As artificial intelligence permeates every corner of the market, Sandeep Aujla, CFO of Intuit (INTU), appears on Wealth! to discuss how these technological developments will trickle down to small and medium-sized businesses.
“When we think about AI for SMBs, we are focused on two key areas: first, helping SMBs save time because they want to focus on running their business rather than managing accounting and cash flow, and second, helping them improve cash flow, which is the number one indicator of success or failure for SMBs,” Aujla said.
He gives the example of Intuit Assist, the company's generative AI engine that helps improve the experience for small businesses: “We're looking at turning photos of receipts into inputs into QuickBooks. We're turning vendor PDFs into invoices so small businesses can pay electronically. We're turning email correspondence and handwritten notes into e-quotes and invoices that small businesses can send payment-ready so they can get paid faster on our platform,” he explains.
He adds that MailChimp and QuickBooks combine data points to help small business owners better understand and target their customers to maximize revenue potential.
For more expert insights and the latest market trends, click here to watch this full episode of Wealth.
This post was written by Melanie Leal
Video Transcript
You know, when we hear about the development of artificial intelligence, we see that it may eventually trickle down to small and medium-sized businesses.
How do you think small businesses can benefit from artificial intelligence?
And whether that will happen in earnest or with critical mass is a key point and an important question for us. First, I want to say that we have been committed to AI for years before it was fashionable to talk about it. We were talking about AI when we announced our strategy of an AI-driven expert platform in 2018.
And for us, that's about really leveraging the benefit of billions of data points across our ecosystem to drive prosperity for every small business and consumer on our platform.
When thinking about AI for SMEs, there are two key areas that focus on saving time, as SMEs are more focused on running their business than on accounting and managing cash flow.
And secondly, it helps improve cash flow, which is the number one indicator of success or failure for small businesses.
So if you look at the experience that we're providing through Resist, it's a gen a Igen that drives the experience for small businesses.
I'm looking to turn photos of receipts into quickbooks entries.
We convert vendor PDF S into invoices and enable small businesses to make payments electronically.
We are converting email correspondence and handwritten notes into electronic quotes.
So you can send invoices, enable payments, and get paid faster on our platform.
And finally, we provide revenue intelligence through our Mailchimp platform and Quick Books, using billions of data points to help small businesses better segment their customers. By providing them with insights and customer funnels that, frankly, were previously only available to larger companies like us, we're helping them target customers at the right time to maximize their revenue potential.
So we're really focusing on our capabilities and AI to help drive success for small and medium-sized businesses.
As you know, and as was pointed out earlier, small and medium-sized enterprises are a significant contributor to our nation’s GDP and a leading indicator of national and economic success.
