Innovation is about taking existing technology and applying it in new and better ways
. These are some sagely words from +Rod Drury
, +Xero Accounting Software
chief executive officer. Here's an excerpt from the article by Bill Bennett @billbennettnz:
Drury says digging into the data starts to get exciting when it becomes personalised.
"We've made a huge investment in elastic computing. There are large banks of servers working remotely as your own agent.
"They can help automate your processes. One way is by looking for patterns in the data."
Take classifying transactions - that's where you go line-by-line through your accounts coding this transaction from a stationery store as an office expense and that transaction from a service station as a vehicle expense.
Xero knows how everyone else processes the same transaction, Drury says.
"Instead of waiting for you to enter the code, it can make a suggestion based on what 90 per cent of Xero users do," he says.
This would be a big productivity boost for business owners and accounts staff.
Rod Drury goes on to say, " this next wave of software innovation is near.
Software will be able to watch what you're doing, spot something that matches a pattern then ask questions like: "Here's something we need to ask you about."
Hmmm.... so here's what I'm just thinking. Isn't this what +Xero Accounting Software
trusted advisors should be doing now and helping small business owners to make informed decisions?