When you tell someone you work in a finance-related position, their eyes might glaze over. They picture you ‘counting beans’. Whether you work in inventory management, purchasing, accounting, enterprise finance or any other related position, your job can seem mysterious (and even boring) to many people. But, yours is the lifeblood of the organization.
What’s your role? Maybe you are an accounting professional, or a financial manager, or maybe you are a sales manager, someone in charge of purchasing for your business, or the person who manages inventory. No matter your role, if you deal with budget, overspending, supply shortages or any other aspect of the business affecting the budget, funding, spending and revenue, you know how important it is to stay on top of things.
If you are an accountant or a finance professional, you may be frustrated by the fact that your seat at the table often comes too late in the game for you to make a difference. If your role is limited to statutory reporting or producing reams of columns and reports for business colleagues and then trying to explain them, if your ability to affect a problem in a timely manner is limited, if you are always seeing the real picture in the rear view mirror, you might want to think about integrating analytics within your accounting and finance solution.
Tally ERP business users are familiar with the tools and modules provided and use these tools daily for accounting, inventory control, purchasing and supplier management tasks and finance-related activities. Users perform data entry and reporting. But, what if your business users could take the information within this system and use it to spot trends, identify patterns, make recommendations and suggestions to the business units and add crucial value in managing every aspect of expenses, revenue and tax implications within the business environment?
As a corporate accounting professional or an enterprise financial professional, purchasing manager, inventory manager or any other team member working in a financial capacity in an organization, you can make a difference! You may think that your impact is limited to ensuring correct data entry, providing statutory reports and perhaps pointing out budget overruns or other day-to-day issues.
The Tally ERP solution is popular for a lot of reasons. With its broad and deep features and functionality, it supports accounting, finance, purchasing, inventory and other financial tasks and activities. With so much meaningful information, a business can create a competitive edge by finding a way to gather and analyze all the information contained in the various modules to make decisions, identify issues and find opportunities and trends and patterns that will affect business success.
If you are an accounting or finance professional, chances are good you know Tally Solutions and TallyERP. This software application was designed to support your teams and to provide an environment for data entry and reporting and, as such, it is quite popular. This foundational structure allows users to access and work with data for day-to-day tasks and to support the business operation.
When a business decides to undertake a data democratization and data literacy initiative, it is important to recognize that not all advanced analytics solutions are created equal. Business users who are expected to take on the task of analytics, will need an augmented analytics solution that can support their needs. They aren’t data scientists. They aren’t business analysts. They are business professionals who will want to use an analytics solution that can give them sophisticated output and information. It has to be easy enough to use without the need for assistance by IT or data scientists and it has to be a solution that can be personalized to produce reports and analytics that are easy for each user to leverage to make decisions, solve problems and identify opportunities.
If you are an average business professional, your eyes probably roll back in your head when you hear terms like data preparation, data extraction, transformation and loading, otherwise known as ETL, or any other term that makes you think of a pile of rubble you have to sift through to find what you need. How and why would you ever want to dive into that pile?
Wise business managers are embracing the Digital Transformation initiative in an effort to improve accuracy, productivity and the integration of technology and analytics within the organization. Augmented Analytics is a logical and critical addition to the Dx initiative and will significantly enhance the success of the Digital Transformation agenda. When a business wishes to consider and implement a Digital Transformation and Augmented Analytics initiative, it must shift its cultural assumptions to support continuous improvement. There will be no Digital Transformation or Data Literacy success if the enterprise does not embrace the concept of continuous improvement.
