January 1, 2021

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Most companies are in the early phases of determining how best to put AI to work for them.


3 min read

Opinions expressed by Entrepreneur contributors are their own.


Putting the future promise of self-driving cars and precision medicine aside for a moment, let’s look at how AI can already support a handful of crucial business needs. 

These smaller-scale implementations are definitely not what you would call splashy, but they have the power to impact your bottom line in meaningful ways. Best of all, each of the ideas covered here is based on existing technology that can be implemented in a reasonable timeframe and at a reasonable cost.

Related: 3 Ways Small Businesses Can Quickly Embrace AI Without Big Data or Programmers

1. Automation of business processes

In nearly every area of business, a huge amount of employee time is dedicated to executing rote and repetitive tasks.

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Retirement fund body EPFO on Thursday started crediting 8.5 per cent rate of interest on employees’ provident fund (EPF) for 2019-20 for its over six crore members, a senior official said.


A large number of members of the Employees Provident Fund Organisation (EPFO) would be able to see their updated EPF accounts with credit of 8.5 per cent rate of interest for 2019-20, a senior official told PTI.



The official further informed that the labour ministry has already sent the direction to credit the 8.5 per cent interest on EPF for 2019-20 to the EPFO and the body has already started crediting interest into members account for the last fiscal.


Labour Minster Santosh Gangwar said, “We had said that it would be our endeavour to provide 8.5 per cent rate of interest on EPF for 2019-20. We have issued

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The government will extend the benefit of the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to all export goods with effect from January 1.


The RoDTEP scheme will refund to exporters, the embedded central, state and local duties and taxes, an official statement said.



The refund will be credited in an exporter’s ledger account with customs and is used to pay Bbasic customs duty on imported goods.

The credits could also be transferred to other importers.


The RoDTEP rates would be notified shortly by the department of commerce, based on the recommendation of a committee chaired by former commerce secretary G K Pillai. The final report of the committee is expected shortly. Irrespective of notification, RoDTEP would be made effective from January 1, the statement said.

Dear Reader,

Business Standard has always strived hard

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Bitcoin vaulted above $29,000 to reach yet another record level on the last day of 2020, showing no signs of slowing down its torrid December rally.


The largest cryptocurrency climbed to as high as $29,292 before pulling back slightly to trade at $28,972 as of 11.30 am in Hong Kong on Thursday. It has advanced almost 50 per cent in December, on track for its biggest monthly gain since May 2019.



“Key to this rally is that it has been sustained over several weeks,” said Matt Long, head of distribution and prime products with crypto brokerage OSL in Hong Kong. “If we do see a break to the downside, it will be instructive on the direction of first-quarter flows whether we see institutions continue to buy on a potential dip.” Bitcoin has now quadrupled in value this year amid the global

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