Vikas Panchal – Tally Solutions – Interview
Digitalization transforms the way businesses bring together customers, data, and processes. Small businesses that embrace digitalization can expect to see average revenue gains of 26%, according to a recent study. In the wake of the same, Vikas Panchal, Business Head- Middle East, Tally Solutions sheds light on why it is important for SMEs to adopt digitalization.
Q.1. Why is it important to go digital in today’s time?
Ans. The 21st century revolves around disruption in digital technologies. Innovation, automation and the adoption of smart technologies are changing the way we interact with each other and lead our daily lives. Under this continuously evolving landscape, going digital is but a logical step if we are to remain competitive and relevant.
In the Middle East, especially in the GCC, digital transformation is an integral part of the region’s development agendas and policies. In the UAE, for instance, the government has enacted laws encouraging innovation and the use of next-generation digital technologies.
A large number of companies have already begun integrating cutting-edge digital technologies into their systems and processes to keep up with their competitors and address the new demands of the more tech-savvy consumers of today. Through these new tools, they also seek to achieve higher organizational efficiency, productivity, and profitability prospects as well as faster delivery of quality services and, more importantly, better customer experience.
For instance, we have seen more companies tapping advanced business management software to automate time-consuming and repetitive tasks. Equipped with modern features, this automated solution can be leveraged to ease account maintenance, automate accounting processes, smoothen transaction entries, smartly manage inventory, come up with analysis-based decisions, and reduce human errors, to name a few. The solutions help an enterprise to be more efficient and productive.
Digitization is here to stay. Keeping up with this trend is the only way to go.
Q.2. How can SMEs invest in a small, yet powerful software?
Ans. The SME owners first need to fully understand the need to automate their processes and the concerns they want the software to address. Once they are clear about the requirements, they can then allocate the right budget to be able to acquire a powerful software capable of meeting their needs. The willingness to make such an investment will give entrepreneurs the upper hand in terms of achieving more efficient business operations and sustaining their competitive edge. Digital transformation leads to automation of processes, as such, minimized human errors and customization of services for greater benefits and organizational and customer needs. The important point is that digital transformation is for everyone regardless of the size of the business.
Q.3. What are some considerations to be kept in mind?
Ans. Features such as simplicity, flexibility, speed, data security, and reliability are non-negotiable. The software should be able to simplify the complexities within the business operations without committing any error. Also, it should be able to adjust accordingly in case of unexpected changes in the business environment or any changes due to external factors. We recommend collaborating with a provider that is trusted and has a proven track record so that SMEs can make informed decisions.
Q.4. Any upcoming trends that SMEs should know about?
Ans. Automation has been here for quite some time and large industries have started reaping its benefits, however, SMEs are not utilizing this trend to maximize their business potential. SMEs need to understand the numerous benefits technology can bring in their respective businesses and how to harness this power for their growth. The most basic of all is automating your daily business requirement, which once done, you can concentrate on the core of your business and focus on your growth. Additionally, customer experience will remain an important consideration, anything that can further boost the satisfaction of their customers should be part of their priorities.
Q.5. What are the advantages of going digital?
Ans. Incorporating digital technologies into business systems and processes results in higher organizational efficiency, productivity, and profitability levels, in addition to faster delivery of quality services and better customer experience. Going digital also significantly reduces human errors and the time spent on repetitive and tedious tasks. For the latter, it allows businesses to focus more on mission-critical aspects of their operations.
Q.6. How to battle the cost constraint for investing in digital technologies?
Ans. Contrary to popular belief, going digital is not going to break the bank. Cost-efficient software programs packed with the right tools and features are readily available in the market today. The important thing to note here is that automation is an investment for the business rather than an expense.