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India InsightsThe Indian economy newsletter

Tune in

Economy bytes

Robotics and Cognitive Automation (RCA) – Kalpana BInsights

Market trends and adoption

Opinion- Is it robot versus man?

RCA: what lies ahead?

KPMG in the news

Featured publications

August 2016

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A reform milestone: GST bill passed unanimously by the ParliamentMarking an end to the long debated tax reform, the Parliament (Rajya Sabha and Lok Sabha) unanimously approved the crucial 122nd Constitution Amendment Bill, paving the way for the implementation of Goods and Services Tax (GST) in the country.1

India has proposed to follow a dual GST model with powers granted to the central and the state government to tax the supply of both goods and services under a common tax structure. The inter-state supply of goods and services will be subject to Integrated Goods and

Services Tax (IGST). GST will subsume the multiple taxes currently levied on goods and services by central, state and local bodies. If well-executed, the idea could transform India into a unified market – with colossal gains for the economy over the long run.

The prevailing fragmentation in the tax system adds to the cost of doing business and makes it difficult for companies, both small and medium sized, to scale-up operations that are commensurate with the size of the Indian economy. GST is expected to simplify the tax administration framework, reduce procedural hurdles for corporates, increase the tax base, reduce tax evasion and improve overall

Once GST gets implemented, following are some of the potential gains:

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cost competitiveness which is likely to be beneficial for all the stakeholders.

The new tax system may translate into swifter mobility of goods between states by removing the entry barriers present under the existing regime. A uniform tax system could also propel the growth of start-ups by providing a favourable eco-system in the country. As the ease of doing business improves, India’s attraction as a preferred investment destination may further improve. In the medium term, this may usher in a cycle of higher sustainable growth amid stable inflation.

The overall impact is likely to vary across stakeholders and sectors. The next step will be getting the Constitution Amendment Bill ratified by at least 50 per cent of the state assemblies and enactment of the GST legislations by the centre and states.2

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Help ease of doing business: GST will subsume 17 indirect tax levies with a resulting decline in the compliance cost3

Make in India may witness new heights – Manufacturing could get more competitive as GST addresses the cascading taxes, high logistics costs and a fragmented market

Revenue base of the government is likely to widen

• The number of tax exempt goods will decline

• The self-policing mechanism in-built in the tax may possibly reduce tax evasion

• Input tax credit may encourage suppliers to pay taxes

Online sales are likely to get a boost as players get an opportunity to explore newer markets under GST. Under the current regime, states’ restrictions and levies complicate ecommerce. However, the proposal to collect tax at source could increase the compliance obligations of the ecommerce companies

Logistics costs for firms could trend downwards due to the elimination of inter-state taxes

The incidence of black money may come down as each transaction in the supply chain will be electronically tracked under the Goods and Services Tax Network (a common IT portal)

Investments may see a fresh impetus - For many capital goods, input tax credit is not available. Full input tax credit under GST could mean a 12-14 per cent drop in the cost of capital goods3

GST is expected to lead to the efficient allocation of factors of production thus leading to long term gains in Gross Domestic Product (GDP) and exports. This would translate into enhanced economic welfare and enhanced returns for the key factors of production, namely land, labour and capital.

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The Brexit voteAfter extensive speculations concerning the ‘Remain’ or ‘Leave’ vote, the people of Britain chose to exit the European Union (EU). This historic result has seemingly brought back the decision making power into the hands of British citizens, who until recently could only implement policies formulated in Brussels (the EU headquarters). At present, speculations are rife that Britain’s decision to leave may have a domino effect in the near term, leading to the further weakening of the EU.

The potential impact of Brexit on IndiaThere are broadly two scenarios in which India could be impacted – one where the United Kingdom (U.K.) serves as a bridge to the rest of EU and two, where it retains its strength as an independent strategic partner. In both scenarios, it’s likely that India and the U.K. may witness a significant impact on their bilateral relations4:

• Investment flow into the U.K. from Indian investors and traders seeking access to the EU might see a dip5

• Indian companies, having operations in the U.K. and the EU, may face an incremental risk of losing their grip on the European markets and may incur other translation losses. For India, U.K. is a preferential place for exercising healthy business relations with the EU in terms of ease of operating, largely because of their strong

grasp of English and awareness of the relevant regulations. Removing this gateway is therefore likely to be problematic for Indian businesses in the U.K.

• India Inc. with exposure to unhedged overseas borrowings may see a hit on their balance sheets4

• The steep slump in the value of the pound sterling is expected to make British exports to India cheaper. However, companies which have income from the U.K. and Europe are going to be hit

• Also, with slump in the pound sterling education in the U.K. is expected to become more affordable for Indian students

• The rupee may witness short term depreciation (because of double effect of foreign fund outflows and dollor rise) making Indian exports, including Information Technology (IT) and ITes, competitive

• India’s IT-enabled services sector has significant exposure to the European market, especially the U.K. Brexit could hurt Indian IT revenue growth by 10 to 14 per cent in the near future (given the discretionary nature of the spend)5

• The free movement of EU immigrants, including low-cost labour, is likely to be restricted post brexit. This could unleash opportunities for a low-cost Indian work force as well as Commonwealth migrants.

Way forward:• India and the U.K.

could start informal talks on the likely trade pact so, as and when U.K. completes the exit process with the EU and has the authority to forge bilateral treaties, both the parties should be ready for it.

• Losing Britain as a platform for swifter business with the EU, India now needs to gear up its contingency planning to sustain its hold in the EU. By forging strong ties with other countries within the EU and by identifying alternate potential entry points, India can boost economic relations with EU member countries.

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Economy bytesFDI reforms: India as one of the most sought after economies in the world - The global choice for FDIWith an objective of providing a renewed stimulus to employment and job creation, the government has progressively liberalised Foreign Direct Investment (FDI) norms (as on 20 June, 2016) in nine sectors. The reforms re-instates government’s pro-reform commitment towards making India business-friendly. Measures taken in the past have resulted in increased FDI inflow at USD55.46 billion in FY2015-16, as against USD36.04 billion during FY2013-14, accounting it as the highest ever FDI inflow for a particular financial year.6 With the revised set of amendments, most sectors are now under the automatic approval route (except a small negative list), making India the most open economy in the world for FDI.6 The country has also been rated as one of the foremost FDI investment destinations by several international agencies.6

Amongst all, some of the noteworthy amendments include permitting 100 per cent foreign investment (under government approval route) in promoting food products manufactured/produced in India.7 This is likely to benefit farmers paving the way for creating robust backend infrastructure and giving the end customer access to good quality food products. The move will also check food wastage and the resulting food inflation. Amendments in defence and single brand retail trading are also likely to attract foreign investment as some of the conditions acting as impediments have been relaxed. The pharmaceuticals sector has also attracted significant foreign investment in the past years. Allowing such investments under the automatic route (up to 74 per cent), could facilitate greater Mergers & Acquisitions (M&A) activities in the space.7

National Mineral Exploration PolicyThe government has, in recent times, executed a series of reforms for the growth of the mineral sector, including

consenting 100 per cent FDI.8 Nevertheless, these initiatives could only attract limited attention from

private players (both domestic and foreign) especially in the mineral exploration space. On account of this, the new National Mineral Exploration Policy (NMEP) has been outlined to accelerate exploration activity in the country through enhanced participation of the

private sector.9

The policy paves the way for competitive bidding of prospective mineral blocks (identified by the state

government) through the process of e-auction. It clearly spells out incentives for the private explorers, wherein the successful bidder of the mineral block is required to pay a portion of its revenue (by way of royalty/premium accrued) to the state government and an equal percentage to the private exploration company. The revenue sharing could be in the form of a lump sum or an annuity to be paid throughout the period of the mining lease, with transferable rights.10

The government, as per NMEP, will also work out the normative cost of exploration works for different kinds of minerals so that the exploration agencies could be optimally remunerated, in case they do not discover any mineable reserves in their respective areas. This is anticipated to be an additional incentive for exploration agencies to allay their concerns about exploration.10 The policy may also enable increased participation by incumbent exploration companies who collate mineral data during explorations and acquiesce it to the respective state governments, subsequent to which the mining lease pertaining to the mineral block is expected to be auctioned.

If implemented properly, the policy could help plug a huge gap in exploration data and attract private investment and FDI in mining sector. It could also help bringing in best in class practices in exploration activity thereby help in reducing exploration costs. With more investment in the mining, more jobs are likely to be generated in the sector.

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InsightsKalpana B Partner and Head Robotics and Cognitive Automation, Management Consulting, KPMG in India

What is Robotics and Cognitive

Automation (RCA)?

RCA technologies facilitate users to create computer

programs commonly known as bots/robots to

capture the processing level details of organisational

business transactions. These bots can independently

execute the programmed transactions without human

intervention.

RCA automates business processes that are

repetitive, rule-based, involving swivel-chair type

of activities that are high volume. Nevertheless,

advanced forms of RCA can automate processes that

require a high degree of judgement-based decision

making. RCA extends significant improvements in

accuracy, cycle time and productivity in transactional

processes by replacing human effort in mundane

tasks.

RCA can be divided into three classes:

Basic automation – covers the automation of

transactional, rule-based and structured data

Enhanced automation – incorporates advanced

technologies to enable the use of structured and

unstructured data to support elements of self-learning

Cognitive automation – uses advanced algorithms

to allow the automation of processes that are more

cognitive in nature. Tools incorporate advanced self-

learning capabilities and can be used for sophisticated

cognitive hypothesis generation/advanced predictive

analytics.

How is RCA different from other technologies?

Automation technology can be used for efficiency through basic automation by doing more in less time, or for effectiveness, where you move into a cognitive engine of automation. RCA tools are different from the lot; its typical features include:• Scalability – the bots can be scaled up and down with fluctuating volumes of processes automated just like deploying and withdrawing a digital workforce as and when needed • Knowledge repository – the bots can add, learn and develop a knowledge-based repository that can be shared with other bots• Compliance – it maintains process logs/trails for audit purposes and manages issues related to compliance • Governance – RCA tools come with a control tower feature that provides a centralised monitoring approach to govern all bots running in the production • Less intrusive – automation tools have a plug-and-play connectivity where the existing IT architecture components are not changed. These tools complement the existing IT infrastructure.Automation classes differ from each other because of the degree of complexity they address through automation. Basic automation bots can be easily designed, quickly tested, and implemented with a relatively low investment. The human factor is replaced due to the automation of rule-based tasks. Enhanced automation can capture tacit knowledge from how the processes are executed and can be applied by bots to instruct how the processes should run; it uses evidence-based learning to generate defined process outcomes. This speeds up the human analysis to drive the right decision.Cognitive automation platforms generally require a long installation lead time. Although it reduces human error, it does not take humans out of the equation.

USER EXPERIENCE

RCA

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Where is RCA applicable?The applicability of RCA may include automating processes by mimicking repetitive human actions through knowledge augmentation with the enhanced decision making of skilled professionals such as executives, accountants, attorneys and scientists. Finance and accounting, procurement, IT, HR, and payroll management are a few typical areas where transactional processes are being automated.

However, to make commercial sense of deploying bots, the work has to be high volume. Only when the activity is repetitive and frequent can the bots be profitably deployed. Some other traits that cannot be overlooked are the use of structured data, rule-based decision making, and standardised and stable processes. These process traits indicate that

automation can yield faster deployment and quicker returns, a good fit for basic automation.

Intelligent automation, such as enhanced and cognitive automation, can be deployed once basic automation is leveraged. Intelligent automation, coupled with basic automation, has a potential high degree impact on the business top line. Therefore, RCA is predominantly applicable, but not limited to high volume, is labour intensive, involving structured data, and repetitive and rule-based activities. Advanced forms of RCA can be used to automate complex decision making, business critical processes and processes involving unstructured data. RCA makes a good business case for processes generally hosted from Business process outsourcing (BPO) centres, shared service centres and captives that serve the global operations of an organisation.

What does the RCA ecosystem consists of?The RCA ecosystem consists of automation clients, advisors, tool vendors, service providers, and implementers. The past 12 - 18 months have witnessed crucial decisions and strategic changes in the status quo. The RCA ecosystem is dynamically changing, quicker than one can assume. New players are coming into existence, existing ones are aggressively improving and upgrading their offerings, thereby increasing their market presence over a short period of time.

In the business ecosystem, the fraternity of shared services centres and global in-house centres (GICs) are prime clients for RCA. Client organisations are modifying their vision strategy to encompass RCA as a part of it. Clients are reconsidering their sourcing choices and are exploring automation vendor capabilities to meet requirements. Existing outsourcing contracts are being considered for revision with automation services. GICs are assessing and developing in-house capabilities to adopt RCA by setting up automation centres of excellence (COE) to drive organisation-wide projects. Dedicated organisation structures for automation COEs within these organisations indicate the long term importance for RCA.

Service providers have developed automation platforms that can be integrated with different tools in the market. These synergistic partnerships are leveraging different capabilities and are striving to make the offering robust and complete. These service providers are also implementing the tools in-house to their business process outsourcing centres.

In conclusion, it is important we understand the different roles in the ecosystem and engage wisely to make the most out of RCA transformation initiatives.

What is KPMG’s portfolio of service offerings?

KPMG as RCA advisors offer consulting and implementation services for RCA projects. KPMG organises and facilitates RCA knowledge workshops for clients, conducts readiness assessments, assists in creating automation vision and roadmap, preparing business case, tool vendor selection, contracting and commercial model assistance, Project and Program management, COE setup, implementation and post implementation support. There are various ongoing RCA projects within KPMG and also with clients. We recently conducted a trade show within KPMG offices across India to share our experiences of what we do in RCA. Also, we conducted a multi-location client event, ‘March into Finance of the Future” that aimed at sharing role of RCA in the finance and accounts processes. The event witnessed active participation from our clients, finance leaders and senior management of various organisations in India.

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Market trends and adoption

Disruptive technologies are judged in terms of their market adoption. The robotic automation market report by Transparency Market Research, 2015 valued the global IT robotic automation market at USD183.1 million in 2013 and estimated its growth rate to be a CAGR of 60.5 per cent during 2014 to 2020.11 With high adoption in North America and Europe, the largest contributors to the global robotics automation market, Asia-Pacific has immense growth potential primarily headed by India.

The adoption of RCA is in consonance with the maturity and readiness of the organisational functions. Relatively mature functions, such as finance, are more receptive to RCA adoption as an immediate choice to outperform the competition, however, adoption in other, less mature areas may happen over a period of time.

Case studies show that early adopters have witnessed an excellent return on investments with a reduction in costs, nevertheless, risk-averse firms may delay automation unless the tangible benefits of these technologies are clearly proven.

The current rate of diffusion has led to strategic initiatives from the supply side, mushrooming of start-ups, development of focussed approaches and

service provider collaborations, to mention a few.

From the demand perspective, KPMG’s 2Q15 Global Sourcing Advisory Pulse Survey showcased what the

function-wise demand is likely to be in next three years, with 47 per cent in IT functions, 36 per cent in supply

chain and logistics, 28 per cent in finance and accounting and 25 per cent in sourcing and procurement. BFSI, travel/

hospitality, telecom and manufacturing are some industries where RCA traction has been happening lately.

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OpinionIs it robot versus man? If you are having thoughts of ’Automatonophobia’ (fear of anything that falsely represents a sentient being; it is a type of specific phobia), or if the fact that ’Robots are coming’ makes you feel jittery and if you find yourself imagining a world without humans, then it is the right time to understand that if we welcome robots into our lives, we may be doing ourselves a great service. Time has proven that with every change and mechanical intervention into our jobs, our economy and standard of living has witnessed breakthrough growth.

A quintessential remark from history by the eminent economist Milton Friedman is apt in the current situation: “If you want jobs then give these workers spoons instead of shovels”.12 Looking back at the past, since the stone-age, man’s evolution can be explicitly attributed to the urge for innovation and improvement. Today, mankind has come so far that we have created reflections of ourselves that are not just faster but perfect at the tasks they are designed for. The bots are here to take care of all

the mundane and repetitive work while allowing humans to improve and evolve further. Can this be called as The Ro-Man Era?

With a high level of confidence and emphasis, it can be stated that bots can never replace humans entirely. Freeing up human effort from repetitive, mundane and non-value adding jobs may make a good business case but on the other hand is a blessing in disguise. Automation presents a chance to reskill and repurpose the workforce for more dignified, value adding and crucial roles. A chance where humans can manage and tame robots, where both can leverage each other’s expertise and do more with a synergistic coexistence. An opportunity where humans focus on improving products/services, influencing top lines, innovating and developing newer products/services, improving customer experience, strengthening operations and revolutionising businesses.

With an upward shift in the overall quality of jobs around the globe, can we expect an evolution and growth over a period of time in the future?

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Considering the maturity of RCA and its enterprise-wide applicability, it is imperative for leaders to inculcate a sense of inclusion within their organisation. In addition, risks pertaining to people and change management may be mitigated through a clear automation vision and strategy which follows a top-down approach. This fosters the right culture by creating an environment that drives productivity, empowers people with latest technology and aspires for continuous improvement.

The speed at which automation is adopted, adapted and the approach with which organisations redefine their outlook towards innovation and strategy can determine the timeframe and benefits that can be captured and at what cost. Many operational decisions too could determine the success of RCA projects, shortlisting appropriate opportunities, selecting the right automation partner, structuring pilots and implementation, robust governance and frameworks to mention few.

About 80 per cent of the data on the internet today is unstructured, which is why machine learning and artificial intelligence needs to be leveraged with a high sense of urgency.13 Data stored around the globe on a daily basis is to the tune of thousands of exabytes, so it is vital for businesses to keep pace with the data

generated to unleash profitable hidden trends. The volume, velocity and variety of unstructured data can be addressed with intelligent automation. Today, marquee technology companies are being powerfully leveraged to improve oncology in the healthcare area. The positive impact of cognitive technologies on human life is assured through numerous application areas such as healthcare, ergonomics, crime patrol, forensics, meteorology, etc. These intelligent platforms learn and then assist humans with informed decision making with practical problems by using a database of collective intelligence.

The potent confluence of technologies such as cloud storage and computing, robotics and cognitive automation, internet of things, etc., is set to reveal a new order of efficiencies in the near future. The future ways of working are expected to change, with quicker response times, faster customer support, lower transaction failures, reduced red-tapism, accurate decision making and better transparency, to suggest few.

At the brink of a major technological transformation, organisations need to act with proactive agility, avoid myopic decisions and prepare themselves for the Ro-Man era.

RCA: what lies ahead?

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KPMG in the newsApprehension over impact of robotics, automation on India’s BPO sector exaggerated: KPMG - The Economic Times14

“You cannot have the same set of skills being served by India. It is important we change how we serve skills. So, for instance, you may no longer need a pure finance person here, but a finance technologist, someone with a combination of integrated skills.”

Collateral damage - The Hindu Business Line16

“Base erosion and profit shifting will hit M&As. The 2008 global meltdown led to the genesis of the Base Erosion and Profit Shifting (BEPS) project, which continues to re-shape the world of taxation and the governments’ response to tax structures and business transactions. BEPS could also significantly impact mergers and acquisitions.”

Kalpana B Partner & Head, Robotics and cognitive automation, Management Consulting KPMG in India

Narayanan RamaswamyPartner and National Leader, Education and Skill Development,

KPMG in India

Regulation is a key concern for CEOs in India: - Mint17

“There is a very common vision and strategy for KPMG everywhere we operate. But, one of the unique strengths of KPMG is how we balance local entrepreneurship and that sense of partners in each of the countries where we operate feeling a high degree of accountability and responsibility for being responsive to the local market while still maintaining strong consistency.”

John B. Veihmeyer,Chairman, KPMG International

Vikas VasalPartner – Tax, KPMG in India

B-schools and the art of going global - The Hindu Business Line15

“They should take global rankings seriously, creating a dedicated system and staff to provide the necessary data. The origins of global rankings lie in the need to find a logical means of assessing excellence. In the past decade, Indian higher education has gone global in its outlook and reach. The number of institutional tie-ups, exchange programmes, joint research projects, cultural tours, internship programmes, etc. have significantly increased.”

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Featured publicationsIndia’s economy – Outlook and way forward

The report intends to provide insights into Indian economy’s outlook and future prospects; and determinant factors for business in India. It outlines the plethora of government initiatives aimed at creating a conducive business environment, removal of bottlenecks and fostering inclusive economic growth in India. Click here for the report

India-U.S. trade – a formidable economic force

There is a natural alliance between the world’s two large democracies – the U.S. and India. In the last few years, both the nations have taken significant steps to further enhance their political and economic ties. Both the governments have committed to increase the bi-lateral trade through economic co-operation and support. Click here for the report

June 2016

KPMG.com/in

Outlook and way forward

India’s economy

FINTECH in India – A global growth story

This report outlines the Indian fintech ecosystem with its stakeholders, growth levers and their impact against global benchmarks, key insights and actionable recommendations. Click here for the report

Global profiles of the fraudster: The Indian context

Fraud is a global scourge that harms corporate reputations and costs millions. It is a heavy economic and moral burden on society. KPMG International has reported on fraud trends for many years and this is the third report, since its inception in 2010, that profiles fraudsters around the world. For this report, our professionals across our network of member firms, were asked about 750 fraudsters across 81 countries through a detailed questionnaire. Of the 750 fraudsters profiled for this year’s survey, 56 are from India and we observed some distinctive aspects which helped shape the profile and characteristics of a fraudster in the Indian context.

Click here for the report

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Nitin Atroley Partner and HeadSales and MarketsT: +91 124 307 4887E: nitinatroley@kpmg.com

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