IJITCE Sep 2019 by Editor IJITCE

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

UK: Managing Editor International Journal of Innovative Technology and Creative Engineering 1a park lane, Cranford London TW59WA UK

USA: Editor International Journal of Innovative Technology and Creative Engineering Dr. Arumugam Department of Chemistry University of Georgia GA-30602, USA.

India: Editor International Journal of Innovative Technology & Creative Engineering 36/4 12th Avenue, 1st cross St, Vaigai Coliny Ashok Nagar Chennai , India 600083 Email: editor@ijitce.co.uk

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

IJITCE PUBLICATION

International Journal of Innovative Technology & Creative Engineering Vol.9 No.9 September 2019

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

Dear Researcher,

Greetings! Articles in this issue discusses about Industry 4.0— Emerging Trends. AI in Accounting. IJITCE was invited as a Journal Partner to associate with Veltech Technology Business Incubator for Veltech TBI Start-ups and Investors[SAI] Summit. It has been an absolute pleasure to present you articles that you wish to read. We look forward to many more new technologies in the next month as we cover two major conferences. An interesting episode at ” Industry4.0 manufacturing. Thanks, Editorial Team IJITCE

Corner” will enhance your thoughts on NextGen

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

Editorial Members Dr. Chee Kyun Ng Ph.D Department of Computer and Communication Systems, Faculty of Engineering,Universiti Putra Malaysia,UPMSerdang, 43400 Selangor,Malaysia. Dr. Simon SEE Ph.D Chief Technologist and Technical Director at Oracle Corporation, Associate Professor (Adjunct) at Nanyang Technological University Professor (Adjunct) at ShangaiJiaotong University, 27 West Coast Rise #08-12,Singapore 127470 Dr. sc.agr. Horst Juergen SCHWARTZ Ph.D, Humboldt-University of Berlin,Faculty of Agriculture and Horticulture,Asternplatz 2a, D-12203 Berlin,Germany Dr. Marco L. BianchiniPh.D Italian National Research Council; IBAF-CNR,Via Salaria km 29.300, 00015 MonterotondoScalo (RM),Italy Dr. NijadKabbara Ph.D Marine Research Centre / Remote Sensing Centre/ National Council for Scientific Research, P. O. Box: 189 Jounieh,Lebanon Dr. Aaron Solomon Ph.D Department of Computer Science, National Chi Nan University,No. 303, University Road,Puli Town, Nantou County 54561,Taiwan Dr. Arthanariee. A. M M.Sc.,M.Phil.,M.S.,Ph.D Director - Bharathidasan School of Computer Applications, Ellispettai, Erode, Tamil Nadu,India Dr. Takaharu KAMEOKA, Ph.D Professor, Laboratory of Food, Environmental & Cultural Informatics Division of Sustainable Resource Sciences, Graduate School of Bioresources,Mie University, 1577 Kurimamachiya-cho, Tsu, Mie, 514-8507, Japan Dr. M. Sivakumar M.C.A.,ITIL.,PRINCE2.,ISTQB.,OCP.,ICP. Ph.D. Project Manager - Software,Applied Materials,1a park lane,cranford,UK Dr. Bulent AcmaPh.D Anadolu University, Department of Economics,Unit of Southeastern Anatolia Project(GAP),26470 Eskisehir,TURKEY Dr. Selvanathan Arumugam Ph.D Research Scientist, Department of Chemistry, University of Georgia, GA-30602,USA. Dr. S.Prasath Ph.D Assistant Professor, Department of Computer Science, Nandha Arts & Science College, Erode , Tamil Nadu, India

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

Review Board Members Mr. Rajaram Venkataraman Chief Executive Officer, Vel Tech TBI || Convener, FICCI TN State Technology Panel || Founder, Navya Insights || President, SPIN Chennai Dr. Paul Koltun Senior Research ScientistLCA and Industrial Ecology Group,Metallic& Ceramic Materials,CSIRO Process Science & Engineering Private Bag 33, Clayton South MDC 3169,Gate 5 Normanby Rd., Clayton Vic. 3168, Australia Dr. Zhiming Yang MD., Ph. D. Department of Radiation Oncology and Molecular Radiation Science,1550 Orleans Street Rm 441, Baltimore MD, 21231,USA Dr. Jifeng Wang Department of Mechanical Science and Engineering, University of Illinois at Urbana-Champaign Urbana, Illinois, 61801, USA Dr. Giuseppe Baldacchini ENEA - Frascati Research Center, Via Enrico Fermi 45 - P.O. Box 65,00044 Frascati, Roma, ITALY. Dr. MutamedTurkiNayefKhatib Assistant Professor of Telecommunication Engineering,Head of Telecommunication Engineering Department,Palestine Technical University (Kadoorie), TulKarm, PALESTINE. Dr.P.UmaMaheswari Prof &Head,Depaartment of CSE/IT, INFO Institute of Engineering,Coimbatore. Dr. T. Christopher, Ph.D., Assistant Professor &Head,Department of Computer Science,Government Arts College(Autonomous),Udumalpet, India. Dr. T. DEVI Ph.D. Engg. (Warwick, UK), Head,Department of Computer Applications,Bharathiar University,Coimbatore-641 046, India. Dr. Renato J. orsato Professor at FGV-EAESP,Getulio Vargas Foundation,São Paulo Business School,RuaItapeva, 474 (8° andar),01332-000, São Paulo (SP), Brazil Visiting Scholar at INSEAD,INSEAD Social Innovation Centre,Boulevard de Constance,77305 Fontainebleau - France Y. BenalYurtlu Assist. Prof. OndokuzMayis University Dr.Sumeer Gul Assistant Professor,Department of Library and Information Science,University of Kashmir,India Dr. ChutimaBoonthum-Denecke, Ph.D Department of Computer Science,Science& Technology Bldg., Rm 120,Hampton University,Hampton, VA 23688 Dr. Renato J. Orsato Professor at FGV-EAESP,Getulio Vargas Foundation,São Paulo Business SchoolRuaItapeva, 474 (8° andar),01332-000, São Paulo (SP), Brazil Dr. Lucy M. Brown, Ph.D. Texas State University,601 University Drive,School of Journalism and Mass Communication,OM330B,San Marcos, TX 78666 JavadRobati Crop Production Departement,University of Maragheh,Golshahr,Maragheh,Iran VineshSukumar (PhD, MBA) Product Engineering Segment Manager, Imaging Products, Aptina Imaging Inc. Dr. Binod Kumar PhD(CS), M.Phil.(CS), MIAENG,MIEEE HOD & Associate Professor, IT Dept, Medi-Caps Inst. of Science & Tech.(MIST),Indore, India Dr. S. B. Warkad Associate Professor, Department of Electrical Engineering, Priyadarshini College of Engineering, Nagpur, India

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019 Dr. doc. Ing. RostislavChoteborský, Ph.D. Katedramateriálu a strojírenskétechnologieTechnickáfakulta,Ceskázemedelskáuniverzita v Praze,Kamýcká 129, Praha 6, 165 21 Dr. Paul Koltun Senior Research ScientistLCA and Industrial Ecology Group,Metallic& Ceramic Materials,CSIRO Process Science & Engineering Private Bag 33, Clayton South MDC 3169,Gate 5 Normanby Rd., Clayton Vic. 3168 DR.ChutimaBoonthum-Denecke, Ph.D Department of Computer Science,Science& Technology Bldg.,HamptonUniversity,Hampton, VA 23688 Mr. Abhishek Taneja B.sc(Electronics),M.B.E,M.C.A.,M.Phil., Assistant Professor in the Department of Computer Science & Applications, at Dronacharya Institute of Management and Technology, Kurukshetra. (India). Dr. Ing. RostislavChotěborský,ph.d, Katedramateriálu a strojírenskétechnologie, Technickáfakulta,Českázemědělskáuniverzita v Praze,Kamýcká 129, Praha 6, 165 21

Dr. AmalaVijayaSelvi Rajan, B.sc,Ph.d, Faculty – Information Technology Dubai Women’s College – Higher Colleges of Technology,P.O. Box – 16062, Dubai, UAE Naik Nitin AshokraoB.sc,M.Sc Lecturer in YeshwantMahavidyalayaNanded University Dr.A.Kathirvell, B.E, M.E, Ph.D,MISTE, MIACSIT, MENGG Professor - Department of Computer Science and Engineering,Tagore Engineering College, Chennai Dr. H. S. Fadewar B.sc,M.sc,M.Phil.,ph.d,PGDBM,B.Ed. Associate Professor - Sinhgad Institute of Management & Computer Application, Mumbai-BangloreWesternly Express Way Narhe, Pune - 41 Dr. David Batten Leader, Algal Pre-Feasibility Study,Transport Technologies and Sustainable Fuels,CSIRO Energy Transformed Flagship Private Bag 1,Aspendale, Vic. 3195,AUSTRALIA Dr R C Panda (MTech& PhD(IITM);Ex-Faculty (Curtin Univ Tech, Perth, Australia))Scientist CLRI (CSIR), Adyar, Chennai - 600 020,India Miss Jing He PH.D. Candidate of Georgia State University,1450 Willow Lake Dr. NE,Atlanta, GA, 30329 Jeremiah Neubert Assistant Professor,MechanicalEngineering,University of North Dakota Hui Shen Mechanical Engineering Dept,Ohio Northern Univ. Dr. Xiangfa Wu, Ph.D. Assistant Professor / Mechanical Engineering,NORTH DAKOTA STATE UNIVERSITY SeraphinChallyAbou Professor,Mechanical& Industrial Engineering Depart,MEHS Program, 235 Voss-Kovach Hall,1305 OrdeanCourt,Duluth, Minnesota 55812-3042 Dr. Qiang Cheng, Ph.D. Assistant Professor,Computer Science Department Southern Illinois University CarbondaleFaner Hall, Room 2140-Mail Code 45111000 Faner Drive, Carbondale, IL 62901 Dr. Carlos Barrios, PhD Assistant Professor of Architecture,School of Architecture and Planning,The Catholic University of America

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019 Y. BenalYurtlu Assist. Prof. OndokuzMayis University Dr. Lucy M. Brown, Ph.D. Texas State University,601 University Drive,School of Journalism and Mass Communication,OM330B,San Marcos, TX 78666 Dr. Paul Koltun Senior Research ScientistLCA and Industrial Ecology Group,Metallic& Ceramic Materials CSIRO Process Science & Engineering Dr.Sumeer Gul Assistant Professor,Department of Library and Information Science,University of Kashmir,India Dr. ChutimaBoonthum-Denecke, Ph.D Department of Computer Science,Science& Technology Bldg., Rm 120,Hampton University,Hampton, VA 23688

Dr. Renato J. Orsato Professor at FGV-EAESP,Getulio Vargas Foundation,São Paulo Business School,RuaItapeva, 474 (8° andar)01332-000, São Paulo (SP), Brazil Dr. Wael M. G. Ibrahim Department Head-Electronics Engineering Technology Dept.School of Engineering Technology ECPI College of Technology 5501 Greenwich Road - Suite 100,Virginia Beach, VA 23462 Dr. Messaoud Jake Bahoura Associate Professor-Engineering Department and Center for Materials Research Norfolk State University,700 Park avenue,Norfolk, VA 23504 Dr. V. P. Eswaramurthy M.C.A., M.Phil., Ph.D., Assistant Professor of Computer Science, Government Arts College(Autonomous), Salem-636 007, India. Dr. P. Kamakkannan,M.C.A., Ph.D ., Assistant Professor of Computer Science, Government Arts College(Autonomous), Salem-636 007, India. Dr. V. Karthikeyani Ph.D., Assistant Professor of Computer Science, Government Arts College(Autonomous), Salem-636 008, India. Dr. K. Thangadurai Ph.D., Assistant Professor, Department of Computer Science, Government Arts College ( Autonomous ), Karur - 639 005,India. Dr. N. Maheswari Ph.D., Assistant Professor, Department of MCA, Faculty of Engineering and Technology, SRM University, Kattangulathur, Kanchipiram Dt - 603 203, India. Mr. Md. Musfique Anwar B.Sc(Engg.) Lecturer, Computer Science & Engineering Department, Jahangirnagar University, Savar, Dhaka, Bangladesh. Mrs. Smitha Ramachandran M.Sc(CS)., SAP Analyst, Akzonobel, Slough, United Kingdom. Dr. V. Vallimayil Ph.D., Director, Department of MCA, Vivekanandha Business School For Women, Elayampalayam, Tiruchengode - 637 205, India. Mr. M. Moorthi M.C.A., M.Phil., Assistant Professor, Department of computer Applications, Kongu Arts and Science College, India PremaSelvarajBsc,M.C.A,M.Phil Assistant Professor,Department of Computer Science,KSR College of Arts and Science, Tiruchengode Mr. G. Rajendran M.C.A., M.Phil., N.E.T., PGDBM., PGDBF., Assistant Professor, Department of Computer Science, Government Arts College, Salem, India. Dr. Pradeep H Pendse B.E.,M.M.S.,Ph.d Dean - IT,Welingkar Institute of Management Development and Research, Mumbai, India

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019 Muhammad Javed Centre for Next Generation Localisation, School of Computing, Dublin City University, Dublin 9, Ireland Dr. G. GOBI Assistant Professor-Department of Physics,Government Arts College,Salem - 636 007 Dr.S.Senthilkumar Post Doctoral Research Fellow, (Mathematics and Computer Science & Applications),UniversitiSainsMalaysia,School of Mathematical Sciences, Pulau Pinang-11800,[PENANG],MALAYSIA. Manoj Sharma Associate Professor Deptt. of ECE, PrannathParnami Institute of Management & Technology, Hissar, Haryana, India RAMKUMAR JAGANATHAN Asst-Professor,Dept of Computer Science, V.L.B Janakiammal college of Arts & Science, Coimbatore,Tamilnadu, India Dr. S. B. Warkad Assoc. Professor, Priyadarshini College of Engineering, Nagpur, Maharashtra State, India Dr. Saurabh Pal Associate Professor, UNS Institute of Engg. & Tech., VBS Purvanchal University, Jaunpur, India Manimala Assistant Professor, Department of Applied Electronics and Instrumentation, St Joseph’s College of Engineering & Technology, Choondacherry Post, Kottayam Dt. Kerala -686579 Dr. Qazi S. M. Zia-ul-Haque Control Engineer Synchrotron-light for Experimental Sciences and Applications in the Middle East (SESAME),P. O. Box 7, Allan 19252, Jordan Dr. A. Subramani, M.C.A.,M.Phil.,Ph.D. Professor,Department of Computer Applications, K.S.R. College of Engineering, Tiruchengode - 637215 Dr. SeraphinChallyAbou Professor, Mechanical & Industrial Engineering Depart. MEHS Program, 235 Voss-Kovach Hall, 1305 Ordean Court Duluth, Minnesota 558123042 Dr. K. Kousalya Professor, Department of CSE,Kongu Engineering College,Perundurai-638 052 Dr. (Mrs.) R. Uma Rani Asso.Prof., Department of Computer Science, Sri Sarada College For Women, Salem-16, Tamil Nadu, India. MOHAMMAD YAZDANI-ASRAMI Electrical and Computer Engineering Department, Babol"Noshirvani" University of Technology, Iran. Dr. Kulasekharan, N, Ph.D Technical Lead - CFD,GE Appliances and Lighting, GE India,John F Welch Technology Center,Plot # 122, EPIP, Phase 2,Whitefield Road,Bangalore – 560066, India. Dr. Manjeet Bansal Dean (Post Graduate),Department of Civil Engineering,Punjab Technical University,GianiZail Singh Campus,Bathinda -151001 (Punjab),INDIA Dr. Oliver Jukić Vice Dean for education,Virovitica College,MatijeGupca 78,33000 Virovitica, Croatia Dr. Lori A. Wolff, Ph.D., J.D. Professor of Leadership and Counselor Education,The University of Mississippi,Department of Leadership and Counselor Education, 139 Guyton University, MS 38677

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

Contents Cover Story -

Veltech TBI Start-ups and Investors [SAI] Summit

….……...[ 742]

Artificial Intelligence in accounting

….……...[ 745]

Industry 4.0

….……...[736]

SUSTAINABILTY CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY ..…...[736]

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

Veltech TBI Start-ups and Investors[SAI] Summit Veltech Technology Business Incubator (a.k.a Veltech TBI) hosted under Veltech Rangarajan Dr.Saguntala R & D Institute of Science and Technology at Avadi, Chennai is the second biggest university based start-up ecosystem, placed 2nd only, to IIT Madras in Chennai in terms of the number of start-ups registered (more than 130 nos), supported etc. Veltech TBI has established NIDHI COE and that has been supported by Department of Science and Technology, Govt of India, New Delhi. Veltech TBI is a strategic partner to Google, Amazon, Zoho, RBL Bank, Effitrac and Resilio-Labs.

Veltech TBI has moved on from just being an Incubator to building an entrepreneurship ecosystem where more and more partners, mentors, investors, domain experts, service providers are getting involved and engaged thereby reducing costs for the start-ups, enhancing their sustenance, enabling new strategies, enabling training in various areas relevant to their domain and operations, enabling linkage to new markets, faster technology adoption, bringing domain specific product development through access to mentors (including global mentors) etc thereby enabling them to scale-up as well.

Sustenance and Scaling of Start-ups”. SAI Summit was meant to be the platform on which start-ups, investors, corporates, product and service providers, senior leaders from govt got to interact and discuss on the best practices & next practices in the context of start-up ecosystem, contribute in shaping the future strategies for scaling of start-ups, product-market fit etc and discussed on how one can make their start-up interesting to investors.

The Objectives of the Conference were to deliberate on the following: ➢

➢ ➢

About Veltech TBI’s Start-ups and Investors [SAI] Summit Veltech TBI recently during Aug 30th, 2019 came out with the Start-ups and Investors (SAI) Summit at its campus in Avadi with the theme “Road to 742

Inspire Veltech TBI Incubatee start-ups as well as other outside start-ups to raise up (Level Next) in terms of growth and traction Help the startups to get knowledge about investors, make connections etc Spread awareness on Veltech TBI so that more start-ups get to utilize the features of Veltech TBI including the strategic partnership offerings from Google, Amazon, Zoho, Effitrac, Resileo Labs etc To spot, reward and recognize best engaged and high potential Veltech TBI start-ups To be the platform (exhibition) to showcase what stories start-ups have so far and the plans

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019 Investors | Building a Team | Schemes available for start-ups from the Central and State Govt’s.

Eminent speakers from the Central and State Governments, Private Players, Serial entrepreneurs and experts from the entrepreneurship community and others shared their experiences and the summit was well attended by start-up founders, co-founders, employees, mentors, Board members, Angels, VC’s, Banking and Financial institutions, Private investors, Corporate employees, Industry consultants, Product/Service solution providers, MSME’s, Academia, Chartered Accountants, Lawyers, Company secretaries, wannabe entrepreneurs, Telecom & Financial product service providers and Students/researchers. There was also a Pitch-fest where some start-ups got to pitch their ideas to VC investors. The SAI Summit exhibition saw more than 14 companies showcase their products and services to the delegates and the ecosystem. The SAI summit was presided over by the Chairman of Veltech Rangarajan Dr.Saguntala R & D Institute of Science and Technology and the Veltech Group, Mr.Rangarajan and the Vice-Chairman madam Dr.Saguntala Rangarajan. The chief guest of the summit Mr.Shankar, (Founder of CAMS and former President of TiE Chennai) delivered the keynote address and the special address was delivered by the Guest of Honor, Mr.Monikandan, deputy director of Enterpreneurship Development and Innovation Institute of Tamil Nadu. While the welcome note was delivered by Dr.Koteswara Rao Anne (Director of Academics), the theme address was delivered by Mr.Rajaram Venkataraman, CEO of Veltech TBI. Mr.M R Sivaraman, chaired the valedictory function and he has been a key proponent of entrepreneurship and he has prepared several Central Govt Budgets as the Former Revenue Secretary to the Indian central Govt and as the Executive Director of International Monetary Fund.

743

The speakers at the summit included experienced and successful entrepreneurs, VC investors and Finance experts. The speakers included Mr.Sridharan, Founder and CEO of S10 Technologies in Healthcare domain, Mr.Vishesh, General Partner from Speciale Invest, which is a popular VC firm investing in tech companies, Ramasubramanian (Subbu) who is the General Partner at “Sirrius One” an Angel fund, Mahesh, General Partner of a VC fund called Pontaq, SME exchange listing expert for start-ups from Mumbai, Mr.Huzeifa and Ms.Sangeetha, who is the CFO & ED of Dun Bradstreet Technologies. Veltech TBI also partnered with 14 industry bodies and institutions including TiE Chennai, SPIN Chennai, ISBA, IEEE, ACM India, Cyber Society of India, Cyber Security and Privacy Foundation, ecargolog supply chain magazine, Tamil Chamber of Commerce, Wsquare, AIDAT, @works, Retailers Association of India and ISC2 in cascading the message about the conference to their members. The International Journal IJITCE was the Journal partner for the Start-up and Investor Summit. The popular national daily newspaper “The New Indian Express” and the financial weekly “Nanaya Vikatan” were the Print Partners for the summit.

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019 showcasing the start-ups to the world with hosting of their video interviews in a popular portal called ctalk.in. Achievements of Veltech TBI Start-ups

About Veltech TBI Veltech TBI (has got Nidhi COE from DST, Govt of India) has created a vibrant ecosystem {around 325 people} with hundreds of start-ups, mentors, investors, service providers, consultants, media, strategic partners and ideators involved. This start-up ecosystem has created hundreds of permanent jobs, several hundred temporary/contract jobs, has won “best incubator award” locally in a entrepreneurship summit at Anna University. Veltech TBI’s start-ups have filed for IPR & Trademarks, has conducted training/workshops where thousands of people have attended & benefitted. It has set up a fine team of mentors from abroad (likes of senior leaders working in Twitter, Google, professors teaching at Stanford, Senior sales veteran from UK, entrepreneurs from silicon valley, domain veteran from Singapore, leading entrepreneurs and serial entrepreneurs from India etc. Veltech TBI has also funded 10 start-ups (seed funding from DST under NIDHI COE to the tune of Rs.2 Cr) apart from arranging this large conference with several investors including Venture Capitalists, Angels and Individual investors participating as speakers and delegates along with start-ups, combined with a Pitchfest, Award ceremony and an exhibition by startups. Veltech TBI has funded 10 idea to prototype startups with Rs.80 Lakhs of grants under Nidhi Prayas Scheme. A number Veltech TBI start-ups have benefitted from our strategic partner offerings (we have google providing up to $100K for cloud, Amazon – up to $10000 of AWS and support, Zoho gives away all their 39 apps free for 1 year, RBL Bank apart from convenient banking terms for the start-ups also gives their city conference rooms and working rooms available FREE for veltech TBI start-ups to have meetings, invite customers to city office etc. Effitrac is another recent partner who has agreed to give their ERP license FREE to the start-ups for an year. Resileo-labs is helping in 744

Even though, most of the start-ups at Veltech TBI are early stage start-up companies at seed funding stage, they have started making a mark already in the Industry. Few have been selected in global competitions like the one from Startup grind, USA where Veltech TBI incubatee “squarecomp” was selected by Google and invited to silicon valley for exhibiting and now it is in discussion with Google ventures for funding. Another incubate (gofloaters) has been referred in the global Fortune magazine as well as in various other media locally. "Mpover" has been ramping up well with a unique service model and has started working with key names like swiggy, zomato etc and has started creating a number of jobs. Quite a few have gained significant traction in terms of product, customers, revenues etc. Robotic kitchen developed by "Admatic Solutions" from Veltech TBI has created a wave in the food industry already with its unique product. Veltech TBI start-ups have created more than 300+ permanent jobs and more than 1000 contract jobs so far. More than 3500 people have benefitted from the Workshops and Training Programs that Veltech TBI has conducted in various areas including Digital technologies, Digital transformation, AI, 3D printing, Manufacturing, NDT, e-Waste, Bio-tech, Finance etc, Veltech TBI is part of the European union-India incubation alliance network and are members in several International and National bodies including UIIN, STEP of Germany, ISBA, SPIN Chennai, PSG Step, FICCI, CII etc. Veltech TBI won the “Best Incubator Award of 2018” from Anna University entrepreneurship summit in Guindy, Chennai. In terms of domain segmentation, Veltech TBI’s start-ups are focused on 3D printing, ewaste and plastic waste, digital products & services, manufacturing-tech, retail-tech and e-commerce, biotech, agri-tech etc. Veltech TBI’s 7 ways to engage is unique in the Industry wherein everybody gets to play a role at Veltech TBI in some form or the other, through the 7 ways to engage with VTBI. These roles are as a {1} Start-up incubate {2} Mentor {3} Trainer / Trainee {4} Investor {5} Evangelist {6} Partner {7} Customer of Veltech TBI incubatee’s products and services

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019

Artificial Intelligence in Accounting Premanand Narasimhan FIET, MIEEE, MBCS(UK), FIoD(Ind) Chennai, India Abstract—Artificial Intelligence (AI) extends the capabilities of computing to a whole new level. ... It enables computers to perform machine-based learning which earlier was left to humans. In the accounting profession, where people deal with regular mundane tasks, AI is a replacement of human capabilities for the better. Keywords: AI, Accounting I. INTRODUCTION Computer learning systems or robotics will be able to perform simple and routine tasks faster and more accurately than real humans. On the same breadth one can infer that most mundane accounting regular day to day activities could be done much faster and with absolute precision by Machine Learning systems assisted with meticulous algorithms.

•

AI may replace millions of more menial finance jobs over the next decade. After 2025 it is likely that AI will replace more complex finance roles as the technology accelerates . Certain aspects of accounting can be complex, but ultimately it requires proper Machine Learning Algorithms to achieve Human equivalent precision,

In financial services the competition for customer satisfaction is intense with firms looking for every advantage in marketing while fighting fraud, money laundering and other issues. Companies that are making extensive use of Artificial intelligence are reaping the benefits of increased customer satisfaction and loyalty, decreased fraud, and reduced regulatory penalties which adds to the company’s bottom line.

II. FIVE WAYS TO AUTOMATE YOUR ACCOUNTING PROCESS 1. Link credit cards, business accounts, and supplier accounts. Instead of using manual data entry for business transactions, one can enable bank feeds. ...

4. Automate the approval process. ... 5. Always upload PDF documents. III. ACCOUNTING INFORMATION SYSTEM An accounting as an information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers. An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. A. Accounting automation means more time, less stress ! Reporting enables one to get any business properly organized, letting manager take the right decision in real time. B. ‘Accounting automation’ is having any invoicing, accounting, inventory and CRM in sync, working in harmony. There’s little requirement for human input, so when it comes to accounting, customers find that with a perfect AI enabled system there is really nothing much more to do.

IV. BUSINESS PROBLEM When it comes to accounting, doing routine bookkeeping tasks manually is slow and painful. No one is interested in working out which bank payments are received How to match the invoices that are sent; No one would like to undergo the hassle of deciding which outgoing payments match up with the goods or services that are purchased. Entering and categorizing expense and income information manually is simply something no one desires to do. Same is the case with spending a lot of time creating end of year accounts. In small and medium sized businesses efficiency is highly desirable.

2. Use intelligent data validation and verification. ... 3. Track all invoices online. ... 745

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 9 SEPTEMBER 2019 Often business owners don’t want to be burdened with low value, time consuming, repetitive and tedious admin tasks. However, often economics might mean you have to really question whether it makes financial sense to employ someone to do relatively low value tasks. In many areas of business administration, software automation provides the answer to this puzzle. V. HOW AI CAN MAKE LIFE SIMPLE •

•

TABLE I ACCOUNTING WOULD BENEFIT THROUGH AI IN THE FOLLOWING SPECIFIC WAYS:

Sl no Task 1 2 3

Automated transaction retrieval using encrypted logins to pull transaction information from a bank account can be deployed. A process of sync and match to compare transactional amounts in the account to automate bank reconciliation can be done.. For transactions where there is no match because an expense or income has not gone through AI enabled system can generate accounting entries. A powerful algorithm can be built around machine learning, that generates accounts data by learning from any initial set up and inputs provided by system that is designed with AI. Invoicing should let one create an Invoice from a Sales Order and send it with one click. Each Invoice then can be matched with payment. An Invoice is automatically tied up with sales and gets matched when the payment hits the bank account, flagging up any unpaid invoices . Inventory levels should be automatically adjusted for items that are sold. The number of items listed is automatically reduced, taken off the balance sheet and P&L updated accordingly. When items run low new inventory is automatically ordered at the same time to maintain stock levels. CRM lets one stay on top of sales by tracking opportunities, providing timely reminders and tracking calls and tasks. Quotes use templates to project a professional image consistently and send them from your desk or on the road with mobile devices.

4 5 6 7 8 9

Auditing of expense submission Reducing the documentation burden Clear invoice payments Compliance and risk assessment Quick and accurate analytics calculation Automated invoice categorization Automatic bank reconciliation RPA/AI interface for business finance Use of Chatbot

Desira bilty(1 -3) 3 3 3 3 3 3 3 3 3

VI. CONCLUSION Artificial Intelligence is gradually influencing every sector, accounting included. Artificial Intelligence would create a big impact on the accounting sector. Accounting information provides a broad range of possibilities. In the near future, machine learning would even be capable of generating tax liabilities from the available data. On the other hand, “time-saving” is an important benefit of artificial Intelligence . This provides accounting professionals with an opportunity to conduct vital research on various aspects. Consequently, delivering relevant and beneficial judgments would become easier and faster. In future, it will be easy to forecast accurate financial statements. The core concept is that with Artificial Intelligence , accounting professionals would predict future data on the basis of past data/records. REFERENCES [1] Accounting Today [2] Wikipedia AI

746

and

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

Industry 4.0 Corner Premanand Narasimhan FIET, MIEEE, MBCS(UK), FIoD(Ind) In an era of intense volatility due to shorter business and product lifecycles, manufacturing companies around the globe are under extreme pressure. Margins are being squeezed more than ever as components increasingly become more varied and complex to produce, workforces are aging and becoming costlier to maintain.

Most Common Uses and application areas

Automation and control of robots and factories and smart logistics systems. Simulation of factory process and training support. Applications to gather and monitor data.

Competitiveness is everything to manufacturers and much-needed gains in efficiency and profitability will have to be achieved through new process innovations. This includes, for example, the continued automation of robots and warehouse transportation and cutting cables to become truly flexible. 5G and IoT will be key to enhancing and enabling these advances in manufacturing. 5G networks offer manufacturers and telecom operators the chance to build smart factories and truly take advantage of technologies such as automation, artificial intelligence, augmented reality for troubleshooting, and the Internet of Things (IoT). With 5G, operators can create new revenue streams. Alongside energy and utility, manufacturing represents one of the most significant sectors for new revenue potential for operators addressing industry digitalization with 5G technologies. According to the Ericsson study The 5G Business Potential, the expected addressable market in 2026 will be USD 113 billion, a substantial 7 percent potential revenue growth from current service revenue forecasts. 5G technologies provide the network characteristics essential for manufacturing. Low latency and high reliability are needed to support critical applications. High bandwidth and connection density secure ubiquitous connectivity. These are requirements that manufacturers currently rely on fixed-line networks. The mobile 5G technology will allow for higher flexibility, lower cost, and shorter lead times for factory floor production reconfiguration, layout changes, and alterations.

747

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

SUSTAINABILTY CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY By Shambhu Dayal Sharma

I. Abstract: Corporate Social Responsibility (CSR), a term widely used for defining the responsibilities of Corporate world towards the society & environment. Although the term is not new in this Corporate world but its scope & meaning has undergone major changes from treating it as a mere charity in comparison with the responsibilities/duties of the Corporate towards the outer world. There are many big entities who have been actively engaged in the CSR activities but unfortunately the number is relatively less. In order to encourage more entities to participate in the process of development of the society via- CSR, the Government of India has actually implemented the concept of CSR in the new Companies Act 2013, On 27th February, 2014, the Government of India has notified the rules for CSR spending u/s 135 of the New Companies Act 2013 along with Companies (Corporate Social Responsibility Policy) Rules, 2014 effective from 1st April 2014. Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship or sustainable responsible business/ Responsible Business) is a form of corporate self-regulation integrated into

748

a business model. CSR policy functions as a self-regulatory mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards and international norms. With some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law." CSR aims to embrace responsibility for corporate actions and to encourage a positive impact on the environment and stakeholder Including consumers, employees, investors, communities, and others. The term "corporate social responsibility" became popular in the 1960s and has remained a term used indiscriminately by many to cover legal and moral responsibility more narrowly construed. Proponents argue that corporations increase long term profits by operating with a CSR perspective, while critics argue that CSR distracts from business' economic role. A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

financial impact, were due to The notion is now extended beyond purely flawed empirical analysis and claimed when commercial corporations, e.g. to the study is properly specified, CSR has a universities. neutral impact on financial outcomes. Turning the CSR from voluntary activities to Critics questioned the "lofty" and the mandated responsibilities, also sometimes "unrealistic expectations" in governed by the bundle of regulations as CSR. or that CSR is merely window-dressing, follows: or an attempt to pre-empt the role of governments as a watchdog over II. INTRODUCTION powerful multinational corporations. The demand for sustaining excellence is Political sociologists became interested in related to a lot of issues. In the past, many CSR in the context of theories activities of companies have primarily been of globalization, neoliberalism and late led by programmes. As a result, at the very capitalism. Some sociologists viewed CSR as beginning it has been obvious that a a form of capitalist legitimacy and in programme has a lifespan â&#x20AC;&#x201C; and then the particular point out that what began as a next programme will follow. This is not a social movement against uninhibited good precondition for sustainable success. corporate power was transformed by Therefore, different approaches had to be corporations into a 'business model' and a found to gain sustainability based on a 'risk management' device, often with continuous improvement process. But questionable results. again, there are limits if not all relevant target groups are in the focus. As a CSR is titled to aid an organization's mission consequence, this topic deals with the as well as a guide to what the company relevance of a stakeholder orientation in a stands for to its consumers. Business frame of corporate social responsibility as a ethics is the part of applied ethics that precondition for sustainability examines ethical principles and moral or ethical problems that can arise in a business Corporate Social Responsibility (CSR), a environment. ISO 26000 is the recognized term widely use for defining the international standard for CSR. Public sector responsibilities of Corporate world towards organizations (the United Nations for the society & environment. Although the example) adhere to the triple bottom term is not new in this Corporate world but line (TBL). It is widely accepted that CSR its scope & meaning has undergone major adheres to similar principles, but with no changes from treating it as a mere charity in comparison with the responsibilities/duties formal act of legislation. of the Corporate towards the outer world.

749

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

2. The CSR Policy shall be formulated in accordance with Schedule VII and the CSR Committee will be responsible for framing the policy, finalizing the amount to be spent on CSR, monitoring & implementation of the Scheme. 3. If Company ceases to fulfill the eligibility criteria for three consecutive years, then the company is not required to comply until the company will meet the eligibility criteria once again. The CSR Rules provides the manner in which CSR committee shall formulate, monitor the policy and manner of understanding for CSR activities. Under the rules, the Government has also fixed a threshold limit of 2% of the “Average’ Net Profits of the block of previous three years on CSR activities and if Company fails to spend such amount, disclosures are to be made for the same. But an exemption has been given to the Companies that do not satisfy the above threshold for three consecutive years.

There are many big entities who have been actively engaged in the CSR activities but unfortunately the number is relatively less. In order to encourage more entities to participate in the process of development of the society via- CSR, the Government of India has actually implemented the concept of CSR in the new Companies Act 2013, On 27th February, 2014, the Government of India has notified the rules for CSR spending u/s 135 of the New Companies Act 2013 along with Companies (Corporate Social Responsibility Policy) Rules, 2014 effective from 1st April 2014. Turning the CSR from voluntary activities to the mandated responsibilities, also governed by the bundle of regulations as follows: Eligibility Criteria: Company (includes foreign company with branches or project in India) having: Minimum net worth of rupees 500 Crore. Turnover up to “1000 Crore” having a net profit of at least ‘5crore’ during any financial year, are covered by this provision. Composition of CSR Committee The Company should constitute a Corporate III. COMPANIES ACT 2013 Social Responsibility Committee as follows: ‘Governance’ is derived from the Greek verb kubernáo meaning ‘to steer’. A 1. The Committee shall consist of minimum Brief on CSR Activities as prescribed under 3 (three) including 1 (one) Independent Schedule VII of CA, 2013 Director, however in case of Private Company or the Company, which is not 1. Objective to efface the daily life segments required to appoint Independent Director including poverty, malnutrition and hunger on board, or Foreign Company the while enhancing the standard of living and committee can be formulated with (2) two promoting the facets of better health care and sanitation. directors.

750

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

2. Initiative to promote the different segments of education including special education and programs to enhance the vocation skills for all ages like children, women, elderly and conducting other livelihood enhancement projects.

socio-economic development and welfare of the schedule castes and Schedule Tribes and for supporting backward classes, minorities and women.

9. To uplift the technology of incubator that’s comes under academic institutions 3. Aim to bring the uniformity in respect of and which are approved by the Central different sections of the society to promote Government. gender equality and other facilities for senior citizens and developing hostels for 10. Introducing varied projects for Rural women and orphans and taking initiative for Development. empowering women and lowering inequalities faced by socially and The below activities doesn’t include under economically backward groups. the CSR activities of the Company. 1. Business run in the normal course. 4. Elevate the segment of flora and fauna to 2. Outside the territory of the India or bring the ecological balance and abroad. environmental sustainability in respect of 3. For the welfare of tshe employees and animal welfare, conservation of natural their families. resources and ago forestry while 4. Political party contribution of any amount maintaining the quality of air, water and directly and indirectly as defined u/s soil. 182 of the Act. 5. Enhancement of Craftsmanship while protecting art and culture and measures to The above CSR activities shall be restore sites of historical importance and undertaken by the Company, as per its stated national heritage and promoting the works CSR policy, in consonance with the new or of art and setting up of public libraries. ongoing projects excluding activities undertaken in pursuance of its normal 6. Steps to bring worthy to the part of war course of business. The Board of Directors windows, armed force veterans and their may decide to undertake its CSR activities departments. approved by the CSR Committee, through a registered trust or a registered society. 7. Sports programs and training sessions to enhance the level of rural sports, nationally recognized sports, Paralympic sports and Olympics sports. 8. Favoring to Prime Minister’s National Relief Fund and contribution to other fund set up by the central government to promote

751

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

IV.

BACKGROUND AND CONTEXT

Sustainability (corporate sustainability) is derived from the concept of sustainable development which is defined by the Brundtland Commission as â&#x20AC;&#x153;development that meets the needs of the present without compromising the ability of future generations to meet their own needsâ&#x20AC;?4. Corporate sustainability essentially refers to the role that companies can play in meeting the agenda of sustainable development and entails a balanced approach to economic progress, social progress and environmental stewardship. CSR in India tends to focus on what is done with profits after they are made. On the other hand, sustainability is about factoring the social and environmental impacts of conducting business, that is, how profits are made. Hence, much of the Indian practice of CSR is an important component of sustainability or responsible business, which is a larger idea, a fact that is evident from various sustainability frameworks. An interesting case in point is the NVGs for social, environmental and economic responsibilities of business issued by the Ministry of Corporate Affairs in June 2011. Principle eight relating to inclusive development encompasses most of the aspects covered by the CSR clause of the Companies Act, 2013. However, the remaining eight principles relate to other aspects of the business. The UN Global Compact, a widely used sustainability framework has 10 principles covering social, environmental, human rights and

752

governance issues, and what is described as CSR is implicit rather than explicit in these principles. Brief on CSR Activities as prescribed under Schedule VII of CA, 2013 1. Objective to efface the daily life segments including poverty, malnutrition and hunger while enhancing the standard of living and promoting the facets of better health care and sanitation. 2. Initiative to promote the different segments of education including special education and programs to enhance the vocation skills for all ages like children, women, elderly and conducting other livelihood enhancement projects. 3. Aim to bring the uniformity in respect of different sections of the society to promote gender equality and other facilities for senior citizens and developing hostels for women and orphans and taking initiative for empowering women and lowering inequalities faced by socially and economically backward groups. 4. Elevate the segment of flora and fauna to bring the ecological balance and environmental sustainability in respect of animal welfare, conservation of natural resources and ago forestry while maintaining the quality of air, water and soil. 5. Enhancement of Craftsmanship while protecting art and culture and measures to restore sites of historical importance and national heritage and promoting the works of art and setting up of public libraries.

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

6. Steps to bring worthy to the part of war windows, armed force veterans and their departments. 7. Sports programs and training sessions to enhance the level of rural sports, nationally recognized sports, Paralympic sports and Olympics sports. 8. Favoring to Prime Minister’s National Relief Fund and contribution to other fund set up by the central government to promote socio-economic development and welfare of the schedule castes and Schedule Tribes and for supporting backward classes, minorities and women. 9. To uplift the technology of incubator that’s comes under academic institutions and which are approved by the Central Government. 10. Introducing varied projects for Rural Development. The below activities don’t include under the CSR activities of the Company. 1. Business run in the normal course. 2. Outside the territory of the India or abroad 3. For the welfare of the employees and their families. 4. Political party contribution of any amount directly and indirectly as defined u/s 182 of the Act.

CSR activities approved by the CSR Committee, through a registered trust or a registered society.

SCOPE AND OBJECTIVE

Yearly Compliances:1. The Annual Report of the Company shall include a comprehensive Report on CSR in the format as prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014, containing particulars on Overview of CSR Policy, Composition of the Committee, Avg. Net Profit, prescribed expenditure and details of its spending, reason in case of failure etc. 2. The disclosure on CSR in Board Report should also be available on the Company’s Website. 3. The activities included in the CSR Policy and the prescribed expenditure being undertaken/ spent shall be ensured by the Board, in the respective manner. This means all the Companies falling in the aforesaid criteria needs to ensure CSR compliance but it is debatable to say that the same is for welfare of the society or the companies are doing it just to avoid penalties. CSR stands to support the Company’s Vision as well as directions to what Organization stands for and will sustain its clients. An ISO 26000 is the accepted worldwide standard for Corporate Social Responsibility (CSR).

The above CSR activities shall be undertaken by the Company, as per its stated CSR policy, in consonance with the new or ongoing projects excluding activities undertaken in pursuance of its normal course of business. The Board of CSR term has been revaluated with an aim Directors may decide to undertake its to embrace responsibility for the

753

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

Company's actions and encourage a positive impact through its activities on the environment, consumers, conscience, corporate citizenship, social performance, employees, communities and all stakeholders. VI.

OVERVIEW OF DISSERTATION

CSR in India CSR in India has traditionally been seen as a philanthropic activity. And in keeping with the Indian tradition, it was an activity that was performed but not deliberated. As a result, there is limited documentation on specific activities related to this concept. However, what was clearly evident that much of this had a national character encapsulated within it, whether it was endowing institutions to actively participating in India’s freedom movement, and embedded in the idea of trusteeship. As some observers have pointed out, the practice of CSR in India still remains within the philanthropic space, but has moved from institutional building (educational, research and cultural) to community development through various projects. Also, with global influences and with communities becoming more active and demanding, there appears to be a discernible trend, that while CSR remains largely restricted to community development, it is getting more strategic in nature (that is, getting linked with business) than philanthropic, and a large number of companies are reporting the activities they are undertaking in this space in their official

754

websites, annual reports, sustainability reports and even publishing CSR reports. The Companies Act, 2013 has introduced the idea of CSR to the forefront and through its disclose-or-explain mandate, is promoting greater transparency and disclosure. Schedule VII of the Act, which lists out the CSR activities, suggests communities to be the focal point. On the other hand, by discussing a company’s relationship to its stakeholders and integrating CSR into its core operations, the draft rules suggest that CSR needs to go beyond communities and beyond the concept of philanthropy. It will be interesting to observe the ways in which this will translate into action at the ground level, and how the understanding of CSR is set to undergo a change. VII.

CONCLUSION AND SUMMARY Benefits of CSR programme

a. As the business environment gets increasingly complex and stakeholders become vocal about their expectations, good CSR practices can only bring in greater benefits, some of which are as follows: b. • Communities provide the licence to operate: Apart from internal drivers such as values and ethos, some of the key stakeholders that influence corporate behaviour include governments (through laws and regulations), investors and customers. In India, a fourth and increasingly important stakeholder is the

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

community, and many companies have started realising that the ‘licence to operate’ is no longer given by governments alone, but communities that are impacted by a company’s business operations. Thus, a robust CSR programme that meets the aspirations of these communities not only provides them with the licence to operate, but also to maintain the licence, thereby precluding the ‘trust deficit’. c. • Attracting and retaining employees: Several human resource studies have linked a company’s ability to attract, retain and motivate employees with their CSR commitments. Interventions that encourage and enable employees to participate are shown to increase employee morale and a sense of belonging to the company. d. Communities as suppliers: There are certain innovative CSR initiatives emerging, wherein companies have invested in enhancing community livelihood by incorporating them into their supply chain. This has benefitted communities and increased their income levels, while providing these companies

755

with an additional and secure supply chain. e. • Enhancing corporate reputation: The traditional benefit of generating goodwill, creating a positive image and branding benefits continue to exist for companies that operate effective CSR programmes. This allows companies to position themselves as responsible corporate citizens. f. The CSR clause of the new Companies Act, 2013 may be critical for SMEs. By requiring companies, with a minimum net profit of 5 crore INR, to spend on CSR activities, the Companies Act, 2013 is likely to bring in many SMEs into the CSR fold. The SMEs will have to quickly learn to be compliant with these diverse set of requirements. Submitted as part of The curriculum of MasterClass for Directors Leading To Certified Corporate Director Certification. Conducted By The Institute Of Directors, TamilNadu State, Chapter, INDIA. (106th MasterClass for Directors held from 14th to 16th March 2014, Chennai, India).

www.ijitce.co.uk

INTERNATIONAL JOURNAL OF INNOVATIVE TECHNOLOGY AND CREATIVE ENGINEERING (ISSN:2045-8711) VOL.9 NO 8 AUGUST 2019

756