IIT Madras and Walmart join forces to aid MSMEs with AI and IoT
The Centre for Tech Excellence, established by the Indian Institute of Technology Madras, aims to assist micro, small, and medium enterprises with backing from Walmart. The center's objective is to rapidly and effectively train MSME units in utilizing artificial intelligence and Internet of Things technology to enhance their business development. An agreement to this end has been formally signed.
V. Kamakoti, the Director of the Institute, emphasized the crucial role of MSMEs, constituting 30% of the Indian industry sector, and highlighted the necessity for guiding them in technology deployment. He emphasized the imminent need for Indian companies to align closely with Sustainable Development Goals, underscoring the importance of equipping MSMEs accordingly.
The centre would use technology to help MSMEs with overall product evaluation, which in turn would improve economic growth, he said. “This is a kind of a venture that can be scaled to a 1.5 billion population whose needs are varied. There are varieties of MSMEs in fields such as agriculture and medicine (as well). We are introducing a common portal", he said.
"The Institute had started focusing on MSMEs since last year. It launched a centre with the financial company Kotak, and many MSMEs have benefited. The institute’s study would be released as a report in a couple of months", Mr. Kamakoti added, “Similarly, we plan to empower and encourage MSMEs through the tech centre", he explained.
The center will additionally provide solutions to numerous research challenges involving faculty from diverse disciplines and departments. Suresh Kumar, who serves as both Walmart's chief technical officer and chief development officer and is an alumnus of the institute, mentioned that the company has been collaborating with the institute since 2022. “First, we focused on students and research. This is the second collaboration between Walmart and IIT Madras,” he said. Over the following three years, the Institute plans to assist 15-20 MSMEs in harnessing AI and IoT technology, thereby creating case studies for the institution.