Archives September 2024

By –  Srivatsan Santhanam, Vice President, Spend Engineering, Head of Concur R&D, SAP Labs India

3rd September 2024: In today’s competitive business landscape, managing expenses efficiently is crucial for companies operating on thin margins. Every purchase poses a risk, and poorly managed invoices and expense reports can lead to a loss of insight and control over spending. Fortunately, innovations in the payment space are transforming expense management, making processes more integrated, automated, and secure.

Here are some key innovations that are revolutionizing spend management through the use of advanced expense management APIs.

1. Benefits of Automated Expense Management

Expense reports are often a dreaded task for both employees and finance teams. A past SAP survey revealed that nearly one in four business travellers would rather endure a cavity filling than complete expense reports. Traditionally tedious and time-consuming, this process can be vastly improved through automation.

Modern expense management allow employees to take pictures of the receipts for automatic entry, itemization, and categorization. Business AI enables accurate capture of details such as the transaction amount, date, vendor, expense type, and location, then match them to the corresponding entries. Intelligent notifications flag missing receipts or alert users when reports are ready for submission, streamlining the entire process.

Manual expense management methods are error-prone and inefficient. APIs leverage AI to capture spending at the source, providing real-time visibility into each transaction. By tracking relevant metrics, these APIs offer a comprehensive view of spending, enabling stakeholders to make informed decisions and positively impact the bottom line.

2. Integration of Corporate Cards and Virtual Payment Solutions with Enhanced Compliance

Integrating corporate cards and virtual payment solutions with expense management brings simplicity, efficiency, and security to the expense management process. Purchases made on corporate cards are automatically captured and populated in the system, with users notified immediately if additional information is needed to ensure compliance and accuracy in processing expense reports. The pandemic has accelerated the adoption of digital payments, and the trend is expected to continue, with the global virtual card market projected to triple by 2030, according to Vantage Market Research.

Virtual payment methods eliminate the need to share sensitive credit card details with vendors and provide greater control and visibility into spending. Expense management can integrate with leading virtual card platforms, embedding virtual card functionality into workflows. This integration allows businesses to pay easily, quickly, and securely without needing new cards, contracts, or settlement processes. Finance teams can focus on exceptions rather than examining every charge, cutting valuable hours off end-of-month reporting.

Implementing AI in these payment methods further enhances compliance and security. AI can automatically trigger exceptions for review, perform audits to ensure compliance, and validate payments quickly, resulting in near-immediate reimbursement and addressing one of the most universal pain points of the expense process. Businesses can trust that their financial operations are secure and compliant, reducing the risk of fraud and errors. This comprehensive integration reduces the burden on employees and organizations, allowing them to focus on more critical tasks while ensuring efficiency, security, and compliance in their financial operations.

3. Generative AI for Collaborative Intelligence

Looking ahead, generative AI has the potential to further streamline expense management processes. By analyzing patterns that might go unnoticed by humans, generative AI can provide data-backed recommendations, such as the ideal time to book travel or the optimal dates to minimize costs. These insights enable companies to use their resources more effectively, enhancing financial planning and decision-making.

Conclusion: Transforming Expense Management

Innovations in the Expense Management space, such as Business AI, automation, and virtual payments, are transforming and reimaging the way expenses are managed. Advanced expense management solutions like SAP Concur offer a more integrated, intelligent, automated, and secure process, providing finance teams with better visibility and control over spending. Employees benefit from faster reimbursements and a streamlined expense reporting process, creating a more efficient and satisfying experience.
These advancements help businesses operating on thin margins mitigate risks associated with purchases and improve overall spend management. By adopting these innovative tools, organizations can navigate the complexities of travel and expense management more effectively, ensuring financial stability and growth.

Hyderabad, 3rd, September 2024 – Mivi, a leading innovator in wireless audio solutions, is proud to announce the launch of its latest True Wireless Stereo (TWS) earbuds Opera, the third generation of SuperPods series that set a new benchmark for high-fidelity sound. SuperPods Opera marks a significant milestone for the brand as Mivi is now the first Indian brand to receive certification for Hi-Res Wireless Audio by the Japan Audio Society.

HD Sound Just Got Ultra HD

The SuperPods Opera series is designed to deliver an exceptional audio experience, thanks to its cutting-edge features and technology. The earbuds boast Hi-Res Wireless Audio capabilities, capturing intricate details and nuances in music that are often lost in lower-quality formats. Coupled with LDAC Bluetooth codec, the Opera series ensures seamless transmission of Hi-Res Wireless Audio without compromising on audio quality.

Key Features of the SuperPods Opera Series:

● Hi-Res Wireless Audio: A more true-to-life audio with superior detail and texture for the ultimate music experience.

● LDAC: Enjoy high-quality wireless audio transmission of Hi-Res audio without significant loss in audio quality.

● Spatial Audio and 3D Soundstage: Immerse yourself in a surround sound experience with spatial audio and hear each instrument clearly with the 3D Soundstage.

● Long Battery Life: Enjoy up to 60 hours of combined playtime on a single charge.

● Mivi Audio App: Customize your SuperPods Opera earbuds according to your needs and preferences through the Mivi Audio App.

● Bluetooth v5.4: With the latest Bluetooth version, benefit from stable and reliable wireless connectivity and enjoy lossless audio up to 10 metres.

● Multi-device Connectivity: Connect with two devices in parallel for effortless multi-tasking.

We are thrilled to bring the ultimate wireless audio experience to music lovers with Opera,” said Midhula Devabhaktuni, CEO of Mivi. It is a proud moment for India since we have become the first brand to get certification for Hi-Res Wireless Audio by the Japan Audio Society. No other Indian brand has been able to achieve this yet. Our commitment to innovation and quality has resulted in a product that truly redefines the boundaries of wireless sound.

Mivi’s SuperPods Opera series is a testament to the brand’s commitment to innovation and delivering exceptional audio products. With its impressive features and superior sound quality, the Opera series is set to redefine how we experience music.

03rd September 2024: AET Displays, a renowned industry expert in fine-pitch LED displays, has announced its participation in InfoComm India 2024, taking place from September 3-5 at the Jio World Convention Centre in Mumbai. As one of the most anticipated events in the AV and technology calendar, InfoComm India 2024 will bring together over 12,000 industry professionals, providing a vibrant platform to explore the latest advancements in audiovisual and tech solutions.

This year’s InfoComm India promises to be a dynamic convergence of innovation and expertise, connecting senior decision-makers with groundbreaking technologies and offering a unique opportunity to engage with global professionals. Attendees will benefit from immersive experiences, cutting-edge technology showcases, and insightful discussions designed to foster networking and business growth. AET Displays Limited, a prominent player in the LED display industry, will take centre stage at this prestigious event, presenting its latest advancements in LED technology. With a reputation for pushing the boundaries of visual excellence, AET will showcase its flagship fine-pitch LED displays, alongside its innovative MiniLED and MicroLED solutions.

Mr. Su Piow Ko, CEO, India of AET Displays (India), expressed enthusiasm about their participation, saying, “We are thrilled to be a part of InfoComm India 2024, a premier event that embodies the spirit of innovation in the AV industry. Our presence at the event highlights our dedication to advancing LED display technology and pushing the boundaries of visual excellence. Our fine-pitch, MiniLED, and MicroLED solutions exemplify the highest standards of clarity and performance, setting new benchmarks in the industry. We are eager to showcase how these cutting-edge technologies can revolutionize business environments and elevate audience experiences. Notably, InfoComm India offers us a unique platform to engage with key industry stakeholders, build meaningful connections, and collaborate on transformative projects. It is an invaluable opportunity to exchange insights and explore new avenues for growth and innovation in visual communication.”

Founded in 2015, AET Displays Limited has swiftly emerged as a dominant force in the LED display industry. The company’s strategic integration into the Guangda Group in 2019 bolstered its market position and enhanced its technological prowess. Since its official entry into the Indian market on October 26, 2023, AET Displays has rapidly expanded its presence, deploying over 25,000 square meters of LED displays across a wide array of sectors. These sectors include government institutions, media, retail, education, healthcare, transportation hubs, advertising, NOC rooms, surveillance facilities, and the cinema industry, where AET’s innovative solutions have made a significant impact.

AET’s extensive reach in India is supported by a robust network of over 80 partners and distributors, along with an assembly plant, three offices, three customer experience centres, and five service centres strategically located across the country. This infrastructure ensures that AET can provide comprehensive support and unparalleled accessibility to its customers.

At InfoComm India 2024, visitors will have the unique opportunity to experience AET’s cutting-edge technologies firsthand. The company will be showcasing its industry-leading fine-pitch LED displays, which continue to set new benchmarks in visual technology, offering unmatched clarity and performance that redefine the possibilities of digital displays.

New Delhi, 03 September 2024: Mayuri e-Rickshaws, Saera’s flagship brand and one of India’s largest and leading EV manufacturers, reveals its plan to ramp up and expand its dealership network across the country to further strengthen its presence while offering a deeper & wider service area for its range of electric rickshaws. With over 700 dealerships currently operational, the company plans on closing this fiscal with over 1200 showrooms, adding 500 new dealerships. The expansion is a strategic initiative to meet the growing market demand for the category and for the brand by its customers across India.

This aggressive expansion plan comes into play to assist Saera’s ambitious target to achieve 50,000 retail units by the end of the fiscal year. This comes as a significant leap from its retail volumes in the last fiscal which amounted to over 33,000 units (source: Vahan Data). Mayuri aims at capturing a market share of 10%, a healthy growth from its share in FY 23-24 which accounted for a 6% market share in its category. The company says it’s well on track to achieve stated targets as this year’s Q1 results grew by 50% at over 10,500 units vis-à-vis 7,000 units sold in Q1 FY 23-24.

Announcing the plan, Mr. Nitin Kapoor, MD, Saera Electric Auto Limited, said, “As the Indian EV market grows, the demand for Electric 3-wheelers grows with it. The applications of E3Ws today are far more diverse, and cater to a wider range of consumers, and with the ever-evolving technology advancements, the value for money derived from these vehicles is at an all-time high. The expansion is part of our growth strategy, but the core of it remains the growing need of consumers and businesses and our efforts to offer them the best in the market. Mayuri is India’s 1st e-rickshaw company and since its inception, it has offered industry-leading technology solutions, several industry-first features, superior quality and performance, and aided in providing livelihood opportunities to millions of Indians. Our focus on innovation and sustainability has positioned us as a market leader and we have taken measures right from our R&D cell to our Supply Chain, our Service Network to our Assembly line to ensure continuity delivering on our promise to all partners and customers.”

Saera’s continued innovation and strategic growth plans are well aligned with the Government of India’s vision of promoting electric mobility and sustainability across the nation. By expanding its reach and doubling down on quality & customer satisfaction, the company is rightly positioned to maintain its leadership in the Electric 3-wheeler segment.

Bengaluru, September 2, 2024: Nippon Paint, Asia Pacific’s No. 1 paint and coating company by revenue, participated in Prawaas 2024, India’s flagship multimodal transport show which was held between 29th to 31st August in Bengaluru. The fourth edition of the event was organized by the Bus & Car Operators Confederation of India (BOCI). The event was attended by more than 100 expert speakers, 200 leading exhibitors, 10000 business visitors.

During the event, Nippon Paint showcased its extensive range of innovative and futuristic paint solutions designed specifically for the commercial vehicle industry. These include functional coatings to reduce emissions, heat and dust as well as product systems to optimize productivity including certain patented product lines. The company also combined its high-tech products with world leading AI technologies for colour correction and development, VR software for painting simulation and automated robotic paint applications. The key intention of the company through this event was to demonstrate how its paint systems can leverage its global technology base and play a pivotal role in shaping the future of transportation in India.

According to Rakesh Handoo, General Manager, Marketing & New Business Development, Nippon Paint India, “Prawaas 2024 highlighted the crucial role of efficient public transport in alignment with Prime Minister Narendra Modi’s vision of Viksit Bharat 2047. During the event we showcased our cutting-edge paint technologies that are revolutionizing the commercial vehicle industry. Our participation reflects our commitment towards delivering innovative solutions that enhance the safety, efficiency, and sustainability of public transport in India.”

Navin Chawla, General Manager, Commercial Vehicle Coatings, Nippon Paint India said, “Prawaas 2024 was resounding success and a step forward in the right direction towards a new era of transportation. Nippon Paint equipped over 70% of the displayed buses with our paint systems at Prawaas. In addition to our product strength, we also showcased our brand’s commitment to expanding possibilities in the commercial vehicle industry.”

New Delhi, 2nd September 2024: The Appliances business of Godrej & Boyce, part of Godrej Enterprises Group, has further expanded its manufacturing capabilities by adding production facility for its new range of fully automatic front-load washing machines powered by AI Technology. Spread over 1 Lakh sq.ft. at Shirwal near Pune, this new facility marks a strategic investment of close to INR 100 crores in capital expenditure dedicated to machinery, tools, infrastructure and backward integration.

The fully automated facility at Shirwal will strengthen Godrej Appliances’ market presence by adding a capacity of 3 Lakh units of front-load washing machines per annum, that will almost double the production of automatic washing machine portfolio for the brand. This Greenco Platinum Plus certified factory also manufactures other appliances like refrigerators, air conditioners, semi and top-load washing machines, medical refrigerators, InsuliCool and Qube.

Commenting on the new assembly line, Kamal Nandi, Business Head & Executive Vice President of Godrej Appliances, said, “The new AI enabled product range underscores our commitment to innovation to meet the unique needs of Indian consumers. Currently, we are one of the fastest-growing brands in the washing machine category, and with this new investment of INR 100 cr., we’re poised to further strengthen our position and achieve our target of 2X growth in the Washing Machines segment this year.”

Speaking on the new product range, Shashank Sinha, Product Group Head- Washing Machines, Godrej Appliances, added, “Our new range of fully automatic front load washing machines have been conceptualised and designed especially for Indian consumers keeping in mind their preferences based on various geographic and climatic conditions, family sizes and washing habits. Along with superior aesthetics, these advanced machines of 7-10 kg capacities are powered by AI Technology that intelligently optimizes the wash and rinse, delivers optimal clothes care by smart load detection and water level adjustment, also saves precious water and energy, thereby redefining the washing experience for consumers.”

As a part of the brands commitment to things made thoughtfully, several advanced features make the front load washing machine range stand out. For example, the Steam wash program deep cleanses clothes and washes off 100+ different kinds of stains up to 2 days old*, Refresh program deodorizes them, and FabriSafe™ Drum helps to maintain the quality of varied fabrics. Further, these machines can also dry clothes 30 minutes faster**. The entire range of front load washing machines offer convenience with auto drum clean reminders, come with an anti-rust cabinet, overflow protection, 2-years comprehensive and 10-year motor warranty.

Delhi, 2nd September 2024 – Muthoot Exim (P) Ltd., the precious metal arm of 137-year-old business conglomerate Muthoot Pappachan Group (also known as Muthoot Blue), proudly announces the inauguration of its newest Gold Point Centre in Pitampura, Delhi NCR. This marks the 28th Gold Point Centre in India and the fifth in Delhi NCR. The new center, located at Muthoot Gold Point, Ground floor – Shop No. 1, Opposite Metro Pillar No. 346, Property No. 1, Kapil Vihar, Pitampura, Delhi 110034, offers a trustworthy venue for customers to sell their gold, promising a seamless and transparent process.

Since the inception of its first Gold Point Centre in Coimbatore in 2015, Muthoot Exim has steadily expanded to major cities, including Mumbai, Bengaluru, Chennai, Delhi, Kolkata, and now Pitampura. The addition of the Pitampura branch underscores Muthoot Exim’s commitment to growing its presence across India, providing reliable and transparent gold recycling services.

The launch of the Gold Point Centre in Pitampura is not just a business expansion; it is a strategic move to strengthen the financial ecosystem of Delhi NCR. By providing a trusted platform for gold transactions, Muthoot Exim empowers residents with a reliable means to monetize their gold assets. This centre is poised to significantly enhance the financial flexibility of the local population, offering them immediate liquidity in times of need.

Moreover, the new centre embodies the principles of transparency and fairness. Customers can personally witness the valuation process, ensuring they receive accurate assessments and instant cash payments for gold valued up to Rs 10,000. For higher amounts, payments are made via IMPS, NEFT, or RTGS, further simplifying the transaction process.

Keyur Shah, CEO of Muthoot Exim, emphasized the importance of this launch: “Pitampura has experienced remarkable growth, establishing itself as a vital part of Delhi NCR. Expanding our Gold Point Centers here aligns with our strategic vision. The new Pitampura branch brings us closer to our customers, providing them with a unique, reliable process for transparent gold testing and fair valuation.”

Thomas Muthoot, Executive Director of Muthoot Pappachan Group & Managing Director of Muthoot Exim, added: “Opening in Pitampura is a significant milestone as we continue to strengthen our presence in Delhi NCR’s gold recycling market. Our goal is to expand nationwide, opening more centers to meet the rising demand for retail gold and delivering exceptional service through our Gold Point Centers.”

While the Pitampura center is a significant addition, it is part of a broader strategy that includes expanding into key cities like Trivandrum. The launch of the first Gold Point Centre in Trivandrum will offer the capital city a reliable option for gold recycling, driving economic benefits and enhancing the financial resilience of its residents.

Mumbai, 2 September 2024: The recently released ‘Career Outlook Report HY2 (July – December 2024) by TeamLease EdTeach revealed that 72% of employers intend to hire freshers in the coming months. The report, based on a survey of over 603 companies across India, indicates a positive trend in the job market for new graduates.

The 72% hiring intent represents a 4% increase from the previous half-year and a 7% rise compared to the same period in 2023, suggesting a gradually improving employment landscape for fresh talent. “The increase in hiring intent for freshers is an encouraging sign. It reflects growing confidence among employers and presents valuable opportunities for fresh talent entering the workforce,” said Shantanu Rooj, Founder and CEO of TeamLease EdTech.

The report highlights that E-commerce & Technology Start-ups, Engineering & Infrastructure, and Retail are the top three industries showing intent to hire freshers, with 61%, 59%, and 54% of employers in these sectors planning to recruit, respectively. Geographically, Bangalore leads with 74% of employers intending to hire freshers, followed by Mumbai at 60% and Chennai at 54%.

In terms of job roles, Full Stack Developer, SEO Executive, Digital Sales Associate, and UI/UX Designer have emerged as the most in-demand positions for freshers. Employers are particularly seeking candidates with skills in Cybersecurity, Cloud Computing, Data Analytics, and Search Engine Optimization. The report also sheds light on the growing importance of industry-academia collaboration. 70% of employers suggest enhancing curriculum with experiential learning, while 62% advocate for industry-academia partnerships to better align academic training with industry needs. Additionally, degree apprenticeships continue to depict stable demand. Manufacturing leads with 25% of employers planning to hire degree apprentices, followed by Engineering & Infrastructure at 19%, and Construction & Real Estate at 11%. Among cities, Bangalore shows the highest intent to hire apprentices at 25%, followed by Chennai at 21% and Mumbai at 16%.

“Aligning educational programs with industry requirements is crucial,” added Shantanu. “The job market is evolving rapidly, with technology and digital skills taking center stage. We’re seeing a clear demand for roles that blend technical expertise with creative problem-solving. The real game-changer is the growing recognition of the need for stronger industry-academia partnerships. The steady demand for degree apprenticeships further underscores this shift towards practical, hands-on learning. It’s an exciting time for both freshers and employers as we bridge the gap between education and industry requirements”.

Jaideep Kewalramani, Head of Employability Business and COO, TeamLease Edtech, shared, “The 7% rise compared to the Jul-Dec, 2023 in fresher hiring intent, coupled with growing demand across diverse sectors, signals a robust job market recovery. For graduates, this means focusing on in-demand digital skills and embracing varied learning experiences can significantly boost their career prospects in this evolving landscape”.

Bangalore, India – September 2, 2024: International Institute of Information Technology, Bangalore (IIIT-B), a premier research and development institution, has signed a Memorandum of Understanding (MoU) with Greendzine Technologies Pvt. Ltd., a leading company specializing in Electric mobility solutions for the Industrial and Warehouse market. Greendzine is building solutions to connect Warehouse to Home (W2H) through its MOPTro EV platform. This MoU marks the beginning of a strategic partnership focused on the development and implementation of the innovative Robotic Picker technology on Greendzine’s MOPTro WASP, a product for warehouse picking.

The collaboration aims to leverage IIIT-B’s cutting-edge research capabilities and Greendzine’s expertise in electric mobility solutions to create a groundbreaking Robotic Picker that can significantly enhance automation in warehouses and industries. The project will involve advanced research in vision systems, multi-agent path planning algorithms and universal grippers, with IIIT-B providing the necessary lab facilities, product demonstration platforms and funding for the research.

IIIT-Bangalore will offer its expertise in the areas of vision systems, path planning algorithms and universal grippers while providing lab facilities for research and product demonstration. IIIT-B will also fund the project, including resources, hardware, software and IP filing.

Greendzine Technologies will be responsible for the execution and management of the project, including overseeing program management, prototyping, testing and vendor management. The company will also handle the demonstration of the solution to potential customers and execute proof of concept at customer premises.

The project, which is set to run for one year with an option for an additional two-year extension represents a significant step forward in the field of robotic automation. Both parties are committed to ensuring the highest standards of research and development throughout the collaboration. The project is under aegis of MINRO, which is Center of Excellence (CoE) funded by the Government of Karnataka.

Commenting on the partnership, Commodore SR Sridhar (Retd), Registrar of IIIT-Bangalore, said, “This collaboration with Greendzine Technologies aligns with IIIT-Bangalore’s mission to encourage innovation and create impactful technological solutions. The Robotic Picker project holds immense potential to revolutionize the automation landscape in industries and warehouses.”

Mr. Karthikeyan Sundaram, Co-Founder & CTO, Greendzine Technologies, added, “We are pleased to enter into an MoU to advance our Robotic Picking Project to the next level. This 12-month research collaboration focuses on developing a universal gripper for warehouse environments, capable of handling diverse volumetric and textured items. Our research will dive into vision systems, multi-agent path planning, and gripper technology, with the goal of filing intellectual properties (IPs) and eventually bringing the product to market. This strategic partnership also emphasizes the importance of our philosophy “Manomation”, which is Human-Robot collaboration, particularly through the development of cobots (collaborative robots) that assist rather than replace human workers. This approach aligns with our broader mission to enhance workforce productivity, reduce fatigue, and encourage greater participation of women in the workforce. Our ultimate aim is to take cutting-edge technology from the lab to real-world applications, with interest already shown by customers across various sectors, including automotive and third-party logistics.

Hyderabad, 2nd September 2024: Recognizing its unwavering commitment towards enhancing the educational landscape in the state of Rajasthan, Honda India Foundation, the CSR arm for all Honda group of companies in India was awarded with the prestigious “BHAMASHAH AWARD’’ by the Government of Rajasthan for the 4th consecutive year.

Representing excellence and innovation, the 28th Bhamashah Samman 2024 was organized on 1st Sept’24, in the august presence of Shri. Madan Dilawar, Hon’ble Minister of School Education & Panchayati Raj Department, Government of Rajasthan and other government dignitaries of the state. The award was received by Ms. Anu Mehta, General Manager, General Affairs & CSR, Honda Cars India Ltd. on behalf of Honda India Foundation.

The Honda India Foundation has been actively engaged in various educational initiatives aimed at empowering students and creating a brighter future for the youth in the rural areas of Rajasthan.

Major Projects Undertaken for Promotion of Education in Rajasthan:

• Infrastructure Development: Invested in Setting up Digital lab for the youth of Rajasthan

• Educational Resources: Provided educational materials and learning aids to facilitate a more encouraging learning environment

• Teacher Training: Organized training programs for teachers, equipping them with innovative teaching methods and strategies

• Extracurricular Activities: Initiated various extracurricular programs, including sports, music, arts, and cultural events, to foster holistic development among students

Honda’s initiatives have had a remarkable impact, leading to significant increase in enrollment rates at schools, a notable decrease in dropout rates, and substantial improvements in academic performance.

Both students and teachers have expressed deep appreciation for the positive changes these programs have brought into their lives.