Joyce Ray, Tally Solutions India on How MSMEs Can Leverage Technology to Thrive in Changing Business Scenario

In this video, Mr. Joyce Ray, the Head of India Business for Tally Solutions, speaks about the opportunities and challenges that exist for MSME (micro, small, and medium enterprises) businesses in the changing business scenario. He starts by highlighting the fact that MSME businesses in this country contribute to nearly 50 percent of the industrial output, including the services sector. He also mentions that they are one of the most resilient set of entrepreneurs and are present across the length and breadth of the country. Mr. Ray goes on to explain that in the last two years, MSME businesses have once again shown their resilience and have largely come out of the two years of the pandemic. He also mentions that certain categories of businesses are still recovering, but overall, MSMEs have bounced back with tremendous energy and enthusiasm. He credits the ecosystem, which includes the chartered accountant community, the tax practitioner community, the banking system, the government, and local bodies, for playing a crucial role in supporting MSMEs during these tough times.

Moving forward, Mr. Ray speaks about how technology has been a major enabler for MSMEs to be relevant in the changing scenario. He mentions three areas where MSMEs can leverage technology to transform their businesses – work culture, digital means of commerce, and customer management. He explains how the adoption of digital means of commerce is going up day by day, and even small vendors have adopted digital methods of transaction. He also talks about how customer management practices have improved dramatically, thanks to remote methods like Microsoft Teams and Zoom.

Finally, Mr. Ray talks about how Tally Solutions is adding value to MSME businesses in India. He explains that their guiding philosophy has always been that businesses should adopt automation and specifically automate the financial and accounting part, but that it is not an easy decision to make. Tally Solutions helps MSMEs adopt technology in a sustained manner and provides them with the necessary support to ensure that they are in sync with all the digital initiatives that are coming their way. For decades, our company has prioritized listening to our customers and designing products with simplicity, flexibility, and reliability in mind. We understand that small and medium-sized enterprises may not have the resources to handle their IT needs efficiently, especially in the chaotic rush of day-to-day business operations. Despite these challenges, we have always been committed to these principles, and our customers have appreciated and continue to appreciate our efforts. In the past year and a half, we have focused on adapting to the changing compliance landscape, and thanks to the support of our customers and partners, we are now the dominant source of e-invoicing in India. During the pandemic, we made changes to our policies to ensure our customers could continue to use our products remotely without any interruptions. We are proud of the way our employees and partners have adapted to this new way of working, and we launched our new product, Tally Prime, during this time. We have also worked closely with our partners to provide them with the resources and support they need to thrive in a changing market.

Over the next few years, we will continue to focus on staying relevant for our customers, providing connected services, and adopting new ways of working. We will also prioritize supporting our partners and making Tally a true Made in India and globally recognized product.