A recent study by the Business Reporter showed that data is key to the success for SMEs. It enables them to see how their business is doing, know what their customers want and identify areas for development and opportunities.
Using Artificial Intelligence (wait – what is AI?) to harness data of predictive analytics tools how could be the most useful way to harness data for SMEs, enabling them to forecast the future and allowing businesses to determine potential customer churn, project sales growth and the demand for product and services.
With this data, companies can create a clear strategy to continue operating effectively during the worst times, as well as to seek out new opportunities.
Open accounting data enables businesses to improve understanding of their finances. With access to real-time data on their income, expenses and cash flow, they can save money or generate more revenue.
It can also help them improve their budgeting and forecasting. By looking at historical data, they can better predict their cash flow needs, with the information being used to provide more accurate budgets and forecasts, and, thus, avoid any cash flow problems. Help your cash flow through our services.
Cash flow forecasting is paramount for SMEs, especially as 82% of business fail due to poor management of cash. How to get new equipment without affecting your cash reserves.
Staying ahead of the curve with new developments in AI could help your business run more effectively, and forecast more accurately. By using the data from the company’s accounting software and databases, they can be customised to show predictions over set periods of time. But, most importantly, companies need to use a platform that meets their requirements.
As a result of more accurately being able to forecast their cashflows, SMEs can more effectively plan for the future and grow without affecting your cashflow. Given the economic shocks of the last year, it’s critical that businesses to keep on top of their finances during these increasingly uncertain times.
AI in the future
Whether rosy or rocky, the future is coming quickly, and artificial intelligence will certainly be a part of it. As this technology develops, the world will see new start-ups, numerous business applications and consumer uses, the displacement of certain jobs and the creation of entirely new ones. Along with the Internet of Things, artificial intelligence has the potential to dramatically remake the economy, but its exact impact remains to be seen.
