If your business is using Tally ERP, your team members have access to tools that support their roles in every aspect of accounting and finance. Whether a user is focused on purchasing, inventory and supply chain, accounting and statutory reporting, finance and investment or any one of a number of other disciplines, Tally Solutions are designed to enable data entry, data organization and reporting.
In this article, we review four of the benefits the business will enjoy by adding augmented analytics to the Tally environment and how the integration of augmented analytics can provide additional tools, insight and value to the organization and make your team members more efficient and effective.
Augmented Analytics is a term coined by Gartner analysts to describe a data analytics approach that leverages machine learning and natural language processing (NLP) to provide simple tools for business users and streamline and democratize the analytical process so that every team member can have access to business intelligence and analytics for decision-making.
Go Beyond Data Entry
The typical accounting and finance professional uses Tally for data entry. Entering and tracking data in a single system allows users and managers to see reports that reflect the current state of the business. By adding augmented analytics to the tools available to your team, you support users and empower them to use their industry and domain knowledge to explore and find ‘nuggets’ of data that will help them make decisions and, more importantly, allow them to go beyond simple data entry and reporting to provide valuable advice and recommendations to the management team. Sifting through traditional reports and trying to ‘see’ the real story is often difficult in a traditional accounting and finance system. With integrated augmented analytics, users can theorize and discover answers and use that information to improve outcomes.
Reduce Guesswork and Opinion
At the end of the day, a team member can print reports, pour over data and highlight areas for improvement or perhaps an area they think might represent an opportunity for the business. But, if the data is not presented in true analytical form, team members may draw incorrect conclusions or leverage incomplete information to make a decision. Every person has a bias or an opinion and, while that position may be based on years of experience, we are living in an ever-changing world and business and markets are also changing. So, the conclusions they draw may be flawed if they are based solely on their own experience. With augmented analytics, users can produce graphical representations and tell a story, using data that will lead them to make decisions and recommendations based on metrics and facts.
Encourage Continuous Improvement
When a business makes the decision to integrated augmented analytics into the Tally environment, and provides access to those tools to business users, it can also engender a culture of continuous improvement and encourage team members to explore, discover and use real data and metrics to find ways to improve business processes, identify supplier issues, inventory process changes, and possible tax issues or challenges – all before these trends and patterns become a crucial issue. By encouraging users to go beyond data entry and truly leverage data and metrics to manage the business, the organization can become more agile, engender continuous improvement and ensure that every users is contributing to business success as a vital member of the team.
Improve Time to Market
Your competitors are using augmented analytics in every corner of the organization. When you consider your own business analytics needs, remember that accountants, finance, purchasing managers, inventory professionals and other related roles play a key role in controlling expenses and generating revenue. To be successful today, your business must find those hidden opportunities and issues, wring every drop out of expenses and leverage a myriad of techniques to generate and keep revenue. Identifying when and how to enter the market, how to improve the quality and efficiency of the supply chain, how to capitalize on sales and customer payments and use data and information in creative ways to improve time to market for new products, price points, customer engagement, tax implications, purchasing processes etc.
These are just a few of the benefits your business will enjoy by integrating augmented analytics with the Tally ERP accounting and finance solution suite.
If your business is using Tally and you want to take your results to the next level, consider SmartenApps For Tally, a solution that provides value out-of-the-box with analytics, dashboards and reports that include an Overview, Sales & Purchase, Bank and Cash, Payables and Receivables, Inventory, Taxes, Cost Center, Ledger, Drill-Down, Accounts Statements, and Reports. For more information about Augmented Analytics and its application in accounting, finance and for Tally, visit our Blog.