Drip Aims to Develop a Global Platform to Simplify Trade for SMEs by Leveraging Data and Technology

Drip Capital, a US-based fintech company, has signed a memorandum of understanding (MoU) with the Buying Agents Association (BAA), a non-profit organization representing Buying Agents/houses and Liaison offices from all sectors including Accessories, Apparel, Carpets, Handicrafts, Jewellery, Leather, Processed Foods, Textiles & Furnishings, and other labour-intensive sectors.

The two organisations will partner to provide stakeholders from India’s export ecosystem with training in technology and invoice factoring. The partnership will give small-and-medium-sized exporters exposure to fintech solutions, widely considered to be one of the biggest disruptors in cross-border trade. Small exporters, who are often overlooked by banks or are otherwise unable to access the traditional banking system, can leverage these solutions to their benefit. The Drip-BAA partnership aims to help exporters and buying agents understand these opportunities better.

The existing paper-based trade finance system is inefficient and biased against smaller exporters. These exporters spend time in battling bureaucracy, slow processing times and demands for collateral – time they cannot afford to waste. This is what Drip Capital aims to fix, with its focus on collateral-free, technology-enabled finance. “Our idea is to create an automated platform that would address the working capital needs of SMEs, not just in India, but across the world. What we want is to level the playing field for SMEs everywhere and give them easy access to trade finance,” said Mr. Pushkar Mukewar, Co-Founder and Co-CEO, Drip Capital.

Helping SME exporters with simplified trade finance also feeds into a larger goal of giving the country’s overall economy and GDP growth a boost. Multilateral agencies like the World Bank have found that economies gain immensely when trade increases, especially in the MSME sector.

However, trade-related challenges cannot be tackled by private companies alone. BAA is a central body that brings together Buying Agents, the exporting community, and customers on a common platform. “As an association, BAA is committed to spreading awareness and disseminating usable insights to the export fraternity in India. Despite rapid growth seen in recent times, the export industry in India is highly unorganized & is marred by an acute knowledge gap, which adversely impacts the productivity & margins of the exporters,” said Mr. Manoj Rana, Governing Body Member, BAA.

Ms. Anchal Kansal, General Secretary, BAA, added, “As an organization, BAA endeavours to take prudent steps towards bridging the existing knowledge gap and encouraging best practices in the industry. In this regard, the Knowledge Sessions with Drip Capital on collateral-free export finance are a collaborative step that will help exporters learn how they can increase their revenue and cash flow along with mitigating risk by availing a ‘factoring agency’.”

Under the provisions of the memorandum, BAA, in partnership with Drip Capital, will conduct a series of awareness raising events with the export community across the country. The memorandum was signed by Ms. Anchal Kansal, General Secretary, BAA and Mr. Pushkar Mukewar, Co-Founder and Co-CEO, Drip Capital.

Drip Capital has financed over $500 million of international trade originating from India so far, helping exporters in 60+ cities across the country ship products to buyers in more than 50 countries around the world. The partnership with BAA will help Drip reach out to even more SME exporters in need of working capital and help them create economic development and growth across their businesses.

AI Company Haptik Develops Virtual Assistant for Tata Mutual Fund

Haptik, one of the world’s leading Conversational AI companies and a subsidiary of Reliance Industries, recently developed an Intelligent Virtual Assistant (IVA) for Tata Mutual Fund, with a scope of managing 70% of query inflow for its customer support team. The virtual assistant, named Professor Simply Simple, makes understanding mutual funds and other intricacies effortless, that can otherwise be difficult to comprehend for people just starting out on the investment journey.

While the initial mandate from TMF was to replicate their available website content on the IVA, Haptik proactively engaged in a holistic research process to improve the assistant’s capabilities and final impact it could have. The company undertook a complete review of TMF’s call-center data and identified that 70% of the customer queries were for about 10 similar questions or scenarios. Most queries were around account information, NAV updates, valuations, buying funds and SIP purchase and redemptions. Within 3 months, Haptik developed an IVA that could swiftly and seamlessly resolve these routine, repetitive queries and free customer support team to solve complex queries that required their dedicated attention. For NAV notifications, Haptik also proposed the deployment of an IVA on WhatsApp.

“Having realized that we’re moving into a world driven by Artificial Intelligence and Machine Learning, deploying Conversational AI was the obvious next step in our product roadmap. In our search for able partners, Haptik stood out because of their depth of knowledge in the conversational AI space and extensive experience in the BFSI sector. However what really excited us was that they weren’t just a chatbot platform they offered full-stack of services which included analytics, bot-builder, multi-channel integration, and integration with WhatsApp. - Said Tata Spokesperson.

Elaborating on the process Kartik Poddar, SVP & Business Head,  Haptik said, “The virtual assistant we developed for TMF was a typical example of how conversational AI can help enterprises optimize processes resulting in cost reduction and increased ROI. Mutual Funds investment is a complex domain and apart from resolving support queries, the virtual assistant also helps with investor education using Haptik’s intelligent prompts and content flows. While support automation is the first step, we will enable transactions in the next phase, thus making Professor Simply Simple truly an Intelligent Virtual Assistant.”

Prof. Simply Simple is an affable, guide-by-the-side rather than sage-on-the-stage kind of virtual assistant, and users have reported feeling greatly satisfied with the responses received. 

Wipro Recognized as a Leader in Artificial Intelligence Consultancies by Independent Research Firm

Wipro Limited, a leading global information technology, consulting and business process services company, has been recognized as a “Leader” by global research and advisory firm Forrester Research Inc. in its report, The Forrester Wave: AI Consultancies, Q3 2019.

The firm evaluated participating companies by researching, analyzing and scoring them on 23 different criteria across three main categories – current offering, strategy and market presence.

The report highlights that, “Wipro comes to the table with strategic approaches and best practices to engage the right internal experts and stakeholders, according to clients.” The report also states that Wipro’s “emphasis on culture in the engagement is its strength and translates into helping clients develop their own AI culture and Centre of Excellence.” Additionally, the report notes that “Client case studies demonstrate Wipro is not only about AI theory; its developers do a lot of basic blocking and tackling.”

Addressing pricing concerns in what is a niche and specialized skill, Wipro offers a number of value-based pricing models designed around product delivery. The company leverages a broad range of Intellectual property (IP)-based platform offerings augmented by a flexible business model through Topcoder, enabling clients to tap into data science and development skills on demand. It has also extended Wipro HOLMES AI platform and Data Discovery Platform (DDP) to support executive stakeholder requirements, delivering business-centric and industry-oriented solutions.

Commenting on Wipro’s recognition in the Forrester report, Jayant Prabhu, Vice President and Global Head, Data, Analytics & AI, Wipro Limited said, “We have been at the forefront of successfully driving business innovation and transformation for our clients towards being Intelligent Enterprises with an innovative Topcoder delivery model. Augmenting our integrated AI, design, data and analytics narrative, backed by our domain consulting experience and powerful platforms, DDP and Wipro HOLMES™, we are succeeding in increasing traction in the AI and analytics space.”

Phil Dunmore, Managing Partner and Head of Global Consulting Group, Wipro Limited said, “AI and Intelligent Automation is changing the very fabric of society, business, and governance. It is disrupting processes, creating new business models and delivering exceptional customer experiences. One of the major hurdles in harnessing the power of AI by businesses is the challenge posed by change adoption and scaling AI culture to enterprise level. Using AI led Automation Advisory and Wipro HOLMES™ platform, we help enterprises overcome these challenges by creating outcome-based roadmaps, agile delivery, innovative service models and seamless customer experience. Our customers have spoken on our behalf in this report and we believe that being recognized as a Leader in the Forrester Wave is a testament to our AI and Automation transformation and consulting services capabilities.”

Older PCs can Lead to 96 Hours of Productivity Loss for SMBs in South India, Reveals Microsoft Study

Small and medium businesses (SMBs) in South India with PCs that are more than four years old and running older operating systems can experience significantly reduced workplace productivity as compared to newer PCs. Not just work efficiencies, older PCs expose organizations to security vulnerabilities and IT threats. Recovering data and maintaining business continuity is among the topmost challenges for SMBs in the South. In the last year alone, 25% of SMBs surveyed in South India said they had experienced a security breach.

Nearly 40% of SMBs in South India are using outdated PCs and more than half (62%) of them are on older versions of Windows. These findings were revealed in the latest Microsoft study[1] in partnership with global SMB IT market research and analyst organization TechAisle, which polled almost 2,000 SMBs across Asia Pacific.

SMBs in the South who have embraced a modern workplace strategy have experienced multiple benefits for businesses and employees, including higher productivity, better security and reduced operating costs.

89% of SMBs in the South saw improved IT efficiency by adopting newer PCs
75% of all SMBs agreed that adopting newer PCs enabled better usage experience through cloud and mobility solutions
91% of SMBs in South India have reduced overall maintenance costs with modern PCs
84% of SMBs in Pune agreed that newer PCs helped them with enhanced security and data protection and 81% benefited from increased employee productivity

“Technology can be a real enabler for businesses, both small and large, and SMBs need to recognise the value that IT investment can bring to their present and future growth. SMBs employ over 110 million people in India, significantly contributing to India’s economic growth. Microsoft wants to work alongside SMBs in India to help them realise their ambitions and succeed in this competitive marketplace,” said Farhana Haque, Group Director – Devices, Microsoft India.

Narrowing the adoption gap

According to the study, the continued delay in SMBs’ adoption of newer technological infrastructure across business functions, was due to factors such as perceived app incompatibility and low awareness of must-have capabilities in new PCs. Three-fourths of SMBs surveyed in South India (75%) said they did not have a PC refresh policy nor were they actively pursuing it.

However, the reality is that the lack of a strategic PC refresh policy can result in greater repercussions in the long run. SMBs in the South have experienced older PCs being repaired almost four times than that of new PCs. This can amount to at least 96 hours’ worth of productive time lost.

To drive their business objectives, SMBs can refresh their older PCs as it provides security patches and regular OS updates for optimized use. Concerns over app compatibility is addressed with Windows 10, the most app-compatible version of Windows-to-date with best practices including app telemetry, ISV partnerships for diagnostic data and troubleshooting as well as looping feedback cycles. With the upcoming Windows 7 End of Support, SMBs need to make their shift towards newer PCs and operating systems as users will no longer receive security updates or support for PCs running on Windows 7. This includes new security updates, non-security hotfixes, free or paid assisted support options, and online technical content updates.

Mahindra Displays Blazo X Tippers Range at the Excon, 2019

Mahindra Truck and Bus, a part of the USD 20.7 billion Mahindra Group, displayed its range of outperforming tippers, at the 10th edition of the EXCON Exhibition – the International Construction Equipment and Technology Trade Fair being held in Bengaluru. These tippers are best suited for construction related applications.

Speaking on the occasion, Vinod Sahay, CEO, Mahindra Truck and Bus and Construction Equipment Division, Mahindra & Mahindra Ltd. said “At Mahindra Truck and Bus (MTB), customer centricity and continuous product innovation have been at the core of our business. Construction is an intense, time-consuming process. Ensuring that our vehicles operate continually for nearly 18 to 20 hours per day is the key to the profitability of our customers.”

Mr. Sahay further added, “Given this insight, the Mahindra BLAZO X tippers are designed for higher levels of utilization. Not only that, the BLAZO X 28T tipper comes with guaranteed higher mileage, highest pulling power, rugged aggregates, lowest maintenance and best-in-class cabin. With competitive product superiority, mileage guarantee and a 96% uptime guarantee, the BLAZO X 28 tipper is a game-changing offering”.

Apart from the BLAZO X range of HCV Tippers, MTB also displayed its LCV tipper, the Loadking OPTIMO. This model with Its compact overall architecture is ideal for last-mile applications like sand mining and construction.

About BLAZO X Range of Tippers

The BLAZO X range of tippers comes with Mahindra’s patented Fuel Smart Technology featuring switches that help choose the power delivery, to suit the operating terrain and load conditions. With this technology, MTB is eliminating the need for maintaining different kinds of vehicles for different needs. BLAZO X tippers offer best-in-class transferable warranty of 6 years or 6,000 hours which is applicable to the Engine, Gearbox, Rear Axle, Cabin, and Chassis Frame.

Along with this comprehensive offering, the BLAZO X tipper comes with a next-gen, cutting-edge, fleet telematics solution - Mahindra iMAXX, offering fleet operators many smart features, which makes their business even more profitable and tension-free by providing real-time information of the enroute vehicles. Some of the features of this system include – Predictive vehicle health monitoring, Fuel theft prevention and Ad Blue consumption monitoring, driver behaviour monitoring, operation reports automation, and Location tracking, among other features.

For its BLAZO X tipper customers, MTB provides comprehensive, round the clock Service Support, which includes onsite support of mechanics and spares to a fleet of 10+ vehicles. Additionally, Mobile Workshop support along with critical, fast-moving Spare Parts is also made available.

MTB – All new initiatives

While most of the new engines bring in complexity, MTBD is committed to offering a Simplified BSVI experience to its customers. The BLAZO X will be available to customers with minimal changes, offering a hassle-free switch to the new BSVI norms. The company is all set to launch 18 more variants in BSVI from 5 tonnes to 18 tonnes in the ICV segment of its recently launched FURIO model range.

The company has recently operationalized its 3rd service corridor Chennai – Kolkata on a 1,700 kms long stretch, catering to 20% of India’s truck movement. This is the third such service corridor after the 1,400 kms long Delhi - Mumbai and 3,800 kms long North-South Service Corridor from Kashmir to Kanyakumari.

All these three service corridors namely Delhi – Mumbai, Kashmir- Kanyakumari & Chennai – Kolkata will further strengthen the after-sales network, comprising  27, 41 & 28  touchpoints respectively, with a guaranteed service reach of 2 hours (Delhi – Mumbai) and 4 hours (Kashmir- Kanyakumari & Chennai – Kolkata) or customers get a Rs. 500 compensation for every hour of delay.

The MTB model range is supported by an ever-growing, and wide service and spares network comprising over 100 3S dealerships, 210 authorized service centres, a wide spares network of retail outlets and 39 strategically located Parts Plazas.

When Onions Trump Over A Trip to Goa!

Times are interesting, the Onions have again captured the narrative of the nation and shown who the king is!!! The importance of onions is all too well known, now it is measurable too. In the battle of choice between onions and a trip to Goa - guess who came up trumps?

While the social media is abuzz with memes and jokes on surging onion prices, AbhiBus, India’s fastest growing online marketplace for bus ticketing, has caught people's fancy with an interesting offer. The leading bus ticketing platform has introduced a scheme where the customers booking their bus tickets on Abhibus.com can participate in a contest where they could either win an all-expense paid trip to Goa, win an iPhone or an e-bike or 3kgs of Onions. No points for guessing how popular the onion option is proving to be.

More than 54% opted for Onions as their prize ever since the offer was up on 10th December while Goa option was opted by 46%. Clearly customers are willing to place their bets on Onions over Goa or other aspirational options - reflecting how onions shape their daily lives.

This Onion offer caught people’s attention with no promotions at all. Every day AbhiBus will announce 20 lucky winners and will deliver the jackpot (3 kgs of onions) to their homes. Rules for participation are simple, anyone booking their tickets on www.abhibus.com till 15th Dec can enter into the contest by selecting their preferred option.

Commenting on the idea and the revelations, Mr. Rohit Sharma, COO AbhiBus said, “AbhiBus is constantly innovating to provide customers with solutions and offers that meet their ever-changing needs including making travel fun and enjoyable. Our priority is to keep the customer in the centre to offer a strong customer support, fast no questions asked refunds using UPI. The contest around onions is an example of the customer centric approach and the response we are getting to it testifies our ability to meet customer needs”

Before this, whenever AbhiBus ran an offer that had Goa trip as a win option, it always trumped all other prizes on offer, but this is the first-time consumers relegated Goa to the second spot.

Year 2020 Predictions for the Indian IT Industry: 3i Infotech

By Mr. Padmanabhan Iyer, Managing Director and Global CEO, 3i Infotech

With digital transformation gaining traction and the acceleration of next-gen technologies such as Blockchain, Artificial Intelligence (AI), Machine Learning (ML) and others, organisations are becoming future-ready.

The Indian IT industry will be marching at a greater pace than ever towards Industry 4.0 by adhering to future technologies through digital transformation. Gartner estimates that IT spending in India will total $94 billion in 2020, an increase of 6.6% compared to the current levels.

Here are some of the top technology trends to watch out for in 2020 -

Intelligent Automation (RPA and AI) – moving to a collaborative model

As cognitive technology deployments mature, value-centric activities will gain mindshare in the future. Combining cognitive technologies would allow bots to work in more complex scenarios that would typically require human judgment or decision making.

The investment of global enterprises in Intelligent Automation (IA) is on the rise with BFSI, retail and consumer packaged goods (CPG) being the key driving sectors.

While ML, predictive analytics and autonomics are moving up the maturity curve, AI-enabled chatbots and virtual assistants are already being used widely. Gartner predicts that 25% of customer service operations will be using virtual customer assistants by 2020.

24/7/365 business processing with seamless automation is feasible with an AI-enabled ERP. Integrating ERP with RPA technology can replace mundane and repetitive processes with nimble and agile process automation to achieve quick ROI. As per estimates, 40% of RPA adopters moving beyond experimentation with AI-enabled processes.

Hybrid Cloud Computing – adoption moving to newer areas

Global cloud computing spending is predicted to almost double by 2022. Hybrid cloud adoption saw a big rise in recent years, with an expected CAGR of 17%. The security features on cloud have become promising and it is becoming a priority to safeguard and protect application data and infrastructure.

High cloud adoption is observed in finance and accounting, supply chain and logistics, and IT management. The emerging areas are customer management, marketing, procurement and manufacturing and operations. On demand scalability and optimal utilization as per demands can facilitate cost savings by migrating to an ERP on cloud.

Internet of Things – moving to cloud-edge architecture

Investments in IoT technology services is growing faster than that in IoT products. Cloud service providers, analytics and infrastructure providers are driving the IoT solutions market. As a technological shift, IoT is moving from a centralized to a cloud-edge architecture and moving away from conventional processor chip enabling new edge architecture.

In the Indian market, 20 billion devices are to be connected to IoT by 2021. IoT is growing at a rapid pace and its adoption is spreading into various industries such as telecom, healthcare, retail, automobiles, manufacturing, supply chain, and service operations. However, security remains as one of the barriers.

Industrial IoT (IIoT) opportunity is set to surpass consumer internet by 2020. IIoT enables seamless dataflow across systems/applications/equipment and ERP for centralized monitoring, management and control centre.

Blockchain – moving to a business case centric model

Globally and in India blockchain has progressed to different levels of maturity, and in India, it is looking promising. The government is the most critical stakeholder and enabler of blockchain; while BFSI leads adoption in India.

Currently, 40+ blockchain initiatives are being executed by the public sector in India. At nearly 50%, BFSI has the maximum production level implementations in India. Logistics, retail, and manufacturing account for nearly 25% of blockchain implementations.

Blockchain is transforming from the experimental model to a business case centric model, which will result in more projects moving to the production phase where over 70% of implementations will deliver cost savings or operational efficiencies.

Integration of finance and supply chain domain with blockchain using industry-specific blockchain scenarios will be facilitated by modern ERPs. Blockchain enhances the existing benefits of ERP system to another level.

Industrial Robotics – a strong use case in ERP

Automotive is one of the leading verticals for industrial robotics and recently demand has been driven by tier 1/ tier 2 suppliers. Original Equipment Manufacturers (OEMs) are pushing suppliers to invest in robotics to ensure better quality and faster production. Collaborative robots (Co-Bots) allow sharing heavy payloads and improve cycle times achieving an optimal degree of automation.

Strong growth of the e-commerce industry in India and of logistics subsequently has pushed automation to keep up with high throughput requirements. ERP could not be better automated without robotics forming part of most manufacturing automations.