SME Digital World

Author: pankti

Centre to Train Tribal Students in Semiconductor Technology

Centre to Train Tribal Students in Semiconductor Technology

The Ministry of Tribal Affairs has launched a new initiative to equip tribal students with skills in semiconductor technology, crucial for manufacturing electronic devices such as smartphones and computers. This initiative is being implemented by the Indian Institute of Science (IISc) in Bengaluru, to train 2,100 tribal students over the next three years, Union Minister Durga Das Uikey announced in a written reply to the Lok Sabha on Thursday.
As part of a broader effort to enhance education and opportunities for tribal communities, the project will provide National Skills Qualification Framework (NSQF) certified training in semiconductor technology. The ministry aims to deliver level 6.0 and 6.5 training to these students, according to an official statement released on August 8.
The collaboration between the Ministry of Tribal Affairs and IISc Bangalore will offer basic training to 1,500 tribal students and advanced training to 600 tribal students in semiconductor technology over the next three years. Tribal students with a degree in engineering-related subjects are eligible to apply for this program.
According to IISc, Bengaluru, the Ministry of Electronics and Information Technology (MeitY) has established six large Nano Centres, including IISc, to provide training in semiconductor technology. These centers also represent tribal communities in their degree programs, adhering to reservation policies. In addition to degree programs, the Nano Centres conduct short-term training under the Indian Nanoelectronics Users’ Programme (INUP).
MeitY launched the INUP about a decade ago to enhance skilled manpower in micro and nanoelectronics. However, the collaboration with the Ministry of Tribal Affairs marks the first training program specifically dedicated to tribal communities, as noted in the official statement.
The central government has been actively working to develop the semiconductor ecosystem in India. Recent initiatives include the Union Cabinet’s approval in February to establish three semiconductor units under the Development of Semiconductors and Display Manufacturing Ecosystems in India, with construction set to begin within the next 100 days. The program, announced on December 21, 2021, has a total budget of Rs 76,000 crore.
In June 2023, the Union Cabinet approved Micron’s proposal to set up a semiconductor unit in Sanand, Gujarat. On August 3, a groundbreaking ceremony (Bhumi Pujan) was held for Tata’s semiconductor unit in Morigaon, Assam. The Tata facility, with an investment of Rs 27,000 crore, is expected to create over 27,000 direct and indirect jobs in the region, according to information available on the Tata Group’s website. Tata Electronics, a wholly-owned subsidiary of Tata Sons, will oversee the construction of this facility.

August 9, 2024
Digital Competition Bill Could Undermine MSME Ecosystem, Say Small and Medium Businesses

Digital Competition Bill Could Undermine MSME Ecosystem, Say Small and Medium Businesses

Members of the India SME Forum, the largest association of SMEs in the country, expressed concerns that the Digital Competition Bill (DCB) could adversely affect the MSME ecosystem and hinder India’s Viksit Bharat goals.
The industry body, representing small and medium enterprises (SMEs), warned on August 7 that the DCB could deter foreign direct investment (FDI) and limit the global competitiveness of MSMEs.
The Indian SME Forum hosted a roundtable in New Delhi to discuss the potential implications of the DCB on MSMEs and startups. The draft of the DCB, which was released in February, aims to address anti-competitive practices by Big Tech. However, it has faced widespread criticism from Indian businesses and startups, who argue that the bill could negatively impact their operations.
Vinod Kumar, President of the India SME Forum (ISF), emphasized during the roundtable that India has a unique opportunity to benefit from companies moving out of China. “Any regulation like the DCB could become a stumbling block in attracting FDI and promoting the global competitiveness of MSMEs,” Kumar stated.
Kumar also highlighted MSMEs’ concerns over the proposed ex-ante regulations—measures introduced in anticipation of certain impacts—especially those related to the use of personal data.
Aditi Madan, founder of Blue Pine Foods, stressed the importance of ensuring that SMEs have access to relevant information in the digital market economy. “Policy priorities should focus on directly engaging with SMEs during the creation process to ensure their needs and perspectives are adequately addressed,” she said.
Debashish Das, CEO of ElenchusHR Solutions, warned that overly stringent regulations could push businesses back to manual processes “reminiscent of the 70s and 80s,” hindering progress.
Amit Agrawal, founder of DSI Robotics, echoed these concerns, stating, “The Digital Competition Bill presents a safety paradox and could impose an undue compliance burden on small businesses, as has happened in the past.”

August 9, 2024
The Evolution of Resource Management Software

Unlocking New Frontiers: The Evolution of Resource Management Software

In the ever-evolving landscape of business operations, the significance of effective resource management has never been more pronounced. In 2024, we witnessed a notable shift in the paradigm of resource management software, marked by the convergence of cutting-edge technologies and strategic business practices. Organizations are keenly observing the infusion of artificial intelligence and machine learning into resource management software for consulting companies, recognizing that these advancements are not merely enhancing software functionality but also revolutionizing the precision with which resources are managed and allocated.
This year’s trends underscore a more agile and informed approach, where data-driven insights play a pivotal role in shaping strategic decisions concerning human and material resources. With the rapid advancement of enterprise resource planning (ERP) technologies, businesses are empowered to anticipate changes and tailor their strategies for optimal operational efficiency. The growing emphasis on strategic business management within resource management software signifies a shift from tactical scheduling to a holistic planning process that aligns an organization’s resources with its long-term objectives.
Key Insights into the Evolving Landscape
1. Optimization through Advanced Technologies: Resource management efforts are being optimized through the integration of advanced technologies.
2. Data-Driven Decision-Making: Data-driven insights are fostering strategic decision-making processes.
3. Focus on Strategic Planning: There is a notable shift towards strategic planning within resource management trends.

Evolving Dynamics in Enterprise Resource Planning (ERP)
In 2024, the realm of Enterprise Resource Planning (ERP) is undergoing significant transformations, driven by digital transformation and the emergence of new technologies. Companies are increasingly leveraging artificial intelligence (AI), cloud computing, and data analytics to facilitate efficient, data-driven decision-making processes.
Advancements in AI and ML
Artificial Intelligence and Machine Learning are spearheading the evolution of ERP software, enabling predictive analytics and automation. These technologies enhance forecasting accuracy and streamline decision-making processes, with generative AI revolutionizing ERP capabilities across various tasks.
Cloud and Mobile ERP Solutions
The shift towards cloud-based and mobile ERP solutions is democratizing access to ERP systems, making them more adaptable and flexible. Cloud ERP offers scalability and cost-effectiveness, facilitating remote access, while mobile ERP enhances user experience by providing real-time access to ERP systems from anywhere.
Integration and Customization
Integration and customization are imperative for modern ERP systems, enabling seamless connections between different software systems. Application Programming Interfaces (APIs) play a crucial role in facilitating these integrations, enhancing overall efficiency and data consistency across business functions.
Industry-Specific ERP Development
ERP vendors are increasingly offering industry-specific solutions tailored to the unique needs of different sectors. These specialized systems incorporate industry best practices and regulatory requirements, empowering companies to leverage ERP more effectively.
Data Analytics and Real-Time Information
Real-time data and analytics are becoming indispensable for informed decision-making. ERP trends are leaning towards integrating robust data analytics and business intelligence tools, transforming vast amounts of data into actionable insights.
Strategic Business Management
Strategic business management takes center stage in the dynamic realm of resource management software, directly influencing competitive advantage and business continuity through advanced resource optimization strategies.
Resource Optimization and Efficiency
Efficiency remains paramount in resource management strategies, with tools focused on optimization leveraging forecasting algorithms to ensure effective asset utilization. These tools integrate supply chain management and marketing automation, streamlining operations end-to-end.
Tackling Modern Challenges
Resource management software now plays a pivotal role in addressing contemporary business challenges, offering resilience-focused features to navigate disruptions and maintain business continuity.
Future-Proofing through Scalability
Scalability is essential for the future of ERP systems, ensuring long-term sustainability amidst evolving market demands.
Human Capital and Talent Management
Effective talent management tools within resource management systems support HR departments in attracting and retaining top talent and aligning individual career goals with organizational objectives.

Conclusion

In 2024, resource management software is undergoing strategic shifts and technological integrations, empowering organizations to optimize resource allocation and forecasting. The infusion of Artificial Intelligence and Machine Learning into ERP systems is driving decision-making and operational management to new heights. The trend towards mobile ERP solutions reflects a broader drive toward dynamic, intelligent, and accessible resource management tools, catering to the evolving needs of modern workplaces.

Originally posted on: https://thebossmagazine.com/latest-trends-resource-management-software-2024/

April 19, 2024
IMF Boosts India’s Growth Outlook

IMF boosts India’s growth projection to 6.8% in 2024

The International Monetary Fund (IMF) has upgraded its growth forecast for India, projecting a GDP growth rate of 6.8% for the current year, up from its previous estimate of 6.5% in January. This upward revision is attributed to bullish domestic demand conditions and the country’s expanding working-age population.
India maintains its position as the world’s fastest-growing economy, surpassing China’s growth projection of 4.6% for the same period.
According to the latest edition of the World Economic Outlook released by the IMF ahead of its annual spring meetings, India’s robust growth is expected to continue at 6.8% in 2024 and 6.5% in 2025. This resilience is driven by sustained domestic demand and a growing working-age population.
Meanwhile, growth in emerging and developing Asia is anticipated to moderate slightly, from an estimated 5.6% in 2023 to 5.2% in 2024 and 4.9% in 2025, reflecting a minor upward adjustment compared to the January 2024 update.
The IMF’s January update had initially projected a 6.5% growth rate for India in 2024. The current forecast for 2024 is revised upward by 0.1 percentage points from the January update and by 0.3 percentage points from the October 2023 report.
Pierre-Olivier Gourinchas, the IMF’s chief economist, emphasized the importance of policymakers focusing on measures to enhance economic resilience, such as strengthening government finances and revitalizing growth prospects. Despite global economic challenges, including supply chain disruptions and geopolitical tensions, Gourinchas noted that the global economy remains resilient, with steady growth and moderating inflation.
While the US economy has surpassed its pre-pandemic trend, Gourinchas highlighted potential challenges for low-income developing countries still grappling with the aftermath of the pandemic and rising costs of living. He also pointed out lingering effects on China’s economy due to the downturn in its property sector and emphasized the need to address domestic demand issues to avoid exacerbating trade tensions.

Originally posted on: https://indianexpress.com/article/business/economy/imf-india-growth-projection-2024-9274147/

April 17, 2024
How much should an SME spend on IT?

How much should an SME spend on IT?

It is no doubt essential for SMEs to keep a close eye on their budget to maintain financial stability and prepare for unforeseen circumstances. That being said, it is also beneficial to be aware of the constant tech advances happening around the world and keep up with these advances if you do not want to be left behind by the competition. So, the question arises: how does one determine IT expenditure?

There is no straightforward answer, as every business has its own needs and requirements, and your budget will depend on these requirements. No two companies, not even within the same industry, will spend the same amount of money on IT.
But one could get a clearer idea by looking at some case studies and observing how other companies of different budgets and scale, allocate their resources in the IT sector.

According to one study done by Deloitte on technology budgets, the average spending on IT across all industries was 3.28 percent. The average came from considering a wide range of industries, with the lowest spender being construction at less than 2 percent and the biggest spender being banking and securities at 7 percent.
Other studies that looked at the size of the business found that small and mid-sized businesses actually spent more on IT as a percentage of their revenue than large businesses. Small businesses spend around 6.9% of their revenue on information technology, while midsized businesses spend around 4.1% of their revenue on IT. For large companies, the percentage drops to 3.2%. The smaller percentage spent by larger companies is often the result of scale—they put so much money into IT that they get better rates, perform the work in-house, etc.
It’s essential to note that these benchmarks should be used as a starting point and that companies should consider the factors that are specific to their business when determining their IT budget.

Asking focused questions that help shed light on your true IT demands is a clearer approach to determine how much money should be spent on IT. These inquiries ought to cover the following:
What are you spending on IT right now?
Every business, no matter its size, needs an IT budget. To see how much you have been spending on IT, add up your expenditures on information technology over the past year.
What are your business goals?
Your IT investments should support you in achieving particular business goals. Your money would probably be better off being used for other aspects of your company or for other IT tools if it isn’t helping you meet your goals in a quantifiable way. A growing business will likely need to scale its IT infrastructure accordingly.
What is your risk tolerance?
Some businesses require more robust security measures than others. Consider how much you are willing to invest to mitigate potential security risks.
What are your current IT pain points?
Identify areas where your current technology is causing problems or inefficiencies. Addressing these issues can be a good use of IT funds.
What is your industry standard?
Further research on how much similar businesses in your industry typically spend on IT can be a helpful benchmark.
Can you leverage existing technology more effectively?
Before investing in new solutions, explore ways to get the most out of your current tools through training or optimization.

Answers to these questions will help you come to a clear conclusion about your spending habits in SMEs.

Studies mentioned in this article: https://www2.deloitte.com/us/en/insights/focus/cio-insider-business-insights/technology-investments-value-creation.html
https://www.techtarget.com/searchcio/

April 16, 2024
Google’s Stand Against California

Google’s Stand Against California Legislation Sparks Debate Over News Compensation

Google is taking action in response to proposed legislation in California, which would require big tech firms to compensate news outlets for their content. The tech giant announced on Friday, via a blog post, that it is removing links to California news websites as a “test” to assess the potential impact of the legislation on user experience. This move is expected to affect only a small percentage of California users.
The proposed legislation, known as the California Journalism Preservation Act, is yet to be heard by the state’s Senate Judiciary Committee. If passed, it would mandate digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when their content is used alongside digital advertisements.
The bill has garnered attention amid concerns that news aggregation practices by tech companies may divert users away from news websites. Lawmakers and proponents argue that while tech giants benefit financially from sharing content from small and local news publishers, these publishers do not receive adequate compensation.
Responding to Google’s action, California State Senate President Pro-Tempore Mike McGuire criticized it as “bullying” and an “abuse of power,” emphasizing the importance of news in keeping the public informed, especially during emergencies.
Google has opposed similar legislation in other countries, including Canada and Australia. In these cases, the company threatened to remove links to news content from its platforms if the laws were enacted as proposed. However, Google eventually reached agreements with news publishers in both countries, avoiding the removal of links.
Critics argue that Google’s actions suppress access to critical information and underscore the need for legislation to ensure fair compensation for news content. However, Google maintains that the proposed legislation would create uncertainty for businesses and has raised concerns about its feasibility.
As discussions around the legislation continue, the implications for the future of news distribution and the relationship between tech companies and publishers remain at the forefront of the debate.

Originally posted on: https://www.wral.com/story/google-removes-links-to-california-news-sites-citing-proposed-state-law-requiring-payment-to-publishers/21380225/

April 16, 2024
Navigating Geopolitical Dynamics

Navigating Geopolitical Dynamics: Ensuring the Safety of Indian Businesses and Diaspora Amid Global Uncertainties

In the ever-changing landscape of global geopolitics, Indian businesses and diaspora communities face numerous challenges, necessitating proactive steps to safeguard their well-being in an increasingly uncertain world.
India’s growing economy and expanding global presence make it vulnerable to the effects of geopolitical shifts and regional conflicts. Trade disputes, border tensions, and political instability can have widespread ramifications for businesses operating in the region and for the security of Indian nationals residing abroad. Addressing these complexities effectively demands a deep understanding of health and security priorities.
Geopolitical tensions often disrupt healthcare services, posing risks to local populations and expatriates alike. Limited access to medical assistance in conflict zones and unstable areas underscores the importance of robust health preparedness measures for Indian businesses with international operations. Additionally, the spread of infectious diseases amid population movements and humanitarian crises underscores the imperative of prioritizing employee health and safety.
Security threats, including terrorism and civil unrest, frequently arise from geopolitical tensions, endangering personnel and assets. To mitigate these risks, Indian businesses must implement comprehensive security measures, including threat assessments, crisis management protocols, and employee training initiatives.
Indian diaspora communities encounter unique challenges, such as discrimination and security vulnerabilities, necessitating strong consular support and diplomatic engagement to ensure their welfare and safety abroad.
In rapidly evolving security situations, access to real-time intelligence and on-the-ground expertise is essential for informed decision-making. By integrating proactive monitoring and early warning mechanisms, organizations can enhance their ability to respond effectively to emerging threats.
Collaboration and dialogue at the intersection of health, security, and geopolitics are crucial for fostering stability and prosperity in an increasingly complex global landscape. Indian businesses and diaspora communities must prioritize health and security considerations, alongside proactive risk management efforts and diplomatic outreach, to mitigate the impact of geopolitical dynamics on business continuity and the well-being of Indian nationals abroad.

Originally posted on: https://www.financialexpress.com/world-news/navigating-geopolitical-dynamics-safeguarding-indian-businesses-and-diaspora-amid-global-uncertainties/3457812/

April 16, 2024