Upload
pavan-kumar-vijay
View
663
Download
0
Tags:
Embed Size (px)
Citation preview
CS – Adding Value through TechnologyDecember 27, 2014
You can't expect to meet the
CHALLENGES of today with
YESTERDAY'S TOOLS and expect to be
in BUSINESS TOMORROW.
Information Technology and Business Integration...
“Information Technology
and businesses are
becoming inextricably
interwoven. Indeed
technology has emerged as
one of the primary drivers
of globalization, growth,
service to society and
borderless knowledge
economy comprising
professionals”
““Major corporations
worldwide have used IT to
stay ahead in business.
The competitive edge in
terms of fast information
flow, to support the
business and increase
productivity and
potential of human race
manifold, can be an
important factor
between success and
failure”
“Complexities w.r.t. the
Management,
Governance and
Compliance have
increased manifold in
businesses. IT has already
impacted businesses and
enterprises in India
through e-governance,
e-compliances, e-
filing, e-banking, e-
payments, e-books
and e-commerce”
“As Commerce, which
earlier based on the brick
and mortar model is
moving from the physical
market place into digital
virtual space, the need for
services in the traditional
areas of consulting will
increase on account of
increasing risk and
potential”
Dev
elo
pm
en
t in
pas
t 2
de
cad
es Mobile Telephony
& Internet
Online Banking
E – Commerce
Dev
elo
pm
en
t in
pas
t 2
de
cad
es National E –
Governance Plan
MCA21
Internal Challenges
Inte
rnal
Ch
alle
nge
s
More Focus on legal
recognitionLimited
Professional Development
Lack of Entrepreneurial
SkillsLack of Self Confidence
No Mega firm of CS
Pre
sen
t w
ay o
f w
ork
ing
Strategy
Problem Solving
Corporate
Planning
Procedure
Works
Regulatory shift towards technology
Re
gula
tory
sh
ift
tow
ard
s te
chn
olo
gy
Towards Simplicity
Self Governance
E -Governance
Govt. Initiatives towards ease of business
E-Filing Tax Return
TDS Administration through web based application
Shram Suvidha portal for filing Labour Law return
E-environmental clearances
Government IT initiatives for ease of business and governance
Ministry of Corporate Affairs (MCA) is working to reduce the
timelines to incorporate a company and process of setting up
business in India. It is also planning to centralize the
processing of all registration applicants at one office. Further
with the introduction of concept of One Person Company
(OPC) under Companies Act, 2013, Govt. is attempting to bring
unorganized sector to organized sector.
With ease of doing business in India and benefits of forming
corporate entities, millions of MSME will gradually convert
into corporate and no. of corporate will increase significantly.
Cabinet secretariat driving switch to online applications
for over 200 permits needed to start a business in India.
(Source: ET (28th Nov, 2014)
Its high time for moving legal service industry in India from physical market place to digital space has come because: All existing corporate laws of India like: Company Law, Income Tax, Securities Law, Service Tax, Sales Tax, Labour
Law, Environmental Law etc. are decades old laws and are getting replaced by new law keeping in view theinternational standards. Lots of clarifications, circulars, notifications, different interpretations are bound to arise;
Demographics of India; Penetration of Internet with roll out of 4G technology
Govt. Initiatives towards Legal Industry
Oth
er
Go
vern
me
nt
Init
iati
ves
Other Government Initiatives
Fully integrated National E –
Governance system by 2019
Aadhaar and National Citizen ID
by 2017
E - Stamping
DIPP e-Biz by 31st
December 2014
Extensive use of Cloud ERP software
by 2017
Broadband highway
andDigital India
Companies Act, 2013 focus towards Information
Technology
Tech
no
logi
cal m
ove
in C
om
pan
ies
Act
, 20
13
E Voting
E Registry
E Recording
Tech
no
logi
cal m
ove
in C
om
pan
ies
Act
, 20
13
Terms used in Companies Act, 2013 Count
Electronic Form (e-form) 84
Electronic Mail 76
Information to be put on website(s) 51
Electronic Mode 40
Electronic Means 26
Video Conferencing 21
Audio Visual Means 20
Electronic Record 19
Electronic Registry 12
Voting by electronic means and electronic voting system 9
Competitive Challenges
Co
mp
eti
tive
Ch
alle
nge
s
Global Competition
CS, CA & CMAcompeting for
same compliance
services
Private institutions
getting recognition -
CFA
Private University becoming deemed
university
What brings this Shift
Globalization
Glo
bal
izat
ion
Free and fair trade
and vanishing
Economics
Boundaries
UN, WTO, WB, IMF,
OECD, ADB and ICC
are standardizing
rules for
international trade
Single law for trade
and commerce
Technological Advancement
Tech
no
logi
cal
Ad
van
cem
en
t
E Commerce wiping out middleman
Made the things more convenient for professionals
Capital & Technology replacing Labor
Consolidation of Market Players
Web based Application, Websites and Mobile Apps
Server Computing
Cloud Computing
Mobile Computing
User Interface
Technology Modes
Mo
de
s o
f d
eliv
ery
info
rmat
ion
th
rou
gh IT
Tech
no
logi
cal A
dva
nce
me
nt
Social Media
Tech
no
logi
cal A
dva
nce
me
nt
Software / Information web portal
Many More……
Tech
no
logi
cal A
dva
nce
me
nt
Apps
Many More……
Notability
Business Card Manager Lite
Photomania
Bookmyshow Google map
Bhagavad Geeta
Pri
vate
Init
iati
ves
Use
of
Tech
no
logy
to
eq
uip
yo
urs
elf
How learning process is evolving –
Companies Act, 2013
Ho
w le
arn
ing
pro
cess
is e
volv
ing
–N
ew C
om
pan
ies
Act
, 20
13
New Law
Act / Rules / Forms / Circulars / Notifications
Query
E – Books / Groups / Updates
Procedure
Software
FuturePresent
Strategyand
Planning
Will Technology take away our
work?
TECHNOLOGY TRANSFORMATION will
not be WORK DESTROYER rather will be
a WORK CREATOR
TRANSFORMATION is a part of life and has
brought fabulous growth in the past…..
Transformation fromStock Market – Out-Cry-System
Transformation from
Physical Share Certificates to Demated shares
Growth of 613% in Turnover of BSE and NSE observed in last 15 years
457,092
3,257,053
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
1998 2013
Turnover (INR Crores)
MCA21 : Paper based operations to
paper less environment
Out of Total 14 Lacs Companies incorporated in India, near to 6 Lacs Companies
incorporated in last 8 years
over 100 Years and 8 Years
Time Period No. of Companies Incorporated in India
Over 100 Years till 2006 795527
Last 8 Years 574546
With Ease of business, new concept of One Person Company (OPC) and considering
benefits of organized trade as Corporate entities, high conversion ratio of
proprietorship firm to Companies is bound to happen which would increase demand
for Incorporations, Compliances and Legal support in cost effective and efficient
manner.
Ch
angi
ng
MSM
E La
nd
scap
e
Govt. MSME records show that
94.41% of the enterprises were
proprietary, 1.18%
partnerships and meagre
0.14% under Corporate form.
Rural areas accounted for 55%
of the total working
enterprises in MSME sector.
Source: Annual Report-MSME 2013 -14
…..
Physical legal opinions Online opinions by experts
Limited physical PresenceGlobal presence through web. Carry
everything on cloud
Document Drafting Online document drafting
Legal updates- emailGoogle
Plus/Facebook/Linkedin/WhatsApp
Physical Registration Complete online registration
Courts/Tribunals e-Courts & Tribunals
Legal process/procedures Complete Automation
Law Books e-Books/websites
Time consuming lengthy process Quick result in few hours
Futu
re o
f Le
gal I
nd
ust
ry
usi
ng
IT a
nd
Mo
bile
Te
chn
olo
gy
Co
rpo
rate
e-S
ear
ch R
ep
ort
CURRENT PROCESS
FUTURE
Automated
process
Collation of
information from
various scattered
sources
Reports can be
prepared as early
as 4-5 hrs.
Total Time
consumed as
much as 4-5
days…..
Lega
l Ad
viso
ry
CURRENT PROCESS
FUTURE
Presently legal advisory and legal documentation is done by Professionals
in a personalized manner.
No single player in India, who is dedicated to serving MSME, Corporate
and Individuals requiring Legal services and documentation in an
economical and efficient mode on a wide range of applicable Laws in
India.
Online Legal
Advisory
Legal advisory and
documentation in an
online mode to cater to
lacs of entities and
Individuals in cost
efficient manner.
Star
t an
d M
anag
em
en
t o
f B
usi
ne
ss
CURRENT PROCESS
FUTURE
Company incorporation and Compliance support services in India
is done offline which requires professional help, is quite costly;
time consuming.
Single system for managing
all the compliance and
automated alert and control
mechanism
Easy tool for business
registration in automated
manner
Mar
ket
Vie
w
Internationally e-search, incorporations, Legal
services, Documentation, Compliances etc. are
provided in automated and online mode
It is high time to transform highly personalised
legal services in India into technology enabled
legal solutions
INR 2000 Cr
INR 42,000 Cr
E –
Co
mm
erc
e M
arke
t P
lace
in In
dia
USD 20 Billion
E –
Co
mm
erc
e M
arke
t P
lace
in In
dia
MCA21 : 2nd Phase
Nothing is permanent in TECHNOLOGYexcept CHANGE………
Use Technology to Beat
Technology
Knowledge Enhancement
Showcasing your experience
Business Development
E - Networking
Business Management
Virtual Database Management
Ch
ange
of
wo
rk S
cen
ario
By
usi
ng
Tech
no
logy
Procedure
Works
Strategy
Problem Solving
Corporate
Planning
Strategy to beat
challenges
Wh
at y
ou
sh
ou
ld d
o
Focus on areas where
Computers can’t enter
Wh
at y
ou
sh
ou
ld d
o
Venturing unexplored areas
Wh
at y
ou
sh
ou
ld d
o
Diversification into new
segments
Wh
at y
ou
sh
ou
ld d
o
Change in mindset
Wh
at y
ou
sh
ou
ld d
o
You can't do everything alone?
But
Qualityof
Service
CorporateLaws
EconomicLaws
TaxationLaws
WTO & IPR
InternationalTrade Law
ManagementConsulting
Finance and Accounting
Commerce
BrandSynergy
InfrastructureSynergy
CapitalSynergy
Collaborative Commerce
SingleWindowInterface
KnowledgeSynergy
GlobalPresence
Growing Revenues
Growing Customers
Growing Nations
CS + CA + CWA + MBA + LLB
So share business opportunities through tie-ups and
synergize through C - COMMERCE
Succ
ess
Man
tra
Knowledge
+
=
C–Commerce
IT
Success
+
Succ
ess
Man
tra
Whether Professionals can grasp
such changes??
“THE SURVIVAL MANTRA”
Learn, Unlearn &
Relearn
“The combination of HARD WORK and SMART WORK is
EFFICIENT WORK”
Succ
ess
Man
tra
“Things will never be the same…..
So change the future before future changes you”
Pavan Kumar Vijay
Past President, ICSI
Managing Director, Corporate Professionals Capital Pvt. Ltd.