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.
Why do your business team members need to be data literate? If your business is like most, it struggles to keep up with trends and to understand whether, when and how to implement enterprise-wide initiatives. You must convince your senior team and board of directors that these changes (which may be time-consuming and costly) are worth the effort. So, when a business manager says that her/his team needs to be more data literate, these same questions will arise.
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.
If your business has embraced the concept of Digital Transformation (Dx) and Data Literacy, it must plan for these initiatives in order to ensure that they are successful. The best way to achieve Dx and data literacy is to establish a technology environment that will support and encourage constant change and optimize resources and creativity – all in the service of supporting business goals and objectives.
Business competition is intense and markets are changing rapidly. What worked yesterday, does not work today and it is crucial for businesses to have an in-depth understanding of what is changing, how customer buying behavior is evolving, what new products and pricing plans are appropriate, where to invest for the future, what additional resources the business will need and when – in short, every detail of your business can positively or negatively impact your business and you need to understand current performance and future needs.
