Digitization combined with unprecedented changes to the global landscape is forcing insurance companies, in particular healthcare insurance segment, to cope with the market by using innovative and transparent technologies in order to stay competitive in the game. One such technology is Cloud. Today several insurance companies are moving their ERP to the cloud as insurers, especially in the healthcare segment, are seeking solutions that can help them conceptualize and think ahead and at the same time do all of that keeping the cost factor in mind, another issue company CFOs and the boards are constantly worried about. Sidhdant Jain, Head Finance, India, Religare Health Trust, a specialist health insurer, talks about the company’s cloud ERP journey with Oracle and the CFOs role in the health insurance sector.
CXOToday: Can you please share some details about yourself and your role in Religare Healthcare Trust?
Sidhdant Jain: I work for Religare Healthcare Trust (RHT) and am responsible for finance and accounts for India operations. We are a Singapore listed entity and we work in the asset management business for the healthcare segment. We have close to 14 clinical establishments all over India and we are quite spread out in terms of the reach. We own several healthcare assets in India and manage them. We have had a decent growth in the past and with more and more government focus on the healthcare segment, we expect a good growth in time to come.
CXOToday: Today, technology is disrupting every function. how do you see the role of CFO getting evolved?
Sidhdant Jain: Today the CFO’s role has evolved. CFOs are spending more time in meeting the regulatory challenges of the organization and helping the business move towards the path of improvement. In the entire process, CFO is very heavily dependent on technology. Technology helps CFOs in performing functions pertaining to the strategic planning by providing them with right data at right time. Additionally, technology helps CFOs in meeting compliance related requirements and functions where CFOs can concentrate more on business growth rather than their talent.
In the time to come, CFOs will have to decide priorities for their function, think about how they become a business partner and growth enablers, rather than custodians of accounting data and decide an overall transformation strategy for the function. Transformation in itself can be done in multiple phases.
CXOToday: What are the challenges that you face in your business? How are those impacting your business processes and what made you choose cloud technology?
Sidhdant Jain: The biggest challenge that we were facing was of compiling information that was coming from diverse sources. Technology helped us to bring all the sources on a single platform, so that we have one consolidated source of information. Another challenge was the streamlining of processes because there were lots of manual processes involved. The use of Oracle technology has helped us not only to streamline these processes but also to make sure that these processes are being followed. Rapid and drastic change in regulations is another reality, which we must face – GST was such a change. With the help of Oracle ERP cloud, we were able to map our GST requirements in to the system. So, the ERP cloud has really helped us in overcoming many challenges and at the same time, has mitigated the pain points during the transition process. We are of the view that technology will play even a bigger role in the business to overcome many such challenges.
CXOToday: How has Oracle ERP cloud help overcome those challenges? Has it helped you to achieve your business objectives?
Sidhdant Jain: Oracle ERP cloud has helped us to integrate our entire operations on a single platform. It has helped us in analyzing the situation and simultaneously, in identifying the improvement areas. We are no longer dependent on manual processes for data collection and collation that can help the leadership meet to take decisions.
CXOToday: Could you elaborate more on how Oracle ERP Cloud making the work processes better? How is it bringing betterment to finance department and organization as a whole?
Sidhdant Jain: The biggest advantage that we have received as an organization is that we have been successful in reducing the amount of time that was spent on the routine transactional activities. Before the implementation of ERP cloud, we had several data bases and hence, scattered information. ERP Cloud has helped us to overcome those challenges significantly. Secondly, we are no more dependent on manual checks and balances. Now, we are able to streamline our entire work processes through the system and it simultaneously takes care of the compliance. Moreover, it has helped us in managing our costs efficiently and effectively, thus, acting as a huge facilitator in terms of rationalizing our manpower. The dependence on hardware cost has exponentially reduced by about 30-40%. Therefore, with the ever-evolving growth opportunities in the business as well as constant presence of challenges, our manpower requirements are almost stable We feel proud to announce that our organization has become more cost efficient now.
CXOToday: Why did you choose Oracle ERP Cloud over the other technology vendors?
Sidhdant Jain: Oracle is a huge brand in the market. Secondly, we feel that Oracle is a very reliable technology partner. The support team has always been available every time we have had any requirement. At the time of implementation, we had their complete support in getting the entire process in place. They even deputed a success manager on site and his task was to ensure that the implementation is concluded within the timeline, budget and with all the promised deliverables. Thirdly, because they are the leaders in terms of experience as well as technology, Oracle made sure that the change management challenges are minimum. It has been a seamless experience for us.
CXOToday: Can you elaborate on why did you choose Oracle supply chain management cloud and how is it addressing to each component within the finance processes?
Sidhdant Jain: Supply chain is a mission critical function in the healthcare segment. As, we have widespread operations, we used to face significant difficulties in terms of managing the end-to-end supply chain function. We had a lot of manual checks and balances as well as different databases, and the flows were not very well defined. Therefore, we were not very sure about the controls and the system processes. Now with ERP cloud coming into the picture, we have been able to streamline the entire process from end to end in the system itself. It starts from the requisition from the user and then it gets converted into a PO leading to approvals and payments. The fact is that the entire process is completely seamless under the supervision of SCM functionality and related GST compliances. To conclude, I would say that switching to Oracle ERP was the right decision for us and it has been an excellent journey which will lead to success for us as an organization.