Winds of change at Reliance
Reliance Industries Ltd (RIL) has launched yet another transformation initiative more than two years after it introduced the Smart Transformation at Reliance (STAR).
- Published 25.05.15
Mumbai, May 24: Reliance Industries Ltd (RIL) has launched yet another transformation initiative more than two years after it introduced the Smart Transformation at Reliance (STAR).
The latest programme, called Reliance Management System (RMS), includes an integrated framework for managing risks and internal controls.
The company pointed out that while internal financial controls had been documented, embedded and digitised in the business processes, RMS would cover policies, processes, tasks, behaviours and other aspects of the company.
RIL said in its annual report for 2014-15 that some of the other areas covered by RMS would include group strategy and financial framework, besides verifying whether the businesses were operating and performing in a way they should.
RIL began the STAR project in 2013-14 to streamline and align its businesses and overhaul the process management system to make it more cost-effective.
Some of the businesses that the project covered included exploration and production, refining, marketing and petrochemicals, apart from other support functions such as manufacturing, procurement & contracting, information technology, research & development, human resources and projects.
RIL said the STAR programme was an integral part of its strategy to build competitive advantage and make the best use of technology and a major progress was made during the previous fiscal in this regard.
A new process to set employee objective and performance management was implemented to align corporate and individual performance and rewards.
The company said it implemented improved talent management processes and began efforts to build a "leadership pipeline".
"When fully deployed, Reliance's goal is that all of these transformation projects will create a foundation to support and enable Reliance to be among the top-50 company in the Fortune 500 list by 2020, with a most admired company status in India," RIL said.