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How Tally Maintains Its Number One Position Over the Years

How Tally Maintains Its Number One Position Over the Years
"""Tally has gone through a roller coaster ride, from being a start-up to a market leader, to experiencing a meltdown in product pricing. It has several future objectives, the most important of which is to become a 5,000 crore company in the near future. Bharat Goenka, the founder of Tally Solutions, India's largest accounting software company, has lofty goals. The company intends to surpass $2 billion in revenue by the end of fiscal year 16-17, at a rate that may cause other start-ups to pause.

Growing twenty times in a few years may appear to be an unrealistic dream; however, the ambition to do so is likely the result of Tally's unrealized ambitions rather than a statement of overconfidence. Tally appears to have discovered itself after a long road strewn with struggle, success, and then some huge mistakes, and sees no reason why it shouldn't take the open road ahead at an alarming speed. This time around, the company's founder appears to be clear on his priorities for the company. According to him, making money is simple, but making an impact is more difficult, and if the company succeeds in doing so, money will naturally flow in.

ERP 9, Tally's flagship software, is widely regarded as the best accounting package available to businesses today. Tally is unique in India because of its ease of use and ability to provide real-time information access, allowing for up-to-date cash flow analysis and offering the ability to better understand the numbers behind a business on an ongoing basis. Today, its product has an 80% market share, and according to Mr Goenka, the only competition is manual bookkeeping. Though financial accounting is a global product, it is highly customized for each market.

Accounting standards and rules in India, according to experts, are quite different, and they change very quickly. Tally's understanding of the regulatory environment in the country, as well as their frequent product updates, are two of the company's most significant advantages. Another significant advantage of Tally ERP is its extensive network of partners who go out and sell their products in the market. Experts believe that for any global company to succeed in India, where many small businesses rely on individuals coming to sell and install their products, this is a difficult act to follow.

In the Future

Tally primarily sells its products under the Tally and Shoper brands. Tally ERP 9 is the company's most recent release, and it has been a huge success. Going forward, it has identified an area of opportunity, primarily'supply chain visibility,' and is looking to leverage its broad reach to provide last-mile connectivity to small and mid-sized businesses.

Tally needs to return to the things that made it successful in the first place, which are innovation and unrivaled work ethics, if it is to surpass the growing completion and reach the aimed $2 billion mark."""
 

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"How Tally Maintains Its Number One Position Over the Years" was written by Mark under the Finance category. It has been read 102 times and generated 0 comments. The article was created on and updated on 13 January 2023.
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