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CXOToday has engaged in an exclusive interview with Swetha Kochar, Partner at PKC Management Consultancy
What is PKC and what are the services they provide?
PKC is a new-age consultancy that comes from a rich expertise of finance management and business transformation. While we offer companies process consulting, ERP implementation, tax and financial services, we also want to educate them on the need to change according to times- Going Digital.
Therefore our primary goal is to assist family-managed companies in leveraging technology to achieve exponential growth.
Our services include management consultancy, technology integration, taxation, and financial planning.
We service clients across a wide variety of industries, such as retail, manufacturing, real estate and construction, education, healthcare, trade and distribution, and information technology. With over 75% of the incorporated business in India being run by families, I realized that family businesses were a rapidly growing yet untapped market. Over the years, we have been able to work automation for 300+ Finance Consulting & Accounts clients, eliminate 1.5 lakh invoices worth of processing time per annum for a 2000 crore retail giant and integrate auto stock replenishment algorithm in an ERP optimized stock by 11% for 200 crore electronic retail store.
With digitalisation impacting every sector in the market, how has your experience been regarding outreach with PKC via digital mediums?
Every founder is aware that they must transition to digital solutions, but they require assistance in determining where to begin and how to succeed with their digital investments. Given that there are hundreds of software products available for every application on the market today, founders sometimes struggle to choose one. Eighty percent of businesses don’t use more than 10 to 20 percent of the software’s capabilities. In the digitization process, many businesses adopt the trial and error method, by using multiple softwares to see which one works best. While this might seem like the best way to go, it can be extremely time consuming and lead to no result. At PC, we try to understand the problems our clients face and provide the right software using our team of experts. We have worked on 100+ operations automation projects enabling clients to reduce human involvement by a great extent thereby improving accuracy and speed.
How has the digital transformation work you have been doing for family-businesses over the last two years differed from prior years?
When digitization started sweeping the world, family businesses in India were still debating the possibilities and pros and cons of digital transformation. It was a concept that people were still trying to understand and therefore had no serious desire to implement. At PKC, we realized the importance of digital transformation years before it became an absolute necessity. We therefore started working with businesses to help them transition earlier which supported them in streamlining operations when everyone began converting to virtual workplaces. We have come to understand that work can be done online, and ERP can also be used online. Today, you can find boardrooms of family businesses allocating budgets solely to digital transformation.
What are the market opportunities?
Today, about 85% of all incorporated businesses in India are family businesses and contribute almost 70% to the overall GDP. While most of these businesses run out of metro cities, they are still understanding and gradually adopting digital transformation as a part of their day-to-day operations.
While the much bigger businesses have adapted to technology, many mid-sized businesses still lag behind leaving a huge untapped opportunity for business consultancies to tap.
What are your future plans?
We intend to grow the business by 3x over the next three years by expanding our digital transformation and process consulting services, which have repaid our clients handsomely. To cater to the needs of fast growing markets, we are also aiming to launch specialized services that can be customized according to the needs of their businesses. As the only accounting firm in India with a fully automated financial audit practice, we assist mid-sized businekses in achieving scale at lower costs and reaping the benefits of financial discipline and management.
Additionally, we intend to establish an offshoring practice for middle-tier international accounting firms to outsource work to India, which will help drive economies. allowing them to transition to higher-level services.
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