The intersection of technology and finance is transforming the telecommunications landscape. From AI-powered budgeting to cloud-based ERP systems, digital tools are revolutionizing the way companies like Telecommunications Consultants India Limited (TCIL) manage their financial operations, shared Surajit Mandol, Director (Finance), TCIL in an exclusive interaction with Elets News Network (ENN). Edited excerpts:
Your expertise spans across various functions, including procurement and vendor payments. Can you discuss specific initiatives you led to streamline these processes, and what the outcomes were?
Telecommunications Consultants India Limited (TCIL) is a highly diversified company catering to clients’ needs in the field of digital transformation, data centre requirements, networking and cyber- security. To deliver these projects TCIL partners with Original Equipment Manufacturer (OEMs) and other system integrators. Managing vendor satisfaction plays a central role in successfully executing projects. TCIL has a vendor charter which helped lower turn-around time for payments and is configuring its current ERP to allow vendors to register, communicate and submit invoices and have real-time data against their invoices. This is also going to improve tax compliance and will aid in better working capital management.
What are some of the primary strategic goals you have for TCIL over the next five years, particularly in the areas of financial stability and growth?
The strategic goals of TCIL are building a healthy order book, steadily growing the annual revenues and achieving better Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins.
During your tenure as Director in the Licensing wing of the Department of Telecommunications (DoT), you gained significant experience in the regulatory framework. How has this experience influenced your approach to financial management at TCIL?
As a good corporation, TCIL is committed to good Corporate Governance practices and strong internal controls, which in turn enhance compliance as well as reduce costs apart from lending transparency in its process.
Ensuring statutory compliance is a critical aspect of your role. What systems and processes have you implemented at TCIL to ensure ongoing compliance with financial regulations?
TCIL has implemented a robust compliance monitoring mechanism to ensure adherence to relevant laws and regulations. This mechanism focuses on compliance with Tax laws, Labour laws, and Corporate Governance standards. To maintain a high level of compliance, the audit committee conducts regular reviews of the monitoring process, identifying potential areas of improvement and ensuring that TCIL remains in compliance with all applicable regulations.
You have been instrumental in streamlining the company’s ERP system. Can you elaborate on the specific technologies and systems you implemented? Can you elaborate on the specific improvements you made and how they have enhanced operational efficiency?
The IT systems deployed by companies undergo regular review and changes in keeping with the regulatory framework as also the new business requirements emerging from time to time. A few things we have introduced in our new IT system that contribute to operational efficiency are the I-supplier portal, self-appraisal portal, and integration of attendance with the new ERP system.
Budgeting is a crucial function of financial management. Can you describe your approach to developing and managing TCIL’s budget? Can you provide an example of a particularly successful budgeting strategy you implemented and the impact it had on the organization?
Budgeting is of critical importance to TCIL to contain the overhead cost and improve profitability. When preparing project estimates, TCIL employs standardized metrics to accurately assess the anticipated profitability of each undertaking. These metrics consider factors such as project scope, resource requirements, potential risks, and historical performance data. By utilizing a consistent framework for evaluating profitability, TCIL can make informed decisions about resource allocation and project prioritization, ultimately driving improved financial performance.
How do you see digital transformation impacting financial management in the telecommunications industry? Can you discuss any specific digital tools or platforms that have significantly enhanced TCIL’s financial processes?
Digital transformation is significantly impacting financial management in the telecommunications industry. By leveraging AI, automation, and data analytics, companies like TCIL can streamline processes, improve accuracy, and make more informed decisions. For example, AI-powered tools can automate tasks like budgeting and compliance, while advanced analytics can help identify cost-saving opportunities and optimize resource allocation. Additionally, cloud-based ERP systems and RPA can further enhance efficiency and scalability. TCIL has likely benefited from these technologies, implementing tools to automate repetitive tasks, improve data management, and gain deeper insights into its financial performance. This digital transformation has enabled TCIL to enhance its financial management capabilities, reduce costs, and improve overall operational efficiency.
With the increasing importance of cybersecurity, what measures have you implemented to protect TCIL’s financial data from cyber threats?
TCIL takes the matter of data security with great importance. Currently, the organisation has deployed the RSA Public Private Key protocol for accessing its IT systems. For secure remote access, the company has implemented SASE and a firewall. For redundancy, our data is housed on multiple servers. The security features are continuously enhanced to prevent emerging threats.
Can you share any upcoming technology- driven projects or initiatives that you are particularly excited about?
AI, Machine Learning, Edge Computing, IoT, VR & AR, and e-wallets represent a wave of groundbreaking technologies with immense potential to transform TCIL’s operations and offerings.
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