Intuit knows a thing or two about AI.
Whilst not being at the forefront of the generative AI explosion in the last year, the topic of AI is really at the core of everything they do now.
Intuit Inc. is an American business software company that specializes in financial software. The company has its headquarters in Mountain View, California, and the CEO is Sasan Goodarzi. They have current revenue of over $12 billion. A hefty sum to say the least.
Sasan is very much hoping that their model of leveraging software to build faster and better products is taken to another level with AI.
And the company is certainly putting its money where its mouth is. In 2020 it let go of 700 employees in less critical roles but, importantly, added a similar number in new roles, which symbolized a shift to its new, AI-led, strategy.
It certainly has a history of going through the motions to keep itself relevant in the market. This includes recent acquisitions of Credit Karma and Mailchimp. Credit Karma alone was a $7.1 billion purchase. So, we are talking about excessively big sums.
And moves like this have seen it make a huge 32% year-on-year growth in 2022.
After the U.S., Intuit has its second-largest team in Bengaluru, India, where over 1,600 employees currently reside. It is solution-building for global markets that they are tasked with here.
It is this ability to diversify and expand that could be crucial for Intuit.
However, Daniel Jester, director of equity research for software at BMO Capital Markets, says “that while Intuit has framed the strategic vision as an ‘AI-driven expert platform,’ its actual execution of that has not been quite so revolutionary. Intuit is currently focused on using AI and machine learning to augment the platform — not to build a full-scale replacement for financial experts in its tax and accounting software business. In the long term, it would be Intuit’s ability to harness its platforms to deepen relationships with customers and drive retention across the customer journey.”
What is clear is that great strides have been made in AI in recent years, but the exciting part is that greater strides are yet to come. We watch and wait.
So, as the world of AI is changing week by week, it will be remarkably interesting to see how Intuit, and the companies of its ilk, continue to change and adapt to this environment going forward.
Main photo source: https://openai.com/dall-e-2/