The Indian Economy: An Expansive Change after the Implementation of the New Economic Policy in 1991. The route to grow and deverted show He Global Market Demand and Supply. India & rsquo; S Economic Performance Seems Encouration for the Next Fiscal Year.That India Will Continue to be the FastSTST-GROWING Major Economy in the World in FY24.
Aditi Nayar, Chief Economist, Head-Research & Outreach at iCra, Underscores The Complexity of Global Economic Factors, Evaluates India’s Economic Performance, A ND Outlines Concerns and Observations for the Future, Focusing On Inflation, Fiscal Policies, and Global Economic Dynamics. She RaisesQuestions about the trajectory of the us eConomy, considering factionors like monetary policy, and geopolitical conflicts.
She Spelt the reasons Behind why a DIP is Expected in India & RSQUO; s Growth in the Second Half THEEAR, Such As UNEVEN MONSOONS and Concerns About Crop Performance Affecting Agricultural Outcomes, and the Cumulating Impaactary Tightening is Expected to Play a RoleIn the Second Half of the year. FRONT-LOADED GOVERNMENT CAPITAL Expendosition is Noted as a POSITIVE, but there are concert aBout a Slowdown in the Second Half and The application election season.
Challenges and opportunities ahead:
Aditi Provided Insights Into Potential GDP Growth, Inflation, FISCAL CONSOLIDATION, Private Sector Capex, Global Commodity Cycles, and The Outlook FOR The R UPeeSurat Wealth Management. In the Fiscal Year 2024, The Anticipated Real GDP Growth is 6%, While Nominal GDP Growth is Expected toRange Between Nine and Nine and a Half Per Center. The consumer price index (CPI) IS Project to Average 5.2%, and the Wholesale Price InDex (WPI) Is at sub-1%. The rePO Rate is exten to be unchangedFor the remainer of the FISCAL Year. The Fiscal Deficit is anticipated to be generalally containing at the budgeted level, and the Current Account deficit is predi. CTED to be at 2% of gdp. Moving Into the Fiscal Year 2025, Real GDP Growth is Forecasted at6.2% of gdp, with nominal GDP Growth Ranging Between Nine and 10 Per Center. Inflation is excerative to remain Above the Rbi’s Target, and there are consciousitives Al by deficit management and the need for fiscal consolidation.The us dollar, and the Current Account deficit is deemed comportable. She added.
Ashwani Narang, Head of Spend Management at SAP India, Emphasised the Importance of Efficient Spending in the Context of Economic Flutuations and Global EVEN TS. He Suggests That Finance Professionals Can Contribute to Cost Saves and Become Profit Center by Adopting Dynamic Discounting and SUPPLY Chain FinancingPotentially saving substantial amounts for the organization.
SUMEDHA VARMA, Senior Director, SAP Concur, SPOKE About Upcoming Innovations, PARTICularly in Generation AI, Speaking About Features that Can Mimic The Human Mind So that Travel and Expense Practically Manage themslves. She Emphasized That Generatove AILPS Streamline User Experience WithThe Company Policy.
She presentd a glimpse into the future of travele experiences, subgGesting a more intuitive, generative, AI-Driven, and automated proces for uters. at SAP Concur Are Combining Advances in Generation AI with OURIVALLED CUSTOMER DATAR DATA and In-HouseMachine Learning to Leverage Ai in Ways that no travele and expense management company cannot. by Combining your software usage data, existing processes, and business s, AI Will Be Able to Provideo You With Actionable Steps Toward Better Business Processes That Help Achieve Those GOALS
Ruchika Kohli, Presales Senior Specialist, SAP Concur India Provided A Comprehensive OverView of Concur, A 30-Year-OLD PROSENCE AND AN IMP IMP IMP IMP IMP IMP IMP IMP IMP IMP Resrive 99% Customer Retention Rate, Trusted by Fortune 500 Companies. She talked about keySeamless Integration with partner networks like Ola and Uber, Ensurying Accurate Expense Reporting, and Preventing Personal Expense. Overnance, and Control with a Benchmark Revealing Potential Non-Compliance in 23% of Expense Reports. The Value Propositions Faster Vendor Payments, Increased Compliance in Expense Reporting, and a Five-MONTH PAYBACK PERIODChennai Stock. She Underscores Concur as a Versatile Solution Travel and Expense Managemet A ND Highlights ITS Commission to Sustainability, Promotion Initiatives Like Carbon Emission Alerts and Recoming Eco-Friendly Travel Options.
Reshma Jayadeva Prakash, Senior Product Manager-SAP Concur Spendpresented A Glimpse Into the Gen AI Use Cases, PARTICULELELLLLLLLLLE CE functions and travel expense management. Notbly, Gen Ai Seamlessly Integrates with SAP Analytics Cloud, Enabling CFOS to Generate ReportsEffortlessly Throud Nature Language Queries.Demonstrations Include AI-Powered Features for Cost Estimation, Automatic Hotel itemization, Travel Insights, and Compl Ince Checks Within Travel Requests and Expenses. She EmPhasised The User-Friendly Nature of Gen AI, Allowing for QUICK and Efficient Interactions withHeavy Dependency on It or Business Analysts. The Demos Showcase the System’s Ability to Control Spend, Prove Insightful Travel Recomrations, and Compliance Through A Digital Assistant Named Sap Joule. The Presentation Concluded with A Vision for Future Developments, Highlight Gen Ai’s Community Gand simplifying the management of expenses and travel.
The Curve of Smart Finance
Businesses and people are increasingly using Artificial Intelligence (AI) in the Ever-Evolving Field of Financial Technology to Help them Navigate the Challenge s of Financial Management. The Integration of Ai Emerges As A Revolutionary Force to Tackle The Isues of Modern Finance as the Need forEFFICient Financial Solutions Rises. The Role of Finance has evolved from track accounting to becoming more involved in funding and running the company. ANCE PROFESSIONAL is Now Engaged in Various Aspects, Reflecting A Significant Shift in the function and Responsibilities.
ASHU KANSAL, CFO, Addverb Technologies LTD., Addresses The Question of Outsourcing, Emphasision that Transaction Processing Can Be Effectively Outsourced I n india. However, Outsourcing of Specialist ROLES in Direct and Indirect Taxation is a remote publicy due to the complexities of law in IndiaaHe highlights the need for a backup system for compliance-related roles which effectively Means that the company should consultants in Loyees in the tax domain so that the maker checker run be implemented.SuccessFully Outsourcing Transaction Processing Outside India in ITS SUBSIDIARIES, Including Direct and Indirect Taxation Compliances, at A Cost-EFFECTIVE Rate Through Firms Run by Indians Who Are Located Outside India. These Firms Unders Culture and Timelines and Are Offering Services at a Cost-EffectiveRate. He highlighted the significance of Being Technology, Especially for Those in Shared Service Center, Emphasision the Importance of Being Adept with Smart Tools and Technologies.
HE EMPHASISISISISES THE Composition of the Finance Department Requires SPECIALISTS in TRASURY, TAXAL, FINANCIAL Planning. Regarding upskilling, he highlights the importance of Change Management, Training Sessions, and Linking Automation Efforts with Reconition ToMotivate Employees.
Kewal Krishan jindal, CFO, Translumina Therapeutics, Adds A Nuanced Perspective On Outsourcing, Considering Factors Such As Efficience, STREAMLINING, AND ROI . He suggests that cameain transactional aspects can be automated and outSourced, but spiented rooting roles with the core of excelLERETMEENTS areRETAINED In-House Due to Sensitivity and the Need for Niche Skills.
He Echoes the Significance of Change Management in UPSKilling Finance Professionals, Emphasising The Need for A Strategic Approach to Talent Development. He Scoused the Role of Automation in Transaction Processing and the Importance of Rewards and Recognition to Motivate Emplayees During The Transition.
Gen ai is no more a buzzword
Gen AI is Driving Gethusias Around the World. Aiming for Positive Business Outcomes with Delving Into ThisySystem is not avoidableAgra Investment. , VP, of Spending Engineering, SAP LABS, India, Sets The Stage for Discussion GenerationEvolution and Practical Applications in the Finance Community. He Shared a Recent Survey That Revers Identify UnCERTAINTY AS SIGNIFICANT PAINT AN D Seek Interventions to Address It. He Discusses The Three Main International: Monitoring, Innovation, and Automation, and InTroidus AI ASa portential companion for CFOS. He distinguished Between narrow ai (Old Models) and Gen AI, Presenting Gen AI As a Fast Learner, EMPHASISING The Choice for Finance g it as a companion. He presented the content of democratising ai, stressing theValue of upskilling and how Accessible AI is to non-developers. He further talks about the next phase, which is to humanise ai, port More emphasis on people, AN d ask uters to shade their thoughts and take action.
MANDEEP MeHta, Group Chief Financial Office at PB Fintech PVT LTD, Discussed the IMPACT of Gen AI, WHETHER it’s a Fad or Already Influential. H heavy Volumes and Implemented Extensive Automation, He Highlights The Different Layers of Automation In Finance, FROM EffilityInter.-Driven, Experience-IMPROVING, to Decision-Making Support. However, Decision-SUPPORT MODELS Are Not Refined Enough. icating Past Results, and Mentioned the Practical Hurdles to Achieving Seamless International with Automation., Comprising Staff, Supervisors, and Auditors, Has to Be TRAINED in Terms of Boundaries, Reliability, and Making Sure the Quality is good ", he added.
Rekha Talluri, CFO of India and South Asia, Microsoft Expressed A Perspective on the Current State of AI, EMPHASISING that we are at a tipping point inchanera Ai, follow it isVarious Industries, Including Finance, Are Leveraging AI. Gen Ai Helps Simplify and Automate Tasks SUCH As Tracking Interactions with Customers, DRAFTING EMAILS, Pro VIDE Recomgended Actions, And Quickly Summarising Information for Tasks Like Earnings Releases and Competitor Analysis.Buzzword. It’s Just a matched. St you to be a lot more efficient, a lot more problem,and to enable Things Right ", she added.
Neraj Khetan, CFO, of EY LLP, Discussed their Investment in AI, Particularly they Language Model, and the comprehensive infins, Initiatives in their finance function, particularly in the development and implementation of cusperinence. He point out thatThe Full Potential of General AI Will TAKE TIME to Realise, Raising Concerns About Risk Management, Ethical Considerations, and Privacy Isesees.
HE Examines the Transition from ai Being Seen as a Black Box to the Transparence Provided by Generation AI; The integration of explainable ai is noteworthy. H. H E EMPHASISISISES How Critical It is to be able to reflect on oneSELF and Comprehend How Systems Make DeCisionsTo Foster Trust, Particularly in Contrast to Previous Ideas of AI As a Mysterious Black Box. He is Optimistic About CHINGINGS And Believes that Explainable Ai Has T He portential to increase people’s confidence in ai systems.Nagpur Investment
Golden Glue for Complex Compliance
The finance departments Face Dynamic Challenges and Evolving Regulation of A SIGNIFICANT WORKNIFICAROAD To EUSINESSES ‘Adherence. Dr. Sanjeev ku Mar Singhal, Central Countcil Member, ICAI, 2019-2025, and Founder, CA Parivaar, Highlight The Opportonity for Organizational Enhancement ThroughhBest Practures to Streamline Compliance Efforts. He Acknowledges the Growing Complexities CFOS Encounter with Various and Regulations. Regulations Such As ESG, Reporting, DIGITAL AsSurance, and the EU AI Act, He Underscores The Relevance of Risk Management, Ethical Consides inEducation, and the NextSity for Businesss to Embrace Technologal IntegrationAhmedabad Stock. Professionals in technology to help ease their job. But the final responses will live with human beings, "He added.
Nikhil Kamat, Business Director, Accounts Payable Automation, SAP, Focused on the Role of Technology for Accounts Payable Automation. s faced in processing Invoices, Including Compliance with GSImpacts. The Imparance in Transactional Communication Between The Government, The Business, and the Vendor is Highlight. H the intropuction of "Golden Glue," A Technolog-Driven Meeting Point for StakeHolders to Validate, in real-time,GST and Input Tax Credit Compliance. He Details the Components of this Solution, Including A Vendor Portal, Paper Invoice Processing, and A GST Reconciliation Cockpit Including a Vendor Rating System on GST Compliance Trends for a Vendor.
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