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