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