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