How Biz Analyst by Khatabook is enabling data driven business decision making for SMEs
While SMEs in India have become more ambitious and self-reliant, they still often struggle with lack of time, resources, and most importantly digital tools exclusively designed as per their business needs to analyse their business performance regularly. As a result, SMEs end up making business decisions based on a gut feeling of owners rather than on data intelligence.
This made Mehul Sutariya and Vaibhav Vasa, who were working with tech MNCs after their masters from the US, realise the importance of data analytics in the industry. “Most of the Business owners, including our close friends and relatives, we spoke with back then did not have the most basic answers on the business performance query on their fingertips. For example, why the sales are going up or down, which products are selling more or less, which ones are more profitable, how can they improve their cash flow and most importantly, how to reduce the outstandings. They simply didn’t know.” Explains Vaibhav and Mehul. So They wanted to create a digital Analyst working for these SMEs to help them with key data/information real time, reduce the dependency on legacy systems, make smarter and faster business decisions but most importantly make their life easy.
Thus, came the idea of Biz Analyst which connects with Tally to provide real-time business data on mobile to business owners, sales & marketing teams. This innovative application is not only used and appreciated across India, but by Tally users in UAE, Africa, the Middle East, and Singapore.
Biz Analyst by Khatabook is a comprehensive business management platform integrated with Tally, helping business owners and sales teams keep track of data remotely. It has more than 100K premium users from the SME sector globally managing their businesses with real time understanding of all the business performance indicators through this app. Since is integrated with tally, this app reduces the inter-function dependability on Finance and accounting and enables every function within the organization to make informed data driven decisions on their own.
With a unique business model consisting of channel partners, 1000+ at the moment, Biz Analyst by Khatabook is now used by users from the most remote of the area in the hinterland.
The Product for the SMEs
Designed with the business behavior and challenges of the SME sector at the center, Biz Analyst helps SMEs run their business efficiently with their easy to use dashboard that collects and displays all of the key business figures on a single screen. The app provides a holistic view of business with sales, inventory and accounting data analytics and makes planning strategies extremely simple with the help of a dashboard and reports.
The pandemic proved to be the biggest validation of Biz Analyst as the most critical digital tool for business management. During the pandemic, SMEs suddenly became extremely receptive to the idea of a digital tool that may provide proper data access to all the employees working from home or remotely and help them seamlessly collaborate. Biz Analyst App was designed keeping all these new age work environment contingencies in mind and hence, experienced a stiff growth in the usage of the app.
One of the Biz Analyst users, Rahul Zaveri says, “The features on the Biz Analyst app proved its mettle during the lockdown. We didn’t send laptops or desktops to our employees to enable them to work from home. Everything we needed to know was on Biz Analyst, and the business was happening fine. The app told us the outstanding and delayed payments, inventory stock levels, and more. The features on the Biz Analyst app are extremely useful when you have to travel constantly for the business.”
Features like follow up reminders on the app ensure that business owners and their team would never miss any important business activity hence, improving productivity and efficiency.
The app has the ability to create entries like sales orders, sales invoices, receipt, payment etc. which sync automatically with Tally. This has enabled multiple people within the organization to work independently from anywhere and has made the transactions with customers faster.
Efficient Cashflow Management is another business performance defining activity for SMEs. Buy now, pay later has always been a way of doing business in India. Hence, the app now allows its users to set Automatic Outstanding Reminders for all customers from the app in order to receive the outstanding payment faster. This not just saves the time spent on calling the customers but also makes the payment recovery almost 3 times faster.
Biz Analyst for Sales & Inventory
The app analyzes sales and inventory related data for efficient planning and business operations. “Based on the information on the App, we can decide what to dispatch and what to bill to vendors. We sometimes use warehouses across multiple locations, and the app also lets us know what is available where,” explains Rahul.
One can also identify most valued as well as inactive customers through the App. It also provides tips to regain the lost business based on its smart analytics. Rahul adds that this feature helps him hone his people skills and build a rapport with customers. He says, “Once I get this list, I give it to our logistics person, and tell him to dispatch sweets to them for Diwali or anniversaries.”
Scaling and empowering SMEs
As a part of Khatabook Ecosystem, Biz Analyst is positioned to become an end to end business management solution for the SMEs in India and Beyond. Ravish Naresh, Co-founder and CEO, Khatabook says,
“Biz Analyst is our first strategic acquisition as we intensify our network effects up the supply chain and focus on monetisation. The features and strengths that Biz Analyst offers are the perfect extension to our present Khatabook business portfolio.”
Biz Analyst by Khatabook has already paved the way for itself in the SME segment with the efficiencies it brought to the businesses with automation through technology. Biz Analyst plans on providing SMEs with a complete solution by integrating with various other ERP software in the future for better business analytics and insights. Data Intelligence and advanced AI-based feature enhancement are always in the pipeline to improve the experience and provide users with more actionable insights to SMEs.