Across intuit, we already have more than 30 machine learning systems in place and about 100 patents pending. And we’re working hard to make it happen.
My team believes that we’re in a unique position to deliver on the potential of AI and ML for small businesses. No other platform has the range and depth of data – QuickBooks connects to more than 16,000 banks and thousands of apps. With well over two million subscribers, QuickBooks Online is the largest platform for small businesses and the self-employed around the world. And this, in turn, means that with every transaction and customer interaction produces more and more actionable data is available. Today, thanks to programs like QuickBooks, all aspects of the business – from invoicing to inventory to payroll – can be seamlessly connected. Twenty years ago, a mom and pop small business was largely run on paper (or excel at best). The reason both AI and ML are such hot topics right now is because the widespread adoption of cloud computing has produced an exponential growth in the amount of data available for analysis. This means that future decision-making criteria is improved by analyzing whether past decisions were right or wrong. Machine learning is an advanced application of AI by which a computer program makes progressively better decisions or predictions based on a feedback loop. I believe that AI and ML have the potential to be the great equalizer, delivering advantages to small businesses that are equal, and in some ways greater, than they are to the largest enterprises.Ī basic definition of AI is the ability of a computer program to analyze a set of data and make accurate decisions or predictions. I believe that AI and ML will be different. Small businesses have inevitable adapted to big technology advances – from the advent of the personal computer, to the internet, to the rise of cloud computing – but they have never been the true beneficiaries. Major advances in technology have generally played out on an industrial scale, with business benefits concentrated in the coffers of corporate giants. That’s because technology – specifically the rise of artificial intelligence (AI) and machine learning (ML) – is eliminating what has historically been their single biggest disadvantage – their struggle to compete at scale against large companies. Today, these millions of entrepreneurs are on the cusp of new era of opportunity. Around the world there are about 50 million small businesses and a whopping 750 million self-employed people. There are about 6 million small businesses in the US with employees, and up to 55 million people who earn self-employed income as freelancers, gig-workers, and contractors. Artificial intelligence & machine learning will tilt the balance of favor in favor of small businesses.
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