grounded on the basics. Establish the ‘growth mind-set’ where you are humble enough to learn, and keep your balance on the personal, professional and spiritual and things will be fine. SSF: With so much talk of mechanizing even the most trifle activities, and expecting more of it in the future, do you think there is still room for qualitative skills such Collaboration, Flexibility, Empathy to run a successfully? Shared Services Forum brings to close a big void and creates a platform and voice for this industry which is defining in many ways the ‘India Brand’ in the business world. as Resilience business Creativity, and enterprise ‘ ‘ ’ ’ SSF: Who, singularly or collectively, inspire(s) you personally? And what traits of theirs do you value the most? Priyan: companies, customers, investors – they are all people. And all the qualitative stuff is really about engaging the people collaborate. We are looking at enterprise-wide processes, simplifying them. In disparate groups around cheaper outcome. With the rapid adoption of new technology, competition will need to focus on their ability and speed of creating, adapting and collaborating to win in the market place. This is why progressive companies are working around traditional functions and creating cross- functional Agile Innovation Teams to get closer to customers and adapt quickly to changing conditions. I certainly hope so. It’s basic – create connecting end-to-end, words, a better, to and Priyan: Without doubt, my inspiration comes from my family – my parents, and my siblings. I consider myself very fortunate to be born into this family. They model the twin engines of strong faith and discipline. I am so thankful for this and this is what motivates me on my life’s journey. and other linking faster, SSF: How do you see Services Forum? the future of Shared Priyan: I salute you for taking it upon yourselves to close a big void and create a platform and voice for this critical industry. I know that the SSF team is working round the clock with very little personal gain. The forum will leave its mark on thousands of people engaged in the world of shared services. SSF: transformations almost daily now – migrations, liquidations, mergers – leading to large scale redundancies, rebadging and the lot, including the easier-said-than-done advice would you give the modern manager to prepare for it? One hears of major business I am deeply honored by your recognition and I wish you all the very best. PE re-skilling. What PROCESS EDGE | JUNE 2018 | 7

10. Typical Hurdles in Business Processes How much are we exposed to the Innovation and Industry Best Practices? How can we leverage ERP and get more productivity tools with least investments? How much are we process oriented and comply with Corporate guidelines on process adherence? How can we align functional requirements to enable effective cross-functional business process? How can we enable consolidation of back office processes and ensure delivery consistent with policy and process ? Which Operating Model will suit our requirements and enable right ‘attention’ to the internal/ external customers? How can we get scale of operations and expertise of business process management as a Capability? How can we put metrics in place to track/ align the effectiveness of knowledge worker roles with business goals? Changing business needs require Process Review & Redesign to Enable Business Execution and Enhance Flow, Speed & Performance For more information contact@quintesglobal.com www.quintesglobal.com

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12. ReDefining the HR for Competitive Edge A REPORT ON THE 2ndNATIONAL HR LEADERSHIP SUMMIT 2018 ▪ TEAM SSF Shared Services Forum (SSF), India and BRICS CCI), along with Achromic international Consulting Partner, and RvaluE – a leading Business Process Management (BPM) & Shared Services Consulting organization, as Knowledge Partner organized the 2ndNational HR Leadership Summit 2018, on April International Centre, New Delhi. Dr BBL Madhukar, Secretary General of BRICS CCI shared his powerful insights about the change which has come to disrupt each aspect of our life, and therefore there is an urgent need to necessarily reskill and reinvent ourselves. Chamber of Commerce & Industry (BRICS Point as – an Firm, Marketing 27, 2018 at India The theme of this 2nd edition of the HR Leadership Summit 2018 was ReDEFINING THE HR FOR COMPETITIVE INTEGRATION. INNOVATION. AUTOMATION. The summit was attended by Business Leaders, Human Resources Veterans & Professionals in the HR space who shared their invaluable insights and perspectives that made the summit a huge success. Several eminent industry leaders country as Speakers and Case Presentations added value to the content of the event. The conference was packed with practitioners and professionals who are leading the analytics agenda in their respective organisations, and striving to make a business impact through smart data-based decision making. EDGE – through INTELLIGENT The context of the summit was set in the Inaugural Address by Mr Pravin Purang, former Managing Director of Royal Enfield and at present Management Advisor at Jindal Steel & Power Limited. He spoke passionately about the critical role HR has to play while orchestrating Transformation in any function or unit or an organization. from across the The Srivastava who is the CEO of SCPwD & Consultant – HR and Governing Council Member at BRICS CCI. He introduced the Theme of the summit to the participants and spoke about the agenda of the summit. He highlighted the criticalities of today’s most important HR issues and opportunities. Welcome note was by Mr Anup K Following the address, the Governing Council of SSF and BRICS CCI together released the 3 ‘I’ Framework – Enabling Advantage, which was prepared by SSF in its endeavor to seamlessly disseminate knowledge. The framework presented Integration, Innovation Automation; 8 Drivers and 24 Enablers for driving the business to a competitive edge. Competitive the and 3 Levers Intelligent – PROCESS EDGE | JUNE 2018 | 10

13. From L to R: Mr Rakesh Sinha, Mr Anup K Srivastava, Ms Manjushree S Roy, Mr Rajesh Mehta, Dr BBL Madhukar, Dr Vinod Verma, Mr Ravi S Ramakrishnan, and Mr Sanjay Gupta The first Panel Discussion of the day was on the topic – ‘In the Fast-Paced Changing World, is HR just an Enabler or an Achieving Competitive deliberations were ‘From the Lens of Business’ and included Industry veterans – Dr Aquil Busrai, Chief Executive Officer at Aquil Busrai Consulting; Mr Deepak Founder of Talentonic; and Mr Varadarajan Srinivasan, Former CHRO & Head of Corporate Affairs in VISTARA (TATA SIA Airlines Limited), and the session was moderated by Mr Ravi S Ramakrishnan, Founder of SSF and Founder & CEO of RvaluE Group. The Governing Council of SSF – Mr Ravi S Ramakrishnan, Founder of SSF and Founder & CEO of RvaluE Group; Mr Rakesh Sinha, Co- Founder of SSF and Executive Director & COO of RvaluE Group; and Mr Sanjay Gupta, Chief Architect of SSF. The BRICS CCI Advisory Council included Dr BBL Madhukar who is the Secretary General of BRICS CCI; Srivastava;; Ms Manjushree Director, Sports Authority of India & Advisor to BRICS CCI; Dr Vinod Verma, Vice President – Group Corporate Affairs at Aditya Birla Group; and Mr Rajesh Mehta, Governing Body Member of BRICS CCI. Active Edge?’ Partner The for panel Dhawan, CEO & Mr Anup K Dayanand, Mr Sanjay Gupta explained the framework* in details later during the day. The perspectives over various pointers on the topic. speakers shared their insights and From L to R: Mr Ravi S Ramakrishnan, Founder & CEO of RvaluE Group; Dr Aquil Busrai, Chief Executive Officer at Aquil Busrai Consulting; Mr Deepak Dhawan, CEO & Founder of Talentonic; and Mr Varadarajan Srinivasan, Former CHRO & Head of Corporate Affairs in VISTARA (TATA SIA Airlines Limited) * Refer to the article on Page# 27 which talks in details about the 3 ‘I’ Framework for Competitive Edge. PROCESS EDGE | JUNE 2018 | 11

14. Both Transformational Stories of HR and kept the audience engaged. the presentations aimed to tell the 1) Effective Integration of HR Agenda with Organizational Growth Agenda – Critical Success Factors? How can HR be a catalyst for innovation? What role should HR play to drive the Digital Agenda in the organization? Building a new generation of Cognitive Digital Workforce. 2) 3) The last session of the day featured eminent speakers from the Industry, Ms Smriti Ahuja, Global HR & Learning Head-Digital Operations at Cognizant, and Mr Debasish Das, Chief Deign Officer at Corporate Sim. This highly interactive panel was anchored and steered brilliantly by Mr Rajnish Virmani, Managing Partner – India at Positive Momentum. He solicited questions from the audience on ‘The Changing Face of HR: Driving Digital Agenda in the HR Organisation’. 4) The ‘Wholistic Employee Engagement’ which was steered by Ms Rachna Sharma, Vice President & Lead Coach at RvaluE Learning Systems. second session of the day was on Mr KVV Satyanarayana, Executive Director – HR, Admin & PR at Power Finance Corporation; Mr Sushil Baveja, Executive Director, HR at DCM Shriram Limited; Maheswari, Founder Director of Quintes Global Private Limited, were speakers. The speakers following key points engagement: 1) Driving & Sustaining engagement across multi businesses/ locations and achieving a common culture; and 2) Redesigning HR Effectiveness And While Balancing ‘Tech And Touch’. and Mr Anand the deliberated on the driving eminent panel employee The enthusiastic participants threw queries about eHR Practices & Trends: The Necessity for HR to Reinvent and Transform Digitalisation on Hiring and Employee Life Cycle; along with Processes Enhanced For Itself; Impact of Experience Managing Compliance and HR Audits – The New Digital Policemen. All the were fielded speakers. the questions brilliantly by the The post-lunch session was moderated by Mr Sanjay Gupta. The panel had two powerful Case Presentations from two Industry leaders. The first presentation was on ‘Role Organization Development and Resourcing for enhanced Business Raghavendra K, Senior Vice president & Global Head – HR Development ‘Capability Development Beyond Learning & Development’ was the topic of the insightful case presentation made by Mr Sanjay Dutt, Senior Vice President & Global Development & HR Transformation at EXL. of Analytics in The day was concluded with a Thank You note by Mr Rakesh Sinha, who thanked the participants, the committee, and also the partners and sponsors who made the event successful. The 2nd National Summit 2018 was supported by the following partners: Qunites Global and Powergrid were the Co-Sponsors, ZEE Business was the Media Partner; Corporate Sim Advisory as Spliced Knot as the Digital Marketing Partner; Academic Partner, New Delhi Institute of Management (NDIM); and Technology Technologies. PE Performance’ by Mr speakers, organizing at Infosys BPM. HR Leadership Head – Capability and GreenTree Sponsors; Corporate Mr Raghavendra K Partner, Muniwar PROCESS EDGE | JUNE 2018 | 12

15. The Race for Relevance TECHNOLOGY OPPORTUNITIES FOR THE FINANCE FUNCTION -AN EXCERPT FROM ACCA’S RESEARCH REPORT ▪ TEAM SSF Digital technology is revolutionizing workplace businesses operate. Technology is creating new opportunities for connecting with customers and opening new channels businesses that are prepared and able to adapt fastest to this change will be those that reap the rewards. In the face of seemingly bewildering technological possibilities, how should Finance chiefs even begin to landscape? Where should they place their digital bets? And how can they take advantage of the significant opportunities that digital revolution may present? ❑ ensure they have in place effective and efficient processes that satisfy the overall business requirements of Finance; and ❑ capture, measure, report and predict future performance in a much more agile manner to support better and quicker decision making. the and reframing the debate on how successful to markets. The A failure to follow in this direction could risk marginalising the Finance leadership table. “It’s not enough to become more efficient. Finance has to help the business make decisions on the basis of the right data. We have to play a much more operational role in making our businesses operate faster and more decisively. Many of the tasks that currently take up so much of our time will be covered by Artificial intelligence and automation”, explains Holger Lindner, CFO, Service SÜD Singapore. function at the navigate the tech ‘ ‘ Opportunities for Finance Function in the Digital Revolution Finance has to help the business make decisions on the basis of the right data… (and)… play a much more operational role in making our businesses operate faster and more decisively. Global Division, Product TÜV Everything that we do leaves a footprint: a data record in the vast data pool that humanity creating. societies are living, and benefiting from a based on robots, and tools that can perform tasks with increased efficiency and reduced cost. This creates opportunities but also challenges the basis of our traditional ways of working. digital CFOs leaders understand technology can enable them to transform the Finance function, they heads need and Finance need to is ’ ’ Finance how Human electronic footprints: automation, call centres, life and have to be agile about it. Technology provides data but judgement and provide insights to turn that data into relevant information. This may require combining several technologies to address the complete business requirements. It is therefore essential to have a robust roadmap that is inclusive of a comprehensive, yet flexible future vision. to exercise Leaders competitive advantage from the insights that the data now available can reveal through effective enterprise performance-management processes. Whatever the size of the business, technology change is having an impact. In this corporate race for future relevance, recognising the digital opportunity is what counts. The revolution has started and adaptation is critical for survival. Forward thinking CFOs grasp this reality, and see the opportunities for influence at the heart of the organisation. They appreciate that they need to: need to work on how to gain In the words of Thomas Zipperle, CFO, SAP South East Asia, “We have to take the risk of changing a process that might be working today but most likely will no longer work in five or 10 years’ time – or, even if it does still work, will have cost us competitiveness and relevance as were unable to adopt to the new reality”. By understanding what the business needs from the Finance function, it is possible to develop a strong business case for investment in Finance automation. This will allow Finance to develop additional capabilities needed while retaining the emphasis on PROCESS EDGE | JUNE 2018 | 13 ❑ understand available to them to provide strategic insight in real time; ❑ think forwards not backwards and maximise the use of technology to do this; how to use the information

16. 3. Appreciate the value of data – explore how CFOs can make better use of data and analytics throughout Finance and beyond. Manage the organisational technological change organisational change required to embed new technologies successfully. Focus on talent and skills – equip the organisation with the people and skills base needed to exploit the technology. Assess the impact governance and risk ensure that investments are made with rigour and that the risks created by new technologies are properly monitored and controlled. recording and reporting, but with an enhanced degree of data accuracy. CFOs need to develop a plan that enables them to recognize both the short-term benefits and the long-term gains. 4. impact identify of – the Six Function Imperatives for Tomorrow’s Finance 5. The technology and data thread through all business activities. Addressing each of these within an organisational culture that supports innovation and creativity is important emerging technologies. imperatives for success to build a coherent and logical programme for technology adoption: The opportunities created by the range of emerging technologies require that the Finance function develop its own technology roadmap, which should be aligned to the overall organizational goals and facilitate the development and implementation of the tools necessary to support the overall business goals. core elements of people, processes, 6. of technology management on – for harnessing are There six ‘ ‘ ’ ’ Align the Strategy Technological aspects of organisations – from the use of robotics on the factory floor to the use of customer data through additional revenues. A technologically driven organisation is one that needs to understand its business drivers and be able to react rapidly to changes. advances are affecting most profiling to create CFOs first need a vision of how Finance can create new value in the context of a wider business strategy. That vision forms the basis of the investment case for new technologies and helps Finance agree the working priorities it needs to achieve its desired future state. This process inevitably requires Finance to reach out to other functions collaboratively – an initiative which can be supported by the adoption of cloud technologies. Reaching out to the rest of the business will also be crucial in understanding what data and analytics the business expects from Finance. By aligning Finance with the business, CFOs can use technology to inform and actively shape the business’s strategic direction. CFOs who use analytics to combine Finance data with other data sets will understand market trends better and be well placed to play a more strategic role. and to work more For example, Align organisation’s wider goals and how Finance, using technology, can best support these ambitions. Build the business case – identify the business case for using specific tools and solutions. PROCESS EDGE | JUNE 2018 | 14 1. the strategy – understand the The opportunities created by the range of emerging technologies require that the Finance function develop its own technology roadmap, which should be aligned organizational goals development and implementation of the tools necessary to support the overall business goals. The roadmap needs to look forward while recognising that the adoption of technology is often a process of continual change. It involves many components, some to the overall 2. and facilitate the

17. Build the Business Case of which are more mature (such as analytics) than others (such as artificial intelligence). It should also be practical achieving the Finance function’s contribution to the organisational goals. Adopting new technology needs to be a high priority for Finance. Technology can provide the data that will speed up decision making and make processes more efficient, and will also help the Finance heads to establish a value case for the function itself. Nevertheless, building a robust case for technology critical. Above all, it demands a clear evaluation of the benefits that technology will provide, such as cost savings that come from automated processes and increase efficiency; or revenue opportunities can be unlocked through data and analytics. Identifying theses strategic benefits of the proposed technology is crucial. and relevant to The components: Identification of Technologies to be used in addressing Business Needs roadmap should include the following investments is Identification of Critical Systems and their Targets Definitions of major areas that the Technology must address, like Market Assessment, Crosscutting Technologies, Component Development, And System Development Building the business case doesn’t only involve grasping the benefits of technology investment – there will also be cost implications. CFOs will need to work hard to quantify those costs. New technologies can help organizational design and have the potential to reduce headcounts. They need to remember that while deploying new technology, indirect costs like staff training, additional cyber security controls and robust processes, can also apply. Identification of Technology Drivers and Objectives CFOs rethink the Assessment of Technology Alternatives and their Timelines Assessment of Alternatives that could be Pursued change-management It is important to understand the ‘tipping points’ in the various technologies as the organisation grows. As an organisation grows there are crucial points where it is necessary to migrate from one level of software to the next. When these occur, the CFO needs to recognise the impact on the data organisation and in turn the impact on the performance reporting processes. This element was explored by ACCA in partnership with a worldwide association financial professionals published as ‘The CFOs Guide to Technology Roadmapping’, which is a report on application of a technology roadmap. Adopting new technology needs to be a high priority for finance… (to)… speed up decision making and make processes more efficient, and …help the Finance heads to establish a value case for the function itself. ‘ ‘ Appreciate the Value of Data We are living in the era of the data explosion. According to one forecast the amount of data created and copied annually will reach 44 zettabytes by year 2020. double the quantity of data each year. With the democratisation of data, access to it, allowing them to develop insights through analytics. requirements of the Human activities more users have of accountants business and and in Nina Tan, Business Intelligence and analytics says “You are making use of something you never knew what to do with before.” ’ ’ It is important to invest in Finance teams so that they understand the value of the data assets of the organisation and how these may be used to assist in decision making. CFOs need to ensure that their Finance teams are best placed to unlock the potential of the data captured, generated or collected as part of its function. This rich picture provides the greatest insight into organisational performance. The data-flows need to be usable in supporting the ability of the organisation to monitor its performance against its strategic goals, using efficient performance measurement process. TECHNOLOGIES THAT CAN BENEFIT THE FINANCE FUNCTION - enable enhanced finance processes: cloud, analytics and robotic process - support the communication of information both internally AUTOMATION TECHNOLOGIES SOCIAL TECHNOLOGIES and externally CYBER - provide protection for information assets, and an effective and TECHNOLOGIES - look to the future while building upon existing technologies ARTIFICIAL INTELLIGENCE The use of analytical tools, often with enhanced data visualisation, opens up more opportunities for achieving value. Analytics can also help companies to see patterns in their data that enable them to predict PROCESS EDGE | JUNE 2018 | 15

18. without addressing the fundamentals of the process itself. For instance, adopting cloud- based applications enables teams to operate across geographies. If the processes are not standardised across these multiple geographies, RPA cannot be implemented to reduce time- consuming and repetitive Modifying the processes to fit the technology model is far easier than trying to customise the technology. issues before they happen, instead of being forced to react to them after the event. It speeds up finding answers to problems, eliminating data silos and ‘democratising’ data itself. It creates insights that are simple to digest in a short space of time. Making the most of analytics requires a change in mindset. Compared with traditional finance, analytics is a fundamentally different way of working. processing tasks. However, data needs to be fit for purpose for the systems in which it is employed. Data mapping is an essential activity for understanding data flows and assisting in the management of cyber risks and data-protection resulting in the development of new business services and improving response time for the Finance function. Focus on Talent and Skills For practices, the Finance function needs to equip itself with new skills, whether by up skilling, reskilling, or by recruiting externally. Some of these skills, especially those supporting data analytics, may not be among those traditionally associated with Finance. Take for example, a report on future skills mix, in ‘Professional Accountants – the Future, Drivers of Change and Future Skills’, which relevance of various quotients relevant to the finance function of the future. today’s technology enabled working requirements, Organisational Change Impact of Technological strong ‘ ‘ the feel that engage users early if the CFO is going to gain their buy-in, For technology, implementation leadership. It is essential, for example, to reassurance and expedite change. Many in Finance function threatened technology adoption will potentially lead to losses. CFOs will need to confront this issue early in the process. the business the to benefit needs different types of talent at different stages of technology implementation… (the)… function needs to equip itself with new skills, whether by up skilling, reskilling, or by recruiting externally. fully to consistent from drive underlines the Finance function is likely to need The use of technology may require a complete reassessment skill sets across the function. To determine the skills mix needed, the CFO needs to be conversant available technological options. Ashworth, CFO with provide and of the of those Finance ’ ’ job with the The implementation of technologies such as Robotic Process Automation (RPA) will make changes in the way that organisations are structured. People tend to be comfortable with role-based structures, but RPA focuses on tasks. This can have an impact on the performance management of individuals, who may need incentives for working with virtual workforce. SVP Finance Operations, Smith & Nephew, says “Finance is going to have to invest in people. You need to recognize that there are people with new and highly prized skills coming onto the market whom you need to go out to acquire – data analysts and data scientists”. John Finance function is likely to need different types of talent at different stages of technology implementation. At the same time, CFOs must be aware that skills shortages in certain areas will make it tough to recruit. Rather than repurposing existing staff for these roles, it will often be necessary to cherry-pick the skills required from outside. CFOs need to develop a clear understanding of how their talent needs will evolve in the future as their technology strategy is adopted. With new technology come new risks and new procedures. Staff would need to undergo up skilling/ reskilling. A more outward looking approach to Finance will be necessary, both internally and beyond the enterprise – social media, for instance, may play a part in that. These changes will sensitively and effectively, as part of an effective change management programme. Change will also open up new opportunities for those who wish to take them, as Finance ‘moves up the value chain’, partnering with operational teams to increase its relevance. need to be handled An technologies of tomorrow – such as quantum computing and blockchain – will drive the need for a new wave of skills. Filling the skills gap for today’s emerging technologies is essential and is not a one-time activity. additional complication is that the Transformation initiatives are now focused on efficiency and effectiveness across the Finance function rather than being necessarily a cost saving issue. And effective use of technology will certainly require rigour processes; if the process is broken, technology is not going to fix it without addressing the fundamentals of the process itself. PROCESS EDGE | JUNE 2018 | 16 Governance and Risk Management and robustness in The organisation’s business risks. application of technology the is significant often one of most

19. No Time for Complacency At the highest level, governance is needed for the strategy and enterprise risks related to technology investment. It is important to have a mechanism for informing the board so that they have oversight. The board members too should review their own skill sets and consider bringing in additional resources to enable them to carry out their responsibilities appropriately. CFOs also need to be clear about the legal and procurement risks of new technology, and they will need to have the right resources in place to address these risks. emergent technologies straightforward. Advice should be sought from those with expertise in these fields. Scenario planning and simulation are effective tools in managing inherent risks and in identifying changes in procedures and policies, enabling better management when crisis occurs. The use of emergent technologies and cyber attacks mean that the scenario plans need to be more encompassing and complex. CFOs, as senior leaders and members of the board, have a responsibility for ensuring that these risks are managed appropriately. Making the best use of new technology requires a significant change in the mindset. “I think people in this profession should really go beyond their traditional knowing the existence of Finance robotics isn’t enough. They should go into these technology companies, and fully understand the benefits of all other technologies,” commented Jerry Shu of Accenture Operations in China. Making the best use of new technology requires a significant change in the mindset. In future, we can expect to see radical change applications running technologies such as quantum computing are released into the market. way operate – from adopting training management programmes, to revisiting existing controls. A CFO should consider the impact of the technologies Finance function: territory. Simply Contracting is ‘ ‘ for these always not as next-generation commercial on CFOs who embrace new tools and technologies have a huge opportunity to put finance at the centre of their enterprise’s value creation. Failure to do so will risk the future value that finance can achieve. CFOs need to adjust the in which they and change governance ’ ’ a following key the the enhanced risks of evermore sophisticated on Where means ensuring that the Finance function has a single source of truth. While businesses are focusing on the efficiency and insight that new technology can give them, it is also vital that CFOs don’t lose sight of the importance of internal controls as part framework. These controls may need to be updated with each new technology. For example, when firms adopt the cloud and analytics, it is important that they identify data owners and establish and monitor the appropriate internal controls. Extracted from ACCA’s report – Race for Relevance: Technology Opportunities for the Finance Function, released in December 2017. data is concerned, governance also of a governance CFOs who embrace new tools and technologies have a huge opportunity to put Finance at the center of their enterprise’s Failure to do so will risk the future value that Finance can achieve. PE value creation. ABOUT ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is available on www.accaglobal.com PROCESS EDGE | JUNE 2018 | 17

20. Leadership Highway for Process Revolution A REPORT ON SSF’s EVENING OF POWERFUL CONVERSATIONS ▪ TEAM SSF Shared Services brought platform, professionals who are pioneers and thought leaders in the business process space and have successfully and repeatedly created benchmarks that have been of immense value to the industry. The event was held at the heart of the capital city, at Le Meridien and RvaluE – a leading Business Process Management (BPM) & Shared Services Consulting organization was the Knowledge Partner to this insightful knowledge interaction. Forum (SSF), India The evening was attended by Business Leaders, veterans & professionals in the shared services space, who shared their invaluable insights and perspectives that made memorable experience for all the participants. Several eminent industry leaders added value to the event by talking about ways to activate process revolution in a world where technology is rapidly advancing whereas the process are lagging far behind. The conference was packed with practitioners and professionals who are leading the transformation in their respective organisations, and striving to make a business impact through this unprecedented revolution. The participants were sharing their pointers on assessing the current state of affairs and overcoming them to set the right momentum and target for this revolution. together on the eve of 7thMarch, 2018, on one this evening a The theme of this leadership Interaction evening was: very forthcoming in LEADERSHIP REVOLUTION. HIGHWAY FOR PROCESS The Welcome note was delivered by Mr Sanjay Gupta who is the Chief Architect at Shared Services Forum.. He introduced the theme of the evening and spoke fondly about the days when India was entering the world of shared services and how he and his team had been a part of this futuristic journey, his experiences and how they have changed the shape of the Industry permanently. He set the context for the evening where the pioneers went down the memory lane together to see the evolution of the industry and how the repository of knowledge and experiential learning put together can help the leaders and entrepreneurs to strategize right and successfully tackle the unpredictable future of the business services organisations. PROCESS EDGE | JUNE 2018 | 18 learning and his

21. Jury Recognition, Mr VV Ranganathan took the floor and spoke about the SSF Excellence Awards, Recognition and Felicitation – the process and judgment parameters. enthusiasm and the hard work organizations put in to apply for the awards and also set the context for the felicitation to be presented as a part of the evening agenda.. Chair for SSF Excellence Awards & I accept this award on behalf of some of the giants who carry me on their shoulders… He appreciated the Mr Ranganathan read out the citation and presented the PIONEERING BUSINESS LEADER FOR GLOBAL SHARED SERVICES award to Mr Priyan Fernando, for his “Creativity & Leading Global Shared Services and Enterprise-wide Transformation Mission, delivering Value and Impact to Business, Industry & Society”., Mr Fernando, formerly the Executive Vice President, Global Business Services of American Express, graciously received the award and delivered a quick insight session for the audience. He also spoke warmly about SSF and mentioned that the forum is gradually becoming an important voice and a platform for this critical industry and leaving its mark on thousands of people engaged in the world of shared services. From L to R: Mr Rakesh Sinha, Executive Director & COO of RvaluE Group and Co-Founder of SSF; Mr VV Ranganathan, Co-Founder & Chairman of Compassites Ventures Inc; Mr Priyan Fernando, Chairman of Brandix Lanka and Senior Advisor at Boston Consulting Group; and Mr Ravi S Ramakrishnan, Founder & CEO of RvaluE Group and Founder of SSF Mr Fernando spoke passionately about his 32 year career with American Express in NYC. At that time he was responsible for all internal operations of this $32 billion financial enterprise with a presence in over 130 markets. American Express launched a pioneering and innovative initiative under his inspirational leadership to set up three Financial Centers across the globe, including a green field centre at Delhi, India. Financial processes from 46 countries were brought under these three centers, with emerging as the global operations of multiple functions and processes. India progressively for offshoring center Mr Fernando is currently the Chairman of Brandix Lanka Ltd. and also a senior advisor at Boston Consulting Group (BCG). audience with an insightful Enterprise Transformation. He spoke about the 3 phases of this transformation – from getting the process rhythm and having the process beat going, to the end-to-end efficiency of these processes, to quantifying the inefficiencies and developing a metric that eliminated waste and eventually went on to save a whopping $ 600 million in just 18 months, and led to the rise of process experts who managed processes across the organization, as well as data which was owned by the shared services as an asset; the digital exhaust of this data added immense value to the business and changed the footprint of American Express by eliminating about 30% of the real estate needs. PROCESS EDGE | JUNE 2018 | 19 He enthralled presentation the on

22. Following Fernando, along with the Governing Council of SSF, together unveiled the March 2018 edition of SSF’s journal, Process Edge, ‘FUTURE READY, NOT FUTURE SHOCK – The Agenda for GBS Centers to ‘get set’ for Future Readiness’. this interesting tête-à-tête, Mr Post this presentation, the floor was thrown open to the questions Fernando fielded questions influencing abilities of a shared services center, threats to the shared services model today, impact of blockchain leaders’ capability to drive change today, the global view of shared services, and many more. from audience. about Mr the on shared services, The (GBSCs) future are with a lot of action and lots accomplish – great potential great GBS centers of packed the to and opportunities. Ravi Ramakrishnan, gives framework – 7 tracks of Highly Effective and Future Ready GBSCs in his cover published edition of Process Edge. Mr S a robust story this in From L to R: Mr Sunil Sayal, Region CFO – India at Nokia Solutions & Networks and President of SSF; Mr Sanjay Gupta, Chief Architect of SSF; Mr Ravi S Ramakrishnan, Founder & CEO of RvaluE Group and Founder of SSF; Mr Priyan Fernando; and Mr Rakesh Director & COO of RvaluE Group and Co- Founder of SSF Sinha, Executive Post the release of SSF journal, two of the prominent leaders and veterans in the shared services space came on stage for deliberations and for sharing their insights on the theme of the evening – Mr Ravi S Ramakrishnan, Founder & CEO of RvaluE Group and Founder of SSF, and Mr Raman Roy, Chairman & Managing Director of Quatrro. Mr Director of Qunites Global Pvt Ltd, moderated the panel. The leaders spoke about a questions: ➢ How to activate Revolution in Technology is rapidly advancing and Processes behind? ➢ How to assess current state and set the momentum and target for ‘Process Revolution’? ➢ What it takes to make a success of this Revolution? Anand Maheswari, Founder few burning Process where a world are lagging unprecedented The about how leadership can make a difference and impact the answers to all such questions. They related some past anecdotes and experiences as pioneers to draw an analogy and present a workable and viable solution to the industry today. esteemed panelists spoke Mr Ravi S Ramakrishnan, Founder & CEO of RvaluE Group and Founder of SSF; Mr Anand Maheswari, Founder Director of Qunites Global Pvt Ltd; and Mr Raman Roy, Chairman & Managing Director of Quatrro. also PROCESS EDGE | JUNE 2018 | 20

23. Both the panelists urged the need to rethink the processes in a way that the business is really driven by the business processes. The audience posed some challenging questions and were given very apt responses by the stalwarts on stage. Mr Roy emphasized that “it is the manifestation of what the adoption and implementation of that technology is going to be for the world of tomorrow.” Mr Ramakrishnan talked about that “one fundamental perspective brought as the initial learning of the shared services model is that transaction ;leads to tranformation.” and open-ended which was The evening continued with discussions over drinks. Mr Priyan Fernando with some of the participating leaders and stalwarts in the shared services space at the Leadership Interaction Evening on March 7, 2018. The event was concluded with a Vote of Thanks by Mr Rakesh Sinha, who thanked the participants, speakers, organizing committee, and also the partners who made this Leadership Interaction successful. PE PROCESS EDGE | JUNE 2018 | 21 the evening

26. Data-Data Everywhere, but Not a Drop of Value LEVERAGING ANALYTICS TO ENHANCE CUSTOMER EXPERIENCE – A CASE STUDY ▪ TANMAY AGARWAL There is enough and more being spoken and written about big data and analytics. But the fact and truth around all this hype is that very few have got it right - in terms of having a clear thought- through strategy on how it will help and drive value for them and if it will, how should they go about executing and practice in their organization, across functions. For instance, “Why am I losing share in X Brand in Y Geography” millennial behaviour impact my sale of brand X in metros?’ or how does 2. Expectations for quick ROI instead of opportunities for possible Organizations sometimes choose a quick fix over a long-term, far-reaching disruption of customer improvement. in traditional evaluation measures organizations remain change, with a complete lack innovate calculated often disruption transformation primarily a the same thing with analytics as mere enablers. Organizations that achieve this level of disruption are led by exceptionally strong visionary leaders, such as Jeff Bezos’ @Amazon and Elon Musk @Tesla Motors, innovation and willingness to forge futuristic change to achieve success. disruption. ‘ ‘ institutionalizing the experience or 10x More often than not, disruption or transformation is primarily driven by a creative idea that challenges the status quo or provides a radically different way of doing the same thing with technology and analytics as mere enablers. Steeped Although Analytics, Mobile) adoption across industries widely discussed, Business Management (BPM) and Shared Services industry has been trying to catch up while adapting to the full impact However, SSC/GIC/GBS analytics to drive business. digital Technology, (Data averse to has been the of ability and risks. More than to Process take ’ ’ not, or of large best significant digital transformation. cross functional poised to value for creative idea that challenges the status quo or provides a radically different way of doing is by any driven is leverage technology and the Unfortunately, approach. This article addresses why big data analytics is not widely institutionalized even though we all know it creates value. there is no cookie-cutter each driving demonstrating the A deployment of analytics in the Shared Services/ GIC /GBS: few observations on what’s plaguing 3. Disconnectedness understand business process, technology, and analytics. It is not unusual for someone who is adept in statistical modelling to not understand the business context of the data being evaluated. An organization may have data scientists who work on projects, but what value do they bring if they do not solve a real business need? The same is true for technologists who can eloquently detail the advantages of natural language processing but cannot understand how it can be applied to business processes, operations, products, or services. among those who 1. Too clarity and creativity in defining business problems. Most senior leaders and large organizations are grappling with defining the right problem statement and subsequently, translating large amounts of available data into appropriate answers. It’s truly a case of “water, water everywhere, but not a drop to drink.” Most large organizations today have petabytes of consumer data but are unable to articulate specific problems and make effective use of that data to address them. While questions like accuracy or promotion analytics or Market Mix Modelling are straight forward, the real juice is in helping drive Revenue and Market Share up through definition. much granular data, but limited improving forecast 4. A good algorithm... badly executed. There are also instances where the business problem is well formulated and the ROI is clear. However, actions that need to be taken at the last mile to realise the benefits are not well executed. PROCESS EDGE | JUNE 2018 | 24 a focused problem

27. This is often due to lack of alignment in the goals of various organisation with different vectors, each moving in their own direction. The analytics team worked on a project using advanced algorithms to revenue loss by Identifying retailers who are likely to attrite from the business. The approach followed had following phases: ✓ Market Visit ✓ Historic Data Evaluation ✓ Model Building ✓ Solution Creation With Insights ✓ Consensus Building ✓ Implementation members in the proactively prevent A Case Study on Predictive Analytics Driven By the SSC Here is an example of how Hindustan Coca- Cola Beverages, a leading FMCG company, is embedding analytics with real impact through its shared services. This company has a large shared services & runs end-to-end process in Finance, Procurement, Operations, Commercial, Human Resource. It has an Analytics team that supports across these functions and is truly embedded in them. Supply chain, Sales The Analytics team’s core role in this Shared Services centre is to: CUSTOMER CENTRIC COLLABORATION SCALABILITY INNOVATION Help the business drive great execution everyday - through various reports AGILITY Building the Model Derive insights from data analysis that drives revenue up and costs down As a first step towards the model creation, historic data across 3 years was evaluated for the several thousand retailers in a test town across various performance parameters. The model creation objectives attrition drivers based on customer behaviour and identifying customers with the risk of attrition. The team took the data through the various phases of model creation including. Data design, creation of new variables, anomaly detection, missing value treatment Formulate predictive and prescriptive analytics for proactive actions that add value were quantifying The beverages business in India has millions of retail outlets that are required to be serviced. The product being an impulse purchase has to be always available. A retailer who lets business go is lost business. Attrition of retailers has both immediate and long-term financial and strategic impact to the company. imperative to understand the key drivers of the inclement customer behaviour at large and work proactively with retailers who were at great risk of leaving the business. The Sales Operations team needed to be provided a solution to proactively stall the current trend of attrition and bring in growth at the retail outlet level. It was therefore Univariate / bivariate analysis Initial model creation Model refinement with predictor refinement The analytics team was tasked with the below outcomes to improve the current customer – that is the retailer – engagement process: ❑ Understand the key retailer attrition problem at an outlet level ❑ Predict the retailers who are at high risk of leaving the business ❑ Provide direction on key engagement levers to use with the customer and thereby reduce attrition ❑ Accord an opportunity to grow the business through cross-sell/ up-sell based on historic customer behaviour ❑ Improve sales volume and net revenue drivers behind the Testing of Assumptions Data issues resolution in the model Results Interpretation PROCESS EDGE | JUNE 2018 | 25

28. Key Insights The retention plan for all the high-risk retailers, by proactively engaging significant sales runoff was prevented. Operations team developed customer The results provided several valuable insights both at a market level and at a customer level: with these retailers, The success of embedding analytics and driving value: following therefore contributed to the Different retail formats impact retailer attrition differently DESIGN- THINKING PRINCIPLES TALENT Promotions and discount runs play a key role in retailer attrition Key Insights Hire and coach (up skill) the right people who bring domain and business process depth, Statistical and Math skills & can connect the dots Enable problem- solving by redefining the outcome and considering customer experience CULTURE- DRIVEN INNOVATION Frequency of Billing and drop size is another major factor in retailer attrition. CUSTOMER CENTRIC COLLABORATION Infrastructure (chilled coolers) provided also play a key role in retailer attrition CROSS FUNCTIONAL SCALABILITY INNOVATION AGILITY Establish an organizational structure and culture that looks at driving next-generation thinking in the business Collaborative approach of making others and the company successful Implementation Like in most FMCGs the sales executives, use a touch-screen powered hand held device to take orders. Granular level available to the sales executives through their hand held device. Sales executives were able to accurately assess the degree of risk associated with the individual retailer they were engaging with as High, Medium and Low risk of attrition and corresponding actions by the retailer. insights were made Conclusion Institutionalizing Analytics across functions can be a huge competitive organisation as this case study shows. Like these, there are many areas where simple analysis to predictive modelling can be applied for enhancing customer experience and driving value for an organisation. Key is in framing the problem well, having the right business plus statistics domain knowledge and collaborating well with the user on the ground at every stage of the process. PE advantage for an Value-Add to Business Results Retaining customers (retailers in this case) is key to business growth. identifying who is likely to attrite our business is a huge enabler for growth. The model was able to predict with 85% accuracy the retailers who are likely to leave the business. Hence proactively ABOUT THE AUTHOR Tanmay Agarwal comes with more than two decades of rich cross functional experience in Supply Chain, Finance, Commercial & Business Head roles at operational and strategic levels. He is currently leading the Global Business Services at The Coca-Cola Company. He is known for his pioneering initiatives taking processes to the next level of performance through the rigor of operational excellence, strategic influencing and team alignment. His strong business acumen and leadership, end to end Supply Chain, Financial Management & Commercial skills make him entrepreneurially committed, defying conventional wisdom, using ideas that work well and adapting them to achieve growth. He is known to envisage major opportunities and to decisively turn these into significant long term business benefits. He has a passion for growth and change – sets challenging, stretched goals, achieving results through focused drive, team leadership and alignment. PROCESS EDGE | JUNE 2018 | 26

29. 3 ‘I’ Framework for Competitive Edge A USEFUL CAPABILITY FRAMEWORK FOR HR TRANSFORMATION ▪ TEAM SSF In the modern world of acutely competitive products, a huge paradox is that no two products in the market are exactly the same and yet they are all the same. There is simply no brand that one can think of which proudly announces itself to be exactly the same as its competitor, brand X. Each brand professes itself to be better than the others in some way and tries to create a niche for itself – simply to make itself stand out and be differentiated. This seem to be as near to ‘Perfect Competition’ as we can get. Since essentially all products are the same, standing out from the crowd and creating a sustainable competitive advantage for an organization seems to be a long shot. Organizations today aim to create strategies that gives them an edge over its competitors categories, rather than generally. looked at favourably as equal contributors to strategy and are being certified for the coveted ‘seat on the table’. In this cacophony, HR leaders have in a clear ringing voice announced their arrival. To be able to move away from the assured ‘seat’ of the individual HR leader to the insured seat of the HR team as a whole, HR now contributes significantly to the organizational strategy. This does not mean stepping into the shoes of the marketing/ operations/ strategy groups or even stepping on to their toes. HR internal lend the organization that ‘edge’ leads competitive advantage for the organization. ‘ ‘ contributes by creating HR contributes by creating internal strategies that lend the organization that ‘edge’ which eventually leads to a long term competitive advantage for the organization. strategies that which to eventually long a term ’ ’ There significantly organization. Each of these 8 can well be called the ‘drivers’ for creating the edge. Each of these drivers in turn, interfaces with the organization across 3 modern dimensions – called ‘levers’. These levers then effectively channelize the eight drivers into a focussed framework to create the 24 enablers to create the competitive edge. We call this the 3 ‘I’ framework. are essentially contributes 8 elements towards that in HR an in specific While the task of formulating and forging the strategy is the clear mandate of the ‘business’ end of the organization, leaders of the ‘support’ groups too are raising their voices in to be heard and contribute. Thankfully support group leaders are now being looked Shared Services Forum’s 3 ‘I’ Framework for Competitive Edge PROCESS EDGE | JUNE 2018 | 27

30. The Drivers and our Ability to Influence them: Hence identifiable such as agility and innovation, aligned with personal values. Culture deepens to unleash tremendous energy purpose and becomes organizational capacity to create value, with appropriate assessment and measurement tools. Culture differentiators Depth consists for of business, 1. KNOWLEDGE – Along with the more well- known tangible assets, technology assets, trademarks/ copyrights, people assets and knowledge assets which are as important to the organization. There are enough measures available to us to assess the strength and benefits of all the assets at our disposal, Knowledge asset. There seems to be few, if any numerical metrics to track the benefits of our knowledge bank and our use of it. etc. there are towards a shared collective the but for the The asset is however, omnipresent – in our peoples’ minds, in unique methodologies, and in repositories. charged as the custodian of this strategic asset – its use, dissemination, exchange, updation and growth. HR should and does create environments for keeping this asset relevant and put to use effectively at all times. Since HR’s role is in all aspects of knowledge management, absolute and complete. HR organization is 3. ORGANISATION structures are pyramids, with usually a single CEO and multi-layered levels below. Even the so-called flat organizations are largely the same. While authority goes top- down, information goes bottoms-up. This structure has stood the test of time and has been proved very successful all along. In the times we live in today, these structures (or other similarly hierarchical ones) tend to be very rigid and slow. Modern thinkers are creating organizations where the structures are more ‘cellular’ or ‘rounded’ to be more agile. Authority and information flows all around rather than organizations perform organisms rather than machines. STRUCTURE Most its ‘orbit’ is Knowledge Orbit role of HR can best be described as “Cross-organizational capture and use of explicit and tacit knowledge as a strategic asset to performance of knowledge system to enhance capability development including reskilling and leading edge knowledge exchange for organization learning to drive improved performance of business.” sustain people. effective Structured top-down. more Such living 2. CULTURE – It’s not very easy to assess the nature of the culture of an organization. Over a period of time culture just seeps in. “That’s how it has always been done over here” – a statement so often heard in the corridors. No one really knows how that got into the door. Or the culture of ownership, sharing, discipline, sycophancy, gossip, micromanagement. All of these are good examples of culture that begin to prevail rapidly, tentacles swiftly. As culture patterns spread far too quickly as compared to the positive ones. like Structures are most often defined by HR policies. The need to have rigid reporting lines has been an important organizational ingredient in most firms. HR is now in a position to influence and create the newer structural alignment that will meet the organization's need for speed and balance it with its need for stability. or for that matter spreading its expected negative The new-age Structural Alignment of HR is its ability to connect willingness, ability and readiness to create a multicellular organization that enable cross functional flexible resource with capability to manage human and digital workforce to deliver winning performance. the enterprise’s HR again plays the part of the herald to this potential juggernaut. From issuing policies to rewarding performance to hire & retire, employees take their cue on how to do their jobs from HR. HR contributes by fostering a cultural depth that is equally rewarding to both the organization employees. The trick is in creating the winning environment where positive cultural attributes are followed and rewarded. The sense of ownership, freedom to experiment, architecture 4. BRAND This is true public outcome of all the outputs that the created – both commercially commercially. It is the extent of respect that the organization has been able to garner to- date. organization has non- as well as its and PROCESS EDGE | JUNE 2018 | 28 and authority to take decisions creates a perfect condition for agility and innovation.

31. If the experiences of all who deal with the company – customers, suppliers, employees – are valued highly and sustained over a period of time brand and reputation builds up automatically. Brand is essentially a representation of the conscience of the organization. costs influenced by HR through a sense of ownership and governance. 6. PERFORMANCE – HR organizations the world over carry assessment cycles geared assess, but also to measure and improve employees’ performance. programs are logically tied to financial gains such as increments, bonuses, and such like. Often companies also use this opportunity to review and benchmark compensation with the external world. All of these run the risk of side lining performance enhancement. out performance to not only Most such Brand community. Not only is HR the conscience keeper of the company, but also all future employees will come community that hosts its brand. A positive brand image brings a sense of pride in the company and at the same time it has potential employees vying for positions in it. Brand is clearly an important motivator that can influence both producers of its products. is equally important to the HR from the same the real issue – In its role of a performance booster, HR has the responsibility to allow leaders to focus solely on business Performance is usually measured against expected deliverables geared towards a common corporate goal. Each individual carries a share of executable goals with their extents varying for different roles. Some leaders of the organization have the principal obligation to set the business context, show direction, and be inspiring and visible. Others are expected to deliver on defined, agreed and time bound targets. Most leaders carry a reasonable mix between the two sets. the consumers and performance. An organization's Brand Conscience is then a set of strategic actions to create the right perceptions of the organizational ability to attract talent, to promote pride in the organization, and to protect from risks which could harm its image. both strategic and 5. COST – Clearly this is one of the most significant contributors advantage. Companies with an ability to manage costs well can register better gains for its stakeholders customers, suppliers Benefits can be shared all around creating a positive image in the world. Customers get better deals, suppliers receive timely and complete payments, and the shareholders bank better returns for their investments. to corporate – shareholders, employees. and HR as mentor to the process ensures an overall relevance to the common purpose – both current and for the future. Maintaining a sharp Performance Edge within the organization is to operational goals to performance. It also includes identifying new competencies and capabilities of future of work. and employees align achieve strategic and enhanced The ability of the HR group to influence costs is usually not entirety. It has three levels of influencing abilities. At level one are costs which are directly under HR control, such as the HR budget. understood in its 7. ENGAGEMENT It is well known that a highly engaged workforce in-turn creates highly loyal and Engagement is the emotional connect an individual has with the organization. It is the extent to which people are passionate about their work and devote themselves to their work. Engaged employees for instance, give discretionary effort, creativity and performance. It isn’t just about attitudes in the workplace; it has a serious impact on the bottom line. engaged customers. Preaching begins at home! At level two are costs that are partially controlled by HR. These are the C&B costs of the firm. A well thought out and executed can tremendously help the firm get its grip on costs. This is especially true in service industries where a significant element of total cost is human costs. Here, HR also creates and manages an effective resource management strategy with an ability of swift resource mobilization. At level three are all other costs of the firm. C&B strategy which increases Engagement is a two way street. It is futile to expect engaged employees in absence of engaged and emotionally employer relationships. effectively engaged work place is as serious leadership issue. It has to be lived each moment. Leaders have to make emotional investments into their work environment – in addition to creating tangible and tactical engagement models around empowerment, rewarding Creating an Almost all costs of the firm are managed by the people of the responsibility to create a culture of cost consciousness within the organization. Cost 360 is therefore a gamut of all costs influenced by the people of the organization, firm. HR has the PROCESS EDGE | JUNE 2018 | 29

32. This is equally true for the suppliers of the company as it is for the employees. Engagement Circle is the set of practices and behaviors of potential, existing and exiting employees of the organization, and also with all people who interact with the organization such as suppliers, customers stakeholders. engaging with the and other CHANGE – the only constant in the world today is a much talked of term. Leaders accept and even encourage change a lot more readily now than before. Even the VUCA world is an acknowledged reality. Unfortunately that does change any easier communication and work out to be the best tools available to managers to help tide through periods of change. Being positive in times of uncertain future can be a daunting task for some and may require specialised support. Leaders who continue to show the bright side of change create a powerful everyone feels a employee’s to get on board. not make with. Open engagement the to deal honest The measurable solutions* to issues arising due to the changing face of HR. It has been created as a result of the deep research and conversations with several industry veterans., business leaders and HR experts. As technology businesses seek alternative ways to approach human capital more strategically with a clear aim to achieve maximized business performance and its competitive advantage. situations are changing almost overnight and each company is attempting to grapple with their own unique situation. HR then becomes an enabler and a strategic contributor to bring forth dynamic perspectives dialogues amongst the key stakeholders and deliberate the next steps in order to revitalize the organisation thought process and action – to achieve that elusive competitive advantage. PE. 3 ‘I’ is tools a framework that for providing applied can be as evolves rapidly, agenda of; that part motivating Businesses The becoming organization development function of the company. With the future promising to become even more uncertain, the role that people managers have become critical. HR function the is ideally management suited to change and through engaging to play would HR as Change Champion is required to lead or manage change having transformational impact and help people embrace or adapt. This could include both preventive and curative strategies. * In case you want to know more about this framework in context to your own organization, write to contact@sharedservicesforum.in Our team will get in touch with you to understand your requirement and customize the framework best suited to your business case. PROCESS EDGE | JUNE 2018 | 30

33. IN THE LAST 7 YEARS, SSF HAS CREATED A FRATERNITY OF SHARED SERVICES LEADERS IN THE SHARED SERVICES SPACE WHO ARE DRIVING HIGHEST LEVELS OF ACCOUNTABILITY, INTEGRITY AND PROFESSIONALISM THAT DEFINES OUR INDUSTRY. 2018 SSF PARTNERED WITH BRICS CHAMBERS OF COMMERCE & INDUSTRY TO HOLD THE FIRST EVER HR LEADERSHIP SUMMIT TO BE HELD ON 27thAPRIL 2017 MILESTONES OF SSF FROM 2011 TO APRIL 2018. TO BE CONTD… RELEASED THE RESEARCH REPORT ON ‘BUILDING CAPABILITIES FOR THE FUTURE AND CATALYZING TRANSFORMATION’, PREPARED IN COLLABORATION WITH EVEREST GROUP 2016 RELEASED BPM PRACTIONERS GUIDE – ‘REBOOTONG BUSINESS PROCESS STRATEGY TO OUTCOMPETE’ 2016 ‘BPM ACHIEVER IN GLOBAL INDIA’ AWARDS TO HONOR EXEMPLARY LEADERS IN THE SHARED SERVICES SPACE LAUNCHED 2016 LAUNCHED THE FIRST-EVER ‘PROCESS MATURITY MODEL’ (PMM)TM 2015 INITIATED THE FIRST LEADERSHIP INTERACTION EVENT IN MARCH 2015 FOR A NICHE AUDIENCE OF LEADERS AND VETERANS, TO BE HELD PERIODICALLY ACROSS DIFFERENT LOCATIONS IN INDIA 2015 A UNIQUE RESEARCH & SURVEY REPORT ON ‘BPM & SHARED SERVICES LANDSCAPE IN GLOBAL INDIA’ RELEASED 2014 INSTITUTED THE PIONEERING LEADER AWARDS TO RECOGNIZE AND HONOUR STELLAR CONTRIBUTIONS BY DISTINGUISHED INDIVIDUALS IN SHARED SERVICES SPACE 2014 FIRST EDITION OF THE PERIODICAL SSF JOURNAL – PROCESS EDGE – ‘NOT A CHOICE ANYMORE’ UNVEILED 2013 2012 RELEASED FIRST-OF ITS-KIND BPM PUBLICATION ‘BPM IN GLOBAL INDIA – THE INFLECTION POINT FOR COMPETITIVE ADVANTAGE’ FIRST-OF-ITS-KIND RESEARCH & SURVEY REPORT ON ‘SHARED SERVICES ADOPTION BY INDIAN ORGANIZATIONS’ RELEASED 2011 2011 INSTITUTED SHARED SERVICES EXCELLENCE AWARDS FOR ORGANIZATIONS INITIATED THE ANNUAL CONCLAVE EVENT (HELD EVERY YEAR) WITH THE 1stNATIONAL SHARED SERVICES CONCLAVE BE A PART OF THIS INCREDIBLE JOURNEY WITH SSF. PARTICIPATE AT OUR ANNUAL CONCLAVE AND OTHER EVENTS TO STAY ABREAST WITH THE CURRENT TRENDS IN THE INDUSTRY, IDEATE WITH VETERANS & PRACTIONERS, PUBLISH THOUGHT LEADERSHIP, BE RECOGNIZED FOR INNOVATIVE WORK AND EXCELLENCE WITH BUSINESS PROCESS MANAGEMENT (BPM).

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