In countless ways, small and medium-sized businesses (SMBs) are the often-unsung heroes on the frontlines of the U.S. economy by providing jobs, uplifting communities, and facing the future with optimism and resilience. That’s why I’m so proud that Sage has made such strong commitments on behalf of SMBs to deliver game-changing technology that enables a multitude of organizations to get more done.
SMBs agree with our approach – 84% believe that tech investments are the most effective response to strengthen their businesses. And for forward-thinking SMBs, AI and AI-driven automation are unlocking game-changing breakthroughs in productivity, cost savings, and competitive advantage. Frankly, it isn’t hyperbole to say the adoption of AI isn’t unlike the arrival of the Internet or the smartphone. And, in crucial areas, it can dramatically level the playing field for SMBs competing with large enterprises.
Already, AI’s first wave has streamlined tactical financial operations. Sage customers use our AI services to double or even triple their invoice-processing productivity. Our products also use AI to identify patterns in transactions and detect anomalies that might elude human review and that merit further investigation.
AI isn’t just about improving efficiency and productivity. Beyond automating repetitive tasks and extracting insights from volumes of data, AI can also find hidden patterns in historical data and predict future recurrences. That allows SMBs to identify opportunities and risks that may have gone unnoticed. When AI-generated insights are combined with the expertise of finance professionals, it can lead to better decisions, better performance, and ultimately, better outcomes. In short: AI will make finance more efficient – and will separate winners from losers.
To be sure, humans must continue to play irreplaceable roles. Hands-off AI can be a recipe for disaster, so we must design-in human checkpoints, audits, inspections, and quality reviews. AI is a superb starting point – but it shouldn’t make the decisions for you. Humans still think outside the box and take advantage of novel circumstances – and AI can miss those opportunities.
It’s also important for SMB finance teams to think about ethics by selecting projects and tools that don’t create or perpetuate biases. For instance, you might train lending applications using data sets that are free from bias. Or you can sift through your previous lending applications to search for patterns that indicate systemic flaws.
Finance pros recognize that AI is here to stay. It will continue to improve, it will offer increasingly attractive benefits, and it will eventually transform how we think about the operation of accounting and finance. I’m proud that Sage’s AI technology will play a key role in supporting SMB growth and productivity.
Aaron Harris is Sage’s visionary Chief Technology Officer, steering emerging tech investments, AI-powered innovations, and driving the company’s excellence in technology. Aaron’s passion lies in powering the accounting industry forward with transformative technology and building the next generation of diverse tech talent.
At Intacct (now Sage Intacct), Aaron was a cloud computing pioneer, developing the world’s first multi-tenant cloud architecture for on-demand financial applications. He’s a trusted voice in cloud computing, artificial intelligence, technology leadership, and finance tech standards.
Holding a Master’s in Information Systems and a Bachelor of Science in Accounting from Brigham Young University, Aaron Harris is an AI-driven tech luminary who for the last 25+ years has been shaping tomorrow’s innovation.
