Connect with us

news

Adapting to a new Reality with Enterprise Software

Published

on

The COVID-19 pandemic is still raging on, threatening businesses as well as economies as it has brought unprecedented challenges that the world must grapple with in the coming years.

The pandemic brought with it the need for organisations to relook at business models for continuity, safeguard employees and ensure products and services are delivered to customers.

Shiraz Lye, Managing Director/Vice President Sales, IFS South Asia, explains how global enterprise applications company IFS adapted to the challenges posed by the pandemic, and ensured its enterprise software continued to deliver value to customers through operational flexibility and resilience.

“Agility is an essential catalyst for business transformation. It allows an enterprise to embrace market and operational changes—and realize new opportunities when faced with unforeseen challenges. Companies that have invested in agile enterprise software are in a much better position to manoeuvre challenging situations like this.”

Here are some learnings shared by the global enterprise applications company on how it withstood these challenges and ensured its enterprise software delivered value to customers:

Serving Customers against all odds

Lye explained that, when the lockdown was imposed, customer-facing teams, predominantly sales and consulting, were called upon to pay special attention to customers in order to help them sustain their business. With that in mind, IFS continued its operations during the pandemic with a well-planned work from home (WFH) model.

Certain customers wanted to slow down operations while others needed to accelerate their projects, so it was a matter of identifying the customer’s requirement and repositioning the projects accordingly. With a high-spirited WFH team, we were able to continue our go-live projects and sign new deals despite the challenging market conditions.

Realigning go-to-market strategy

He went on to say, “the pandemic was truly a test of the disaster readiness of companies. Top of mind for many business leaders has been “How do I manage my business now and in the near future, even as immediate priorities are to protect employees and ensure business continuity?” Our customers were able to see a snapshot view of operations right from their homes when the lockdown was imposed.

Based on such information, customers were able to plan in the new normal without disruptions and subsequently realign and execute go-to-market strategies.

IFS Runs IFS

Shiraz Lye pointed out that the company had already implemented its own ERP solution across the entire business, thereby connecting regional teams to a single version of the truth across its 50 plus offices worldwide. By unifying the business on a central platform, all front-line and back-office staff were able to continue operations, giving management full visibility of the entire business operations and enabling quick and well-informed decision making. This was one of the key enablers of the WFH model globally.

Adapting to a new reality

Companies also need to frame a near-term strategy that prepares businesses for recovery. The near-term moves are mostly tactical improvements that allow a company to operate better in the current landscape by tackling certain challenges head on. The imperatives include:

Digital Supply Chains—Companies need real-time visibility to better manage supply chains. This will allow them, for example, to incorporate weather patterns, port delays, and supplier issues into their decisions, and to take immediate action. Because of social distancing requirements, they also need to run operations and supply chains with fewer workers and reconfigure warehouses and warehouse management systems.

Digital Finance, Procurement, and HR Functions—Companies need advanced automation that enables employees to operate from home. For example, a supplier would be able to submit an invoice online which would go through the standard approval process and get paid for an item that had been procured, without the hassle of physically delivering invoices to the premises.

Consumer and Go-to-Market Trends—

Companies need to cope with an explosion of consumer data as consumption patterns change. They need to be able to adapt to the changing volumes of orders, realign production lines and be able to produce goods in demand arising due to the crisis.

Open, Collaborative Ecosystems—

Companies need to collaborate digitally with suppliers, for example, to forecast demand for future orders or even look at replacing offshore vendors that have been cut off from transportation.

Operational Visibility—

Enterprise software can help address all these business challenges as it provides companies real-time transparency with respect to sales, operational costs, inventory, production, and financials. Powerful data-driven analytics enables more agile decisions, such as adjustments to the supply chain to improve resilience. 

Shiraz Lye concluded, “Companies need to frame a long-term strategy to win in the new environment that emerges after the pandemic. Businesses should cut out the complexity arising from traditional processes and embrace technology as an enabler for future growth. Enterprise software should be looked at as an investment in creating business that are future ready, enabling organization-wide collaboration, simplified business processes, and real-time visibility of business operations.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

COPA questions lion’s share of fines going to Customs

Published

on

Irregularities, lapses, corruption erode public finance

By Shamindra Ferdinando

 The Committee on Public Accounts (COPA) has summoned the Inland Revenue Department tomorrow (23) for an inquiry regarding the inordinate delay in collecting taxes amounting to billions of rupees and extraordinary payments made to the officers of the Customs Department out of fines imposed on both public and private sector enterprises.

Besides, a COPA sub-committee is inquiring into revenue losses suffered over the years as a result of releasing vehicles imported for special purposes as dual-purpose vehicles. 

SLPP MP Prof. Tissa Vitharana heads the all-party watchdog committee. 

Secretary General of Parliament Dhammika Dasanayake in a statement issued on April 19 through the Communication Department of the Parliament said that Committee on Public Enterprises (COPE) and COPA summoned four enterprises. COPE called the Sri Lanka Football Federation and the National Film Corporation on April 22 and 23, respectively. The COPA summoned the Wildlife Conservation Department and the Inland Revenue on April 21 and April 23, respectively, Dasanayake said.

COPA has fixed the meeting in the wake of disclosure of major shortcomings in the overall revenue collection process. Following COPA meeting Inland Revenue Chief H.M.C. Bandara on March 10, the watchdog committee called for accelerated measures to recover dues. The COPA pointed out that out of Rs 107 bn due to the government, only Rs 224 mn had been recovered so far, immediate measures were required to collect taxes and fines.

At the same meeting, the COPA, having questioned the correctness of a list containing tax defaulters furnished by the Inland Revenue Department, emphasized the pivotal importance of rectifying the shortcomings. The COPA also raised the practicability in recovering taxes in terms of the data provided by ‘Legacy’ and ‘RAMIS’ computer systems. 

The Inland Revenue Commissioner General lamented before COPA how inordinate delay in legal proceedings thwarted their efforts to recover taxes. The COPA assured that the Justice Ministry and the Finance Ministry would be summoned for a meeting along with the Inland Revenue Department to explore ways and means of overcoming the issue at hand.

At a subsequent COPA meeting held late March, it was revealed that in addition to their failure to recover taxes amounting to Rs 2,670 mn due from casinos, the Inland Revenue received 6,878 dishonored cheques to the tune of Rs 2,451,465,383. COPA members present on this occasion included Dayasiri Jayasekera, Lasantha Alagiyawanna, Dr. Sudarshani Fernandopulle, Tissa Attanayake, Mohamed Muzammil, Niroshan Perera, Dr. Upul Galapatti, Dr. Harini Amarasuriya, Cader Mastan, S. Sritharan and Weerasumana Weerasinha.

That particular meeting was also told that the amount of collectable taxes in terms of the ‘Default Taxes (Special Provisions) Act No 16 of 2010 (certified on Dec 07, 2010) amounted to a staggering Rs 144.5 bn. 

COPA and the Consultative Committee on Ports and Shipping had also taken up on March 9 and 24 the highly contentious issue of the Customs officers taking a big share of fines imposed on tax defaulters, both public and private sector. COPA pointed out that the Customs took advantage of the provision that 50 per cent of the fines imposed on defaulters were shared among those involved in a particular detection. COPA has discussed two specific issues in this regard. COPA pointed out that the allocation of 50 per cent of a fine received from the Sri Lanka Ports Authority (SLPA) for defaulting in respect of gantry cranes to Customs officers was a major problem. COPA focused on taking necessary measures in this regard after having discussed the matter with relevant authorities, including the Treasury Secretary S.R. Attygalle.

COPA pointed out how out of Rs 205 mn fine imposed on Lanka Coal Company (Pvt) Limited for defrauding taxes, Rs 102.5 mn (50 per cent of the total amount) had been distributed among Customs officers as rewards and Rs 41 mn for their welfare (20 per cent) thereby leaving the government with only Rs 61.5 mn. COPA has directed Treasury Secretary Attygalle to conduct a fresh inquiry into this and take tangible measures to prevent similar malpractices in the future.

COPA investigations have also revealed massive racket in the registration of ‘dual purpose’ vehicles. It revealed that as a result of corrupt elements since 2013 registering vehicles imported for special purposes as ‘dual purpose’ vehicles the Treasury lost taxes amounting to Rs 220 mn.

In addition to that the Treasury had been also deprived of taxes amounting to Rs 1.300 mn by not imposing Rs 3 mn each on 443 special vans brought to the country during 2010-2019 period.

COPA also stated that the Customs perpetrated another massive fraud by allowing the import of 10 vans and 414 lorries as special purpose vehicles during 2010-2014.

COPA reported the Customs imposing Rs 1.5 mn tax on a super luxury car instead of legitimate Rs 56 mn.

It revealed the loss of revenue to the tune of Rs 6.1 bn during 2013-2016 period due to the Customs adopting wrong procedure in respect of large quantities of palm oil imports by two enterprises. The watchdog committee has instructed the Customs to expedite measures to recover the dues from those companies.

Continue Reading

news

India reiterates commitment to Sri Lanka’s security

Published

on

India has reiterated her support for Sri Lanka’s fight against terrorism. The assurance was made on the second anniversary of 2019 Easter Sunday attacks. The following is the text of statement issued by the Indian High Commission yesterday: “High Commissioner Gopal Baglay attended the solemn ceremony at St. Anthony’s Church on 21 April 2021 to mark the second anniversary of the dastardly Easter Sunday attacks. He lit a candle in memory of the victims of the attack and prayed for the recovery of those who are still suffering from its aftermath.

“It may be recalled that the High Commissioner had paid homage to the victims at the Church also on 23 May 2020, the first day after the completion of the mandatory 14-day quarantine period, subsequent to his arrival to Sri Lanka on 8 May 2020 on a special flight carrying a gift consignment of essential medical supplies from India. Prime Minister Narendra Modi had also paid his respects at the Church during the solidarity visit to Sri Lanka in June 2019.

“St. Anthony’s Church was one of the multiple targets of the Easter Sunday attacks, which also took away the lives of 10 Indians. These Indian victims fell prey to the perpetrators at Shangri-la, Kingsbury and Cinnamon Grand Hotels.  

India and Sri Lanka cooperate closely in all aspects across the security spectrum. India stands firmly with the people and Government of Sri Lanka in the fight against terrorism and also collaborate on curbing various other illegal activities, such as drug trafficking, narcotics, etc. “

Continue Reading

news

Explosive cargo: Ship carrying compound used for enrichment of uranium asked to leave H’tota port

Published

on

A ship that made an emergency call at the Hambantota International Port on Tuesday night (20) carrying Uranium hexafluoridea–a compound used in the process of enriching uranium, which produces fuel for nuclear reactors and nuclear weapons–has been asked to leave.

Chandula Rambukwella, Senior Manager, Commercial & Marketing, Hambantota International Port, issued the following statement yesterday: “M.V. BBC Naples sailing under the flag of “Antigua & Barbados” entered the port of Hambantota on 20th April at 2100 hrs, while en route from Rotterdam to China. The ship made an emergency call at the port for some urgent repairs. Agents for the vessel in Sri Lanka, Ms. Barwil Meridian Navigation, had not declared to the port authorities that there was dangerous cargo on board, prior to the vessel entering the port.

It was later found that they were carrying a cargo of Uranium Hexafluoride via investigations made by the Sri Lanka Navy and the Port Authority. The vessel was required to leave the port no sooner the facts were verified.

The SLPA, Navy, and Customs officials had approved all the necessary documentation prior to berthing of the vessel, based on the declaration made by the agent. The Navy and Customs were present at all times to ensure that there wasn’t any cargo unloaded onto the Hambantota International Port premises.”

 

 

Continue Reading

Trending