Customers expect small businesses to be at the forefront of innovation regardless of the size of the business or the products and services they provide. If you’re not exploring emerging technologies, which are part of innovation, you’re missing out on opportunities to grow your business and operate as effectively as possible.
At Intuit, one of our goals is to help customers navigate tech trends so they become an opportunity, instead of a threat. Here are three tech trends that you need to be across.
Machine learning is a type of artificial intelligence (AI) which focuses on the creation of computer programs that can teach themselves to evolve and grow when exposed to new data. Machine learning processes use these large-scale data sets to predict customer behavior and provide personalized promotions or recommendations to consumers based on the information.
AI assistants in devices like Microsoft’s Cortana or Amazon’s Alexa currently leverage machine learning but you don’t need to be a consumer tech or robotics company to leverage machine learning to make more strategic business decisions. With machine learning, small businesses can provide a tailored, “intelligent” service, giving their customers more of what they want and spending less time doing it.
As more customers use QuickBooks Online and QuickBooks Self-Employed, our platform of connected data continues to expand, driving our ability to leverage machine learning. This growing community will make our ecosystem work harder and enable our customers to operate more efficiently and strategically. Ultimately, our vision is to harness this data to create an artificially intelligent strategic advisor for your business.
Virtual reality (VR) has been on the radar for a while now, but with the recent launch of consumer VR headsets like the HTC Vive, the Oculus Rift and Sony’s PlayStation VR, together with entry-level mobile headsets like the Samsung Gear, virtual reality is now more accessible than ever before.
As a small business, virtual reality has the potential to revolutionise your business, as if offers a completely different and interactive way to engage with customers. From advertising, to tourism, to hospitality, the possibilities for VR are limitless.
For companies with remote workers, virtual reality will also be a powerful tool to keep colleagues connected, allowing users to create a digital version of themselves and interact with their connections from anywhere in the world.
Best known as the technology underpinning the bitcoin digital currency, blockchain has implications for business way beyond crypto-currencies. Blockchain is an extensive globally-distributed database running on millions of computing devices and open to anyone, where not just information but anything of value can be exchanged and stored securely.
The financial services industry has been the first to take advantage of this new technology. Where trades are typically confirmed by a central clearinghouse that maintains its own central ledger, blockchain architectures remove this middleman from transactions, eliminating added fees and wasted time.
Intuit: the innovators
Today’s rapid pace of technological change provides small business owners with an unprecedented opportunity to build new efficiencies into their business models and reach their audiences in creative, compelling new ways.
At Intuit we are continually experimenting with technology (and the integration of technology into our platforms) that will continue to shape both the global and Australian small business sector. We’re sure to see some incredible innovations come of age over the next few years.
The impact of technology within cloud accounting will be discussed at our flagship conference QuickBooks Connect, to be held in Sydney on 18 May. The event will unite hundreds of diverse audience members under one roof to connect, learn and be inspired by high-profile speakers, unique experiences and insightful content. By attending, small businesses owners, the self-employed and accountants will receive the tailored information and advice they need to build, run and grow their business.
Feel free to use this promotional code to receive a 20% discount when you register for QuickBooks Connect: GROW http://quickbooksconnect.com/au/
- Opinion: Why do so many claim to represent small businesses?
By Adam Zuchetti
- Opinion: House prices not all doom and gloom
By Adam Zuchetti
- Analysis: How can SMEs realistically stay competitive?
By Adam Zuchetti