Empowering MSMEs Through AI

Tuhin Sengupta |Updated on: January 29, 2024

Can the power of AI propel MSMEs to new heights of productivity and efficiency. While AI has lingered in the tech realm for over seven decades, it's now seizing the spotlight in unprecedented ways. The catalysts? An abundance of computing power, vast storage capabilities, and an ocean of data, measured in millions of terabytes. These three pillars are reshaping the landscape for small and medium-sized enterprises, paving the way for a revolution that promises to redefine how businesses operate in the digital age.

Artificial Intelligence and MSMEs

MSMEs, like all businesses, find AI to be of great use. They leverage AI for a myriad of purposes: decoding market trends, gaining profound customer insights, elevating business efficiency, sharpening decision-making process, mastering cost management, and seamlessly automating business processes. The tools of AI aren't just tools; they're transformative partners in the MSMEs' journey, shaping the future of their business landscape.

Elevating MSMEs to new heights with Tally’s AI wizardry

Tally seamlessly integrates AI into two powerful realms: automation and analytics. Let's delve into the magic of Tally's AI prowess, organized into these two transformative buckets.

1. AI-driven automation: boosting operational productivity

In the heartbeat of MSME operations, AI-driven automation emerges as a silent hero, revolutionizing productivity. Tally steps up to the plate with a suite of functionalities:

• Data entry and operations: Streamlining tasks like invoice and bills processing, bank statement reconciliation, and compliance report matching.
• Integration: Automating procurement processes and seamlessly interfacing with e-commerce platforms.
• Extensibility: TallyPrime developer plays its part, generating TDL code effortlessly.
• Assisted workflow: The introduction of smart assistants within the product, ensuring a guided and efficient workflow.

2. AI-driven analytics: illuminating business insights

In the realm of informed decision-making, AI-driven analytics acts as a beacon, providing MSMEs with robust tools:

• Deep insights: Unraveling market trends, ensuring regulatory compliance, managing risk, detecting fraud, optimizing supply chains, and even fine-tuning energy consumption.
• Predictive insights: Tally's AI prowess extends to predictive maintenance, demand forecasting, cashflow management, and tackling the nuances of employee turnover.

However, in this blog, we delve deep into the intricacies of revolutionizing the data entry process for TallyPrime, a cornerstone in the world of accounting software. Our focus is set squarely on the future, where manual data entry becomes a relic of the past, replaced by a seamless and intelligent automation process. At the heart of our exploration lies a groundbreaking approach – the reimagining of data entry through the automation of invoice processing. Whether received digitally or as physical copies, invoices are the lifeblood of financial transactions for businesses. In this blog, we uncover the technical marvels that empower us to harness the data within these invoices, seamlessly integrating them into TallyPrime.

The challenge: hurdles of manual data entry

Traditional data entry processes have long been a bottleneck for businesses, consuming valuable time and resources that could be better utilized for strategic decision-making. Recognizing the need for a more efficient solution, we are thrilled to share how we are spearheading the integration of automatic data entry into accounting software, ushering in a new era of productivity and accuracy.

A whopping 90% of invoices globally are stuck in manual processing, leading to a dizzying 12.5% needing a redo due to errors. Picture this: each invoice’s journey costs an average of 9 Euros! The culprits? Time-consuming entries, manual reconciliation headaches, lurking compliance risks, and the inefficiency haunting reporting processes. It's a manual maze that not only consumes time but also plays havoc with accuracy, paving the way for an overdue data revolution!

How Tally solves the challenges by automating data entry

Ever wondered how Tally effortlessly tackles the data entry tangle? Let's break it down into five magic moves:

• Data extraction: Picture this as Tally's digital detective – armed with AI prowess, it reads through digital and scanned documents, transforming the unstructured chaos into neat, organized formats.
• Data validation: Tally adds a touch of scrutiny, introducing a data validation layer to ensure the extracted data is as reliable as your most trusted ally.
• Data mapping: The extracted data then embarks on a journey to find its perfect match, mapping seamlessly to the right ledgers and masters like pieces of a puzzle falling into place.
• Exception handling: Tally gracefully manages exceptions, ensuring a smooth flow despite occasional hiccups.
• Reporting and analytics: Finally, Tally doesn't stop at data entry; it transforms numbers into meaningful insights, offering a panoramic view through the lens of reporting and analytics. With Tally, data entry becomes a symphony, not a struggle.

Seamless user workflow in Tally’s data entry automation

The simple user journey in Tally’s data entry automation processed can be summarized as follows:

• Document input: Start by uploading documents through Tally's Import menu, email, or even WhatsApp. Speed things up with mobile entry and camera support for swift data capture.
• Document processing: Watch as Tally classifies documents—sales invoices or purchase orders—like a wizard. It extracts and maps info to the Tally Schema, ensuring the right transaction type is nailed.
• Reviewing uploaded documents: View documents and extracted fields side by side. Highlight crucial fields with prediction probabilities. And if needed, a manual correction facility is right at your fingertips. Dive into the enchanting world of Tally with statistical dashboards guiding your way. Data entry has never been this captivating!

Conclusion

In conclusion, our endeavor to revolutionize data entry for TallyPrime has navigated challenges inherent in its on-premises nature, prioritizing robust data privacy protocols. Negotiating the complexities of B2B invoices, our automated entry system proves its adaptability across diverse formats and structures, ensuring accuracy and reliability in the dynamic landscape of business transactions. Scalability has been a central focus, with the solution seamlessly catering to the needs of TallyPrime's expansive user base, exceeding 2 million businesses globally. Moreover, in our commitment to democratize efficiency, we've struck a balance between innovation and cost affordability, empowering small and medium-sized enterprises (SMEs) without imposing financial constraints. As we reflect on this transformative journey, we anticipate the tangible impact of our reimagined data entry process on businesses, ushering in a new era of efficiency in financial management.