India’s Top PSUs 2022
26 Need to collect and process huge set of data: There is an evolving need to collect and process a huge amount of data about plant operations in order to ensure operational efficiency and reliability. While working with a huge set of data, the use of Artificial Intelligence (AI) or Machine Learning (ML) and big data analytics can help the CPSUs to optimize the entire process as well as improve decision making. Need to become globally competitive: There is a growing need to become competitive to be able to serve the stakeholders in a better way and contribute to sustainable growth. Government push forward digital transformation: The Government of India has been pushing forward an agenda of digital transformation in CPSUs. This has led CPSUs to undertake numerous digital initiatives. Digital journey of CPSUs While there has been a growing need for digital transformation, Indian CPSUs had to first adopt certain strategies to make their digital journey smooth. Indian CPSUs have recognised that despite several digital technologies being available, unless proper mindset is created amongst the employees across the organisation, these technologies will not be used effectively. Hence in case of CPSUs, environment creation for technology adoption as well as engagement of entire organisation has been very critical. Inmajority of leading CPSUs, leadership team is deeply involved in the digital transformation. Further, CPSUs have taken a holistic approach in adopting digital transformation. Thus, instead of merely emphasizing on return on investment, they have focused on creating business cases related to cost saving, agility in business decisionmaking, enhancing competitiveness, amongst other while adopting digital technologies. Key functional areas of digital transformation for CPSUs HR, Finance and Service Management: Several CPSUs have focused on completely integrating Enterprise Resource Planning (ERP) which ensured complete business continuity to CPSUs during the nationwide lockdown period. Further, some CPSUs have adopted ERP solution to cover end-to end finance functions. They have also digitized their banking function, claim processing and accounting function which has resulted into enhanced efficiency. Further, many CPSUs have implemented Robotic Process Automation (RPA) in HR, Finance & Service Management functions for virtual integration and customisation of legacy systems, to generate customised reports and process unstructured data. Dun & Bradstreet
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