(Photo credit: IT Professionals NZ)
In a groundbreaking move at their recent Investor Day in Melbourne, global small business platform Xero has revealed its ambitious AI vision that promises to reshape the accounting landscape. At the heart of this transformative initiative lies “Just Ask Xero” (JAX), a cutting-edge GenAI-powered smart business companion poised to redefine how businesses and their advisors interact with accounting tasks.
Streamlining Operations With Conversational Interfaces
One of the key pillars of Xero’s AI strategy is the introduction of conversational interfaces across various apps and platforms, including mobile, WhatsApp, and Xero Central, the company’s customer support site. By leveraging the power of large language models, JAX will enable users to engage with Xero’s products in a natural, intuitive manner, completing tasks such as generating invoices, editing quotes, or paying bills with simple voice or text commands.
This seamless integration of conversational AI into everyday workflows promises to revolutionise the way businesses manage their accounting needs. No longer confined to traditional desktop interfaces, users can now interact with JAX through the devices and apps they already use daily, fostering a more efficient and user-friendly experience.
Automating Repetitive Tasks and Delivering Insights
In addition to conversational interfaces, Xero’s AI vision encompasses the automation of repetitive and time-consuming accounting tasks, such as bank reconciliation. By harnessing the capabilities of GenAI, JAX will streamline these processes, freeing up valuable time for business owners and advisors to focus on more strategic endeavours.
Moreover, Xero aims to leverage AI to deliver personalised insights and analytics through features like Xero Analytics Plus. By analysing vast amounts of data and leveraging machine learning algorithms, JAX will provide real-time, tailored insights to support informed decision-making, empowering businesses with the confidence they need to navigate complex financial landscapes.
(Photo credit: Xero)
JAX Demo Video Shows a Glimpse Into the Future of Accounting
To showcase the transformative potential of JAX, Xero has released a captivating demo video that offers a glimpse into the future of accounting. The video depicts a florist effortlessly interacting with JAX on her phone, seamlessly generating invoices, tracking payments, and accessing cash flow projections – all through natural conversational commands.
This immersive experience highlights the power of JAX to anticipate and address a wide range of accounting tasks, streamlining workflows and providing rapid, personalised insights on demand. With JAX, business owners can truly “get back to what they love,” as the narrator eloquently states, by offloading tedious administrative tasks to their AI companion.
Enhancing Customer Onboarding and Support
Xero’s AI vision extends beyond JAX, encompassing initiatives to enhance customer onboarding and support. The company has already rolled out an AI assistant to guide new users through the setup process, providing relevant answers and information as they familiarise themselves with the Xero dashboard.
Furthermore, Xero has embedded a GenAI tool into Xero Central, enabling customers to receive conversational responses to their queries. Early testing has yielded promising results, with a 40% decrease in average customer search time and a 20% reduction in search sessions requiring additional support.
Building on a Strong Foundation
While Xero’s AI vision represents a significant leap forward, the company is building upon a solid foundation of AI-powered tools and features. From bank reconciliation predictions and data capture with Hubdoc to cash flow forecasting in Xero Analytics Plus, AI has been an integral part of Xero’s offerings, saving customers time and delivering valuable insights.
As Xero continues to drive innovation and value for its customers, the company has bolstered its AI talent and expertise with the appointments of Eitan Sharon as Senior Vice President of Data & Science and Akankshu Dhawan as Senior Vice President of Product – Direct, Growth, and AI products. With their extensive experience in accelerating digital commerce and empowering businesses through AI, Xero is well-positioned to navigate the complexities of this transformative technology while upholding its commitment to responsible data use.
A Future-Proof Strategy for Business Owners
As GenAI continues to reshape industries, Xero’s AI vision positions the company as a trailblazer in the accounting sector. By embracing this cutting-edge technology, Xero is empowering businesses with the tools and insights they need to thrive in an increasingly competitive landscape.
With JAX set to launch in beta later this year, business owners can look forward to a future where managing their finances becomes a seamless and intuitive experience, freeing up time and resources to focus on growth and innovation.
Xero’s commitment to GenAI not only streamlines accounting processes but also paves the way for a more personalised and efficient relationship between businesses and their financial data. As the world continues to evolve, Xero’s AI vision ensures that businesses remain future-proof, equipped with the cutting-edge tools they need to succeed in the digital age.
Are you ready to embrace the future of accounting? Reach out to our Varsity Lakes based Accountants here at KeyPoint on 07-5585-0600 or info@keypointaccountants.com.au to discuss how we can help your business leverage Xero’s capabilities to boost efficiencies in your business. Contact us today!
Source: https://blog.xero.com/product-updates/gen-ai-shape-future-xero-customers/
