Making financial decisions as a business owner or manager isn’t always easy. Knowing if the decision is right for your business is challenging, especially when there is a lot of data or outcomes to consider. However, new tools are emerging to make running a business easier. AI financial advice tools are being developed that may help make it easier to analyze business financial decisions and provide recommendations.
Surprising real-world results
A recent study with Kenyan entrepreneurs explored whether new AI tools could be helpful to businesses. The study assessed the impact of AI advice on small business revenues and profits by randomizing access to a GPT-4-powered AI business assistant via WhatsApp. The results were pretty surprising. Companies that were already high-performing recorded a 15% increase in performance using the AI tools. However, struggling companies noted a 10% decrease in revenues and profits.
The right advice at the right time
While the results of the Kenyan entrepreneur study are not conclusive on the effects of AI advice in the workplace, they do highlight an interesting effect. When businesses have established procedures and processes that are already working, AI’s pattern recognition and data analysis can be very helpful. However, in businesses without those strong systems, AI does not have sufficient data to provide accurate advice. There are just too many variables to consider. Does this mean that AI-powered business advice willn’t move forward? Likely not. These tools will likely only improve with time. But until we reach that point, businesses will still need to seek help making business and financial decisions.
The benefit of a human consultant
Unlike AI consultant tools, human consultants are still very much needed in the business world for various reasons. Businesses benefit from a consultant’s outside perspective, experience, and insight when having their company assessed or evaluated for potential improvements. Unlike AI tools, consultants can see the human element of a business. They can assess the unwritten value of a person, process, or system to a business’s growth in a way that AI struggles to quantify. They can work with a business to develop a relationship of trust and transparency to find the right solutions a business needs.
Trust my independent treasury services
I love technology and believe AI tools are the future of data and financial analysis. However, these tools are not quite there yet, and extensive training is still required to learn how to utilize them correctly. So, if you need help now, reach out. As an independent treasury strategist, I can help your business improve its payment processing and financial strategies by looking at and assessing its human and data qualities. With my decades of experience, I can help your business find the right tools and solutions to foster strong financial growth. In the future, that may include utilizing more AI and data-driven tools, but for now, my expertise can help your company grow. So, if you’re ready to improve your business’s financial health, let’s chat.
