'Innovation' is the fuel that keeps the modern world running. There is no sector in the economy which can flourish if it doesn't keep itself abreast on the latest developments. If it fails to do so it is only a matter of time till it is driven to the point of extinction by its competitors.
Despite the concerns expressed by some regarding the development of AI, it will be embraced by everyone as it must. In a world which is inexorably marching toward automation it has become a matter of survival for small businesses to cut costs in every possible way. If they stand any chance in their competition against the corporate behemoths of the world it is only in their ability to evolve and adapt and embrace the ever-changing digital landscape.
This is where Marg Books resuscitates MSME's gasping for air in a post-pandemic economy.
Thakur Anup Singh , CMD of Marg Group, has averred that Corona will not be allowed to become an obstacle for businesses to prosper and Marg is willing to shoulder the responsibility in ensuring that this happens.
The research team at Marg has been working tirelessly since the onslaught of the Covid-19 pandemic to create software which can be easily operated online and would simplify accounting, inventories, digital payments in addition to providing delivery services and calculating the tax returns owed by business.
What separated Marg from other competitors in the market is its unique ability to customize software according to the needs of the businesses, especially small business that are technically deficient. Features have been developed in Marg Books to help a wide range of businesses- retailers, pharmacists, restaurant owners, grocery stores etc. The revolution lies in the fact that it can be operated online and from any device (computer, laptop, tablet and mobiles) providing the option of work-from-home to its users.
The Covid-19 induced pandemic has unleashed catastrophic consequences on the global economy. According to estimates by the IMF, the global economy shrunk by 4.4 per cent in 2020. Some economists have compared the recent recession with the Great Depression of the 1930s. India had been witnessing a slump in its growth rate pre-Covid but the pandemic had at one stage bitten off a-fourth of India's GDP as the supply chain was hit leading to high inflationary pressures.
The sectors that are hit the worst are tourism, aviation, hospitality and trade while other sectors would end up being collateral damage. The virus outbreaks has resulted in one of the worst economic downturns globally that are considered once-in-a-century-event. In an increasingly connected world the economic effects cannot remain isolated or be sequestered a cascading effects of an economic disaster are invariably felt in every part of the world notwithstanding the original location of the problem.
Marg Books is an outlier as it has truly understood the pulse of the market and customized itself to serve the needs of its customers by discarding a standardized accounting format and tailored itself to the particularities of the business for which it will be used. It will bring down logistics costs, minimize if not altogether remove human error, plug monetary leakages that take place either due to corruption or inefficiency invariably reducing the infrastructure and time costs.
Its bank-to-bank payment system which connects customers with around 140 banks where payments can be accepted or sent without the hassle of logging into the bank portal provides luxuries its users which are other-worldly. With the use of Marg Books the process of bank reconciliation is reduced from being an excruciatingly painful and time-consuming process to a simple task.