by Ray Hayes
During Xero’s London Tech Week in Shoreditch a district in East London, Paul Bulpitt spoke about the merging of accounting and technology in the industry. Bulpitt pointed out that most small businesses have struggled with account coding, creating a need for a simple solution.
Enter machine learning!
The idea of machine learning includes features that locate code and recodes them instantly….aka….artificial intelligence. According to reports, by 2025 the value of AI will hit $36 billion with almost 49 percent of human activity being automated. This inevitability expands past accounting and has entered the thoughts of small business production as well.
Chris Kellner, head of business development at Digital Genius, also spoke at London Tech Week to point out the impact AI has already had on some industries. “Since KLM airlines integrated AI, it has closed over 30 percent cases with the help of AI and sent more than 25,000 AI messages a month. AI is a huge time saver for business, which is further proof as to how humans can harness this kind of technology…”
Although, I agree there is a growing need for new software that will produce instant error free results, we must not overlook the human touch. We must not only train workers to use the learning machines but also workers must learn from them as well to develop new strategies that will make them more productive. If used and implemented correctly in the small business world this will lead to a huge impact and advancement in the near future.