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It’s so cool! Bewailing monsoons the new fad Hey Chitti! please take my order Frontier Mediville attracts Japanese investments 377 yet young A praiseworthy peer recognition Building highs and lows The worst is yet to come Yes, you are safe! Metro chugs through the city Chennai airport to become solar-powered Chennai Silks in flames Need for an integrated approach to medicine Tamil Nadu Premier League launched Ennore Port excels Two friends trigger a change Aviation sector to grow three times... Technology handshakes with sanitation Sathyabhamasat propels ahead Metro chugs the green way Education a cause of concern Boozing and driving TTV stumps all Car-free Bessy International conference on saving energy, environment Overflowing garbage North Chennai booms A skinny affair Must visit of 2014 Green energy, not really green? Book your water tanker Outlays and outcome – the long gap Thrills for the holiday season Raj Bhavan opened the gates for public Technologists to rescue Water woes Maruti Suzuki wins NIQR award Metro mania Chevrolet Sail U-VA Launched Perplexing communications Know the start-ups in the city City Corner-June Vanakkam Chennaiyin FC Google street view’s India competitor Pocket Therapist finds mention in Forbes Chennai to Bengaluru as quick as pizza delivery Presto! Bravo! Indian of the Year The underground don zips through Black outs will be knocked out Realty bytes Prithika Yashini takes charge... Doing business is not so easy in Chennai Coimbatore backs up for Chennai Keep in touch, anytime anywhere Engineering colleges lose lustre He made Ranganathan Street so crowded... City Corner Paranjoy on crony capitalism Mexico opens Consulate in Chennai Chennaites lose 7 crore to debit card frauds Murugappas-focus on consolidation Kollywood’s Mahabharatha This dabba has a cure for all your ailments K7’s Entrepreneurial Odyssey Star studded city An industry institution link… Reality Check Read before you buy... Medical miracle! Online approval of layout plans When the crowd will miss the roar Chennai gets its Imax Chennai, the noisiest city Force Motors’ two new SUVs A sweet marketing splash by Pattappas A feast for book worms Apollo targets a third of CV tyre market Planning the right energy CMRL takes off till airport Is Chennai now the accident capital? Chennai Metro looking for revival Water wars begin Working space for women by woman A new technique to treat dry sewage I know nothing else but cinema... When Chennai became Venice Chennai teachers rank low The sunshine and the shadow side of this digital era Cricket comes calling to Chennai Million landmark and Rs. 200 crore influx by Yamaha From trash land to tourist spot It is not only your noodle... Meters return to the metro India’s first online-only bicycle brand The sweet killer 60 years of cultural and economic ties Safe Trac-keeps track on your safety The sweet tooth of the city SGRI – a global research centre for building materials Indian media-operators of democracy How to roast 45 human beings alive Missing, but not missing the top spot Talk your way and land in a job India’s first 3D Museum The auto gets a remake City Corner Hawker’s paradise gets a permanent place City Corner - Chennai When Marina became the Tahrir Square Self-sufficiency in dredging... The curious case of Evgenii Berdnikov Chennai soon to get an Aerospace Park Tambaram tracks…. The 20-year itch of Hindujas ends A budget that butted into deficit State VAT leads to inflation: a study Yamaha in the news Arnold visits Chennai Colourful welcome at the Saidapet station Nilam threatens the city
 
The sunshine and the shadow side of this digital era
Excerpts from the speech of Kimsuka Narsimhan at the Lady Sivabhogam Memorial lecture.

The topic I chose for the evening is the evolving role in finance profession. Accounting has been the core part of the function. Focus on the product costing has moved to business modeling after the advent of the computers, for maximizing shareholder value. Many of us have dealt with the trial balance that did not tally or balance sheet that did not match, which are cases of the distant path. Therefore, the finance profession has successfully rebranded itself from mere accountants.

Every accountant knows the mantra of the three-way match. They are the external vendor, bills in an organisation, goods or services rendered. The organisation itself has a purchase order that determines the rate, quantity etc. and the organisation raises a good received note. When you match these, the invoice would be ready for payment. When you break this process, many parts would become simple and templatable process. Robots can do this work, which works on the algorithms, which are built upon machine learning, so as they come across extensions, deviations or differences, they store it. Our plenty years of experience are soon going to be matched by the robots. 

When I joined in audit department, I used to travel a lot. It was like ‘Join audit and see the world.’ These days most of the corporate audit handled in their laptops running algorithms. We have to audit the algorithm in regular intervals, like guarding the guard.

In this connected world, price matching with competition is important. It has to be immediate in action, not days or weeks to be taken to solve an issue. I will take a personal example to illustrate this. I am an Uber user and I was very happy. When my friend insisted, I used Grab. For every time I checked both for using the cheaper one. Uber noticed the gaps in my routine and they started giving me offers and so Grab. Then both the companies realised I am using the cheaper one and I am not going to be loyal. So they found the restaurants and the places I frequently visit and they gave me discounts there. Let us have a look at the back of all of this, real-time analysis of huge amount of data, the analysis of the offers which are linked to other vendors, etc. 

The digital world is not all sunshine and happiness, there is also a dark side. Just a few months back an incident which shook the whole corporate community, ‘Wannacry,’ which was introduced in the company’s system and completely shut down every aspect. Perpetrators asked for huge ransom and unfortunately, the companies paid.  The focus should be more on the future, strategy, and the intent to stay on the competition rather than in the past.    – Ramanathan Prasanna

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