Saasverse’s Post

We are all familiar with Intuit and its products, Quickbooks, TurboTax & CreditKarma. They were also in India for a brief period, and I have voiced my opinion about that in an earlier post. Intuit's recent announcement of laying off 1,800 employees, including some executives, highlights a broader trend among companies striving to stay relevant and competitive in an ever-evolving technological landscape. This decision, part of Intuit's transformative journey, underscores the company's commitment to reallocating resources toward priority areas such as AI and generative AI. Intuit's investments in AI-powered solutions, like its GenAI-powered financial assistant, reflect a strategic shift from traditional workflows to AI-native experiences. Additionally, the company's focus on money movement, mid-market expansion for small businesses, and international growth exemplifies its efforts to adapt to emerging market demands. This trend of companies continuously churning to remain competitive and investing in cutting-edge technologies offers valuable lessons for businesses worldwide, particularly small and medium-sized enterprises (SMEs). Embracing technological advancements and being willing to pivot resources towards innovative solutions can be crucial for long-term success. Businesses and individuals can learn from larger corporations like Intuit by recognizing the importance of agility, forward-thinking strategies, and the integration of AI to enhance their offerings and stay ahead of the curve in an increasingly digital world. #intuit #quickbooks #AI #automation #accountingautomation #CFO #agile #forwardthinking #transformation #peachtreemanagementadvisors #businesstransformation #techtrends #digitaltransformation #futureofwork #leadership #strategy

🚀 Intuit, the parent company of QuickBooks and TurboTax, is making a strong bet on artificial intelligence (AI). 💡 🔍 With the introduction of GenAI, Intuit is offering even more engaging customer experiences, increasing monetization potential, and improving efficiency in getting work done within the company. Intuit's future hires will focus on engineering, product, and customer service roles such as sales, customer success, and marketing. 🏭 However, the company will also shut down its plants in Edmonton, Ontario, and Boise, Idaho. 🛠️ Last month, Intuit launched its new AI-powered "revenue intelligence" technology, which uses always-on predictive and generative models to help marketers gain more business by recommending optimal times to target customers and generating personalized content. 🌐 The era of AI is one of the most significant technological shifts of our time, and companies like Intuit are leading the way in harnessing its enormous potential. #GenAI #Syntetica #LLMs #OpenAI #Gemini #Innovation #ChatGPT Link: https://lnkd.in/d9G4NErA

The apprehension that #ArtificialIntelligence (AI) could displace human jobs was reignited on Wednesday when #Intuit, a leading player in the accounting industry, revealed plans to lay off 1,800 employees. This move, part of an AI-centered reorganization, will impact 10 percent of the company's workforce. Intuit, known for its popular accounting software #TurboTax and #QuickBooks, is taking significant steps to align itself with AI advancements. In a memo to employees, Intuit CEO Sasan Goodarzi emphasized that embracing AI is essential for the company to remain competitive amidst the sweeping #TechnologicalChanges in the economy. "Companies that aren't prepared to take advantage of this #AIRevolution will fall behind and, over time, will no longer exist," Goodarzi wrote. As the AI revolution accelerates, businesses across various sectors are grappling with the need to adapt or risk obsolescence. Intuit's bold move underscores the growing impact of AI on the job market and the broader economy, prompting a critical dialogue on the future of work and the evolving role of technology in our lives. #www.blkdigitaltech.com

Like many companies these days, Intuit is betting big on AI. It’s invested around $20 billion on the acquisitions of Credit Karma and Mailchimp, and during a recent earnings call, CEO Sasan Goodarzi referenced its strategy to be “an AI-driven expert platform” for consumers and small businesses on multiple occasions. Over the long term, the company foresees small-business revenue growth of 15%–20% a year, and AI is one key reason behind that growth potential. But Intuit is not just one more company that jumped on the AI bandwagon after ChatGPT came out and surprised the world in 2022. It has been developing its AI infrastructure since 2018, 4 years before that key event. That development has enabled the company to roll out an AI assistant, called Intuit Assist, across all of its core products. #ai #technology #innovation https://lnkd.in/g9nSK_re

Most companies who give interviews to Harvard Business School need to be researched well before publishing or praising the interviewee Some Fortune 100 companies prioritize customers only in papers and interviews. But when it comes to reality, no! Grand Experience # 1: Amazon made the same mistake thrice to me in the last two weeks. They delivered the wrong product thrice in the last week. When I made a complaint, the replacement product sent was also the wrong product. The customer will have to follow up, and according to their policy, they won't call customers if we land on this issue. Where is the customer centricity here? Grand Experience # 2: Robert Bosch India Limited Washing Machine went bad in 2 years, and all service engineers attempted the problem and procrastinated the problem to buy time for the malfunction. When I raised a complaint, the answer was to change the whole board- though it is under warranty- but there were no responses to this incident. Where is the quality here? Grand Experience # 3: What are we all about at Intuit?” Cook said. “We are about finding the biggest, most important unsolved problems. Our mission is to improve people’s lives so profoundly they can’t imagine going back We all know Intuit Quickbooks was shut down in India, and this was one of our terrible experiences. Some of us could not even migrate in a short time frame! We had to go back!! Where is the vision here? It is high time we rethink reading Harvard Business School outdated case studies, and it does not reflect the current reality!! At tryBusinessAgility, we wanted to disrupt the way how people think! We have to reimagine customer experience by collecting qualitative data, not just quantitative data. This data should be ongoing and frequent to build organizations that truly focus on Customers. We need to get data from Customers to qualify a company to be named as the most customer-centric. Things are evolving. What was the most customer-centric is no longer even serving the basics! In such cases, unlisting them is the choice!

Intuit to lay off 1,800 amid location shuffle and AI investment Last Updated: July 10, 2024 at 10:03 a.m. ET First Published: July 10, 2024 at 9:14 a.m. ET By Steve Gelsi Tax-software company said it’s identified 1,050 employees who are ‘not meeting expectations’ Inuit Inc. said Wednesday it’s cutting 1,800 jobs — or about 10% of its workforce — and hiring an equal number in engineering, product and sales positions as it pivots to artificial-intelligence opportunities. Intuit INTU said it expects to grow its headcount in fiscal 2025. “To fulfill our mission to power the prosperity of our customers around the world and strengthen our leadership position, we must accelerate our innovation and investments in the areas that are most important to our future success,” the company said. Intuit’s stock was down by 2.6% in early trading on Wednesday. The tax management software company said about 1,050 employees who “are not meeting expectations” are departing the company. It’s also reducing its executive ranks by about 10%, while expanding other roles and consolidating 80 technology roles to sites where it’s growing its teams and capabilities. The teams are focused in Toronto, Atlanta, New York, Tel Aviv and Bangalore, India. Intuit will close sites in Edmonton, Canada and Boise, Idaho. Together, they employ more than 250 people. Some workers will relocate. It’s also cutting more than 300 roles across the company, Intuit said. The company said it will invest in its GenAI program called Intuit Assist and its “AI-driven expert platform, as well as international growth. Including Wednesday’s moves, Intuit’s stock is up 1.2% in 2024, compared to a 23.3% rise by the Nasdaq COMP.

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Intuit's decision to lay off 1,800 employees while planning new hires in 2025 underscores broader issues with AI-driven changes and the critical importance of ethical governance. Without proper governance, the combination of capitalism and AI risks eroding essential workforce management characteristics in a corporate setting: empathy, sympathy, and morality. ***Key Concerns: >>>>>Workforce Transition: **Governance: Effective governance is crucial in managing workforce transitions during AI-driven changes. Companies must ensure transparent, supportive measures for current employees, offering reskilling opportunities rather than citing underperformance as a reason for layoffs. Proverbs 16:8: "Better a little with righteousness than much gain with injustice." >>>>>Educational System: **Governance: Leaders in corporations and government agencies should not solely rely on educational institutions to prepare workers for AI integration. They should provide internal training programs, initiate partnerships, or invest in scholarships as part of the organization's learning program for the affected workforce, recognizing that AI adoption starts within their own operations. Proverbs 9:9: "Instruct the wise and they will be wiser still; teach the righteous and they will add to their learning." >>>>>Human Learning vs. AI Adoption: **Governance: Establishing ethical guidelines for AI use is essential to enhance, not replace, human capabilities. AI should support the development of human skills and decision-making processes, ensuring that AI technologies are integrated ethically and morally i day to day business operations Psalm 119:66: "Teach me knowledge and good judgment, for I trust your commands." In summary, by prioritizing governance, ethical standards, and human cognitive capabilities over merely increasing profit and customer excellence, companies can properly integrate AI into their operations, enhancing business outcomes while valuing their existing workforce. Mark 8:36: "What good is it for someone to gain the whole world, yet forfeit their soul?"

Intuit goes all in to become an AI company Intuit has pressed its foot on the accelerator to become an AI first company with radical re-structuring and employee AI training. Admittedly it is a software company and therefore needs to align around its software services but maybe all companies are going to have to become AI software companies eventually. So this example could be a useful insight into the kind of direction of travel for companies who want to embrace AI head on in a proactive way. https://lnkd.in/e4jqs7bf #ai #innovation #intuit #reskilling #aitraining #ml #digitalleadershipforum

Intuit (the makers of Quickbooks) has achieved consistent growth since its origin. From the time it was founded, to 2012, its growth was solid consistent, and stable. In Sept 2012, Scott Cook, co-founder of Intuit said the following : "A brand is no longer what we tell the consumer it is – it is what consumers tell each other it is." His statement emphasized his understanding of the changing nature of brand perception in our digital age. The power of customer opinion can significantly influence a brands reputation and thus its value. He was a strong proponent of focusing on customer engagement and feedback loops to help deliver value to the customer and allowing the customers to help dictate the direction of their company and in turn allowing the customers to help market the company as well. Today, with social platforms, the speed of customer sentiment is much quicker and even more important. At Pluss Software LLC, we have a renewed sense of focus on our customer experience. From the sales cycle to those tough support calls, we believe that every experience matters. Our goal is to truly discover and meet our customer's needs. Each time we truly listen and deliver real value to our customer, it connects them to us we believe in that in the end, they will vote with their dollar.  #customerengagement #brandperception #valuesmatter