Can AI help MSMEs achieve new levels of efficiency and productivity? AI has been a part of the tech world for more than seven decades. But it is now grabbing the spotlight with unprecedented methods. What are the catalysts? The catalysts? These three pillars have reshaped the landscape of small and medium-sized businesses, opening the door to a revolution which promises to redefine the way businesses operate in the digital era.
Artificial intelligence and MSMEs
AI is a great tool for MSMEs as well as all other businesses. AI is used for many purposes by MSMEs: decoding trends in the market, improving business efficiency, sharpening decisions, managing costs, and automating processes. AI tools are not just tools, but transformative partners who help MSMEs shape the future of their businesses.
Tally AI can take MSMEs to a new level.
Tally integrates AI seamlessly into two powerful domains: automation, and analytics. We’ll explore the power of Tally AI, organized in these two buckets.
1. AI-driven automation: boosting operational productivity
AI-driven automation is revolutionizing productivity in the MSME sector. Tally is ready to step up with a range of functionalities.
- Data Entry and Operations: Streamlining of tasks such as invoice and bill processing, bank statement reconciliation and compliance report matching.
- Integration Automating procurement processes and seamlessly integrating with ecommerce platforms.
- Extensibility TallyPrime Developer plays its role, generating TDL codes effortlessly.
- Workflow assistance: Introduce smart assistants to the product for a guided, efficient workflow.
2. AI-driven analytics: Illuminating Business Insights
AI-driven analytics is a powerful tool for MSMEs to make informed decisions.
- Deep insight: Unraveling trends in the market, ensuring compliance with regulations, managing risks, detecting fraud and optimizing supply chain.
- Predictive insight: Tally’s AI is capable of predictive maintenance, forecasting demand, managing cashflow, and even addressing the nuances associated with employee turnover.
In this blog we will explore the details of how to revolutionize the data entry for TallyPrime – a cornerstone of the accounting software world. We are focused on the future where manual data entry will be a thing of the past and replaced by an intelligent, seamless automation process. Our exploration is based on a revolutionary approach: the automation of invoice processing. Invoices, whether they are received electronically or in physical form, are vital to the financial transactions of businesses. This blog reveals the technological marvels which enable us to integrate these invoices seamlessly into TallyPrime.
The Challenge: Manual data entry hurdles
The traditional data entry process has long been a bottleneck in businesses. It consumes valuable time and resources which could have been better used for strategic decision making. We are excited to announce that we have pioneered the integration of automated data entry into accounting programs, bringing a new level of accuracy and productivity.
90 percent of all invoices are still stuck in the manual process, and 12.5% require a re-do because of errors. Imagine that the average cost of each invoice is 9 Euros. What are the culprits? The culprits? Manual mazes are time-consuming and inaccurate, creating a data revolution that is long overdue.
Tally automates data entry to solve challenges
Have you ever wondered how Tally manages to handle the data entry tangle so effortlessly? We’ll break it down in five magic moves.
- Data extraction Imagine this as Tally’s digital detective, equipped with AI, which reads through digital documents and scans them, transforming unstructured chaos in neat, organized formats.
- Data Validation:Tally introduces a data-validation layer that ensures the extracted data are as reliable as you most trusted ally.
- Data Mapping: Extracted data embarks on an adventure to find the perfect match. It maps seamlessly to ledgers and masters, like a puzzle piece falling into place.
- Handling exceptions: manages exceptions gracefully, ensuring smooth flow in spite of occasional hiccups.
- Analytics and reporting: Tally transforms data into meaningful insights and offers a 360-degree view of the business through its reporting and analytics. Data entry is no longer a chore with Tally.
Tally’s data entry automaton provides a seamless user workflow
This is a simple summary of the user’s journey through Tally’s data input automation process.
- Document input – Upload documents via Tally’s Import menu or email. Mobile entry and camera support will help you capture data quickly.
- Document Processing: Watch Tally classify documents – sales invoices or purchase order – like a wizard. It extracts information and maps it to the Tally Schema. This ensures the correct transaction type.
- Reviewing documents uploaded: View documents with extracted fields side-by-side. With the help of prediction probabilities, highlight important fields. If necessary, you can also make manual corrections. Tally’s dashboards will guide you through the fascinating world of Tally. The data entry process has never been so exciting!
Our endeavor to revolutionize TallyPrime data entry has overcome challenges inherent in the on-premises nature of TallyPrime, while prioritizing robust privacy protocols. Our automated entry system is able to adapt to the diverse formats and structures of B2B bills, and ensure accuracy and reliability. The solution has been designed to be scalable, and caters to the requirements of TallyPrime’s global user base. This includes over 2 million businesses. In our quest to democratize the efficiency of business, we have struck a balance that allows us to empower small and medium-sized businesses (SMEs) while not imposing any financial restrictions. We anticipate that our reimagined process of data entry will have a tangible impact on the businesses. This will usher in a new age of efficiency for financial management.