[TechSparks 2020] Tally MD reveals how to remain relevant in a constantly changing digital environment
In the digital age, businesses often find it difficult to keep pace with the continuing changes, but it’s important for them to find their footing. For SMBs and startups that use digital methods to operate, engage with customers, and grow their businesses will see success.
But how does one remain relevant in a constantly changing digital environment?
One can learn a thing or two from enterprise resource planning software provider Tally Solutions, a 34-year-old product company that is synonymous with accounting in India. YourStory caught up with Managing Director Tejas Goenka at the eleventh edition of TechSparks to discuss why innovation is vital and how companies can adapt to sudden change.
“The last six months have been crazy. Amidst a change, companies that innovate faster succeed. Any company cannot ignore changes and we, as a company, have witnessed so many changes.
“Over the last three decades Tally has gone through product innovation five times. I believe that over the last two years the world has become much more connected; mobility and compute have changed the way businesses scale. We are working on a very different way to solve for Indian businesses. You don't need large monolithic solutions for Indian SMBs… you will see a new Tally next year,” Tejas said.
E&Y pegs the number of SMBs in India at 50 million. Of these, Tally has close to two million SMB customers.
The accounting major is now getting into a platform play. It wants to connect all channels such as marketplaces, banks, tax systems, customers, ecommerce, and suppliers. Apart from customising accounting software, it is using technology to replace manual entries. It is also planning to open up its network of two million SMEs to entrepreneurs who want to connect for business.
“India is a supply-constrained market and Tally believes Indian SMBs, which the world views as complex, are not complicated. They don’t need complex sales; entrepreneurs buy the product when they see value in it. The country’s SMB market needs customisation; SMB owners know what they want and we should build for that,” Tejas said.
According to Tally, building for resilience and long-term use is the key.
For example, every business had to adapt quickly and automate tax filing when the GST was rolled out. Tally was able to provide Indian SMBs with quick updates and training, and their GST product up and running in under six months.
One has to move quickly to stay relevant digitally and Tally was able to help one million SMBs with GST in less than 10 months.
The future of business is with mobility and Tally believes it has to “prepare for that future”. To do that and scale, Tejas believes products must be “secure and offer privacy to customers”.
“People need to run companies with technology and not have technology run their companies. I don't think I want to change that part. Entrepreneurs should run their company the way they want to,” Tejas said.
He added that the COVID-19 pandemic and the resultant work-from-home culture will bring monies to local economies and smaller towns.
For more information on TechSparks 2020, check out our TechSparks 2020 website.
TechSparks - YourStory's annual flagship event - has been India's largest and most important technology, innovation, and entrepreneurship summit for over a decade, bringing together entrepreneurs, policymakers, technologists, investors, mentors, and business leaders for stories, conversations, collaborations, and connections that matter. As TechSparks 2020 goes all virtual and global in its 11th edition, we want to thank you for the tremendous support we've received from all of you throughout our journey and give a huge shoutout to our sponsors of TechSparks 2020.
Edited by Teja Lele