Companies are beginning to appreciate the adoption and integration of artificial intelligence systems into their operations.
Apart from helping them execute their tasks efficiently and fast, the new technology systems have proven to be highly time-saving.
Xero is one company that is helping businesses to concentrate on what’s relevant through taking care of the tedious and time-consuming tasks.
Xero recently reached the billion mark in terms of machine learning recommendations provided to its subscribers. This achievement comes at a time when the company is expanding its endeavors for automating admin offerings, particularly for small enterprises.
In detail, the machine learning systems belonging to the accounting provider delivered over 750 million bill code and invoice recommendations. They also offered over 250 million bank reconciliation recommendations since the first launch of the Xero’s features back in March last year.
According to Xero, out of the 800,000 invoices filed each day in the company, small enterprises have saved together over 307 hours daily during the first year. According to James Simpson, Xero’s executive manager of product, the core focus of the company’s automation plans is the desire to augment human beings as opposed to replacing them with machine learning technologies.
James Simpson added that Xero is looking forward to reducing the burden of carrying out time-consuming tasks in an attempt to allow businesses to achieve more of what they do.
He also acknowledged the fact that the scale of the company’s first artificial intelligence (AI) features has already demonstrated the potential of Xero’s innovation. As such, the company is highly excited to launch the next selection of products to boost its efforts further.
Simpson said the recent achievement by Xero, helps to accentuate its investment’s impact on various projects including machine learning, automation and artificial intelligence.
He went on to say that since Xero launched the first artificial-powered features about a year ago, automation has emerged as a key foundation of the company’s platform, which benefits the small companies and advisors who utilize Xero each day.
The effect of Xero’s artificial intelligence milestone goes beyond small enterprises to include both bookkeeping and accounting partners. Xero creates products based on the need to solve the hurdles experienced by its users and partners.
In fact, the company helps to cut down the time that its partners have to spend carrying out menial duties to enable them to build the capacity and skills to create and roll out both high-value services and products.
By taking care of menial tasks, Xero assists small businesses to deliver better value and run more efficiently. Simpson stressed this point by saying that the company’s partners can currently concentrate on providing higher value advisory services in a bid to match Xero’s venture into automated solutions.
Xero is a New Zealand- based software firm that is well-known for creating cloud-based accounting systems for both small and medium-sized companies.
The company’s products are based on Saas or software as a service model and sold to customers through subscription basis. Aside from New Zealand, Xero has offices in Singapore, the US, and the UK.