Here are five things in business tech news that happened this week and how they affect your business. Did you miss them?
Business Tech News #1 – The most popular AI tools of 2024 (and what that even means).
David Gewirtz of ZDNet reported on the most popular AI tools for 2024. Highlighting data that was gathered in August, the most utilized AI tools by market share are the following: ChatGPT (54.96 percent); publishing tool Canva (14.92 percent); translation platform DeepL (5.38 percent); Google Gemini (4.75 percent); and Character.AI (3.90 percent). Gewirtz noted that measuring the popularity for each is challenging as some tools are standalone while others are embedded in products. Metrics from platforms like Semrush and Similarweb were used to estimate traffic volume. Claude, Perplexity AI, and Microsoft Copilot were also on the list. (Source: ZDNet)
Why this is important for your business:
All are fine and fun. But this like when the iPhone was introduced and then the AppStore came along and all these apps appeared. The good ones either became unicorns or were gobbled up by big tech. The list above? I’m betting when we look at it in just a few years it will be completely different. In 2024, AI was overhyped and unreliable and certainly not ready for prime-time for any business to use. But of course these applications will be better and smarter and likely replaced by more advanced offerings.
Business Tech News #2 – Big changes are coming to AI in 2025: Microsoft.
According to executives at Microsoft, significant changes coming to AI in 2025. Ashley Llorens – Microsoft’s corporate vice president and managing director – said that we can expect AI to handle “a more sophisticated set of tasks.” Companies will release more powerful and energy-efficient AI models. AI Agents will become more prominent, performing specific tasks autonomously or semi-autonomously (e.g., extracting specific information from expense reports or simulating conversations to analyze which company processes are most efficient). Efforts to bring AI features to more consumers will be stepped-up. Microsoft is developing AI agents to connect employees and facilitate tasks like scheduling “coffee chats” with colleagues. (Source: Yahoo Finance)
Why this is important for your business:
I’ve written here about agents. And I’ve written here about how some industries – particularly financial services – are already replacing people with AI applications. All of this will be rolled out in 2025. But before you get too excited, just remember the oldest law in technology: NEVER buy the first version of any software applications, particularly if it’s been made by Microsoft. Agents will need a year or two to get rid of the bugs and become more pervasive in our business applications. We’ll need that time to fully understand what they can and how they can be best used in our businesses.
Business Tech News #3 – LegalZoom and 1-800Accountant join forces to deliver full-service tax and bookkeeping solutions for small business owners.
LegalZoom and 1-800Accountant have entered into a multi-year strategic partnership to offer full-service tax and bookkeeping solutions for small business owners. According to the press release, LegalZoom customers will have access to year-round, expert-led bookkeeping and tax services provided by 1-800Accountant. A recent survey revealed that tax management, liability protection, and legitimacy are key motivations for small business owners, making advisory services critically important. This collaboration aims to enhance LegalZoom’s ecosystem of products, partnerships, and services that support small business owners’ legal, compliance, and business management needs. The new product offering is expected to launch in January 2025. (Source: GlobeNewswire)
Why this is important for your business:
It’s a nice idea for businesses that use either service to take advantage of the other service. Hopefully this partnership will provide for a more cost-effective solution. But this is going to be for very small businesses, maybe those with less than 10 employees. As companies get bigger and more complex their taxes need to be done by CPAs and other knowledgeable professions who are more intimately familiar with their clients’ activities, and not just an “800” accounting service with a revolving staff.
Business Tech News #4 – This is how HR will transform in 2025.
HR expert Cheryl Swirnow outlined her key predictions for how human resources will transform by 2025. Swirnow anticipates that HR will shift from a support role to a central player in corporate leadership, with over 55 percent of CEOs involving HR leaders in strategic decisions. HR will no longer be seen as the sole answer to retention and cultural challenges – instead, companies will adopt a more collaborative, cross-functional approach. Investments in HR Tech will increase significantly as companies that don’t adopt advanced HR technology will struggle to remain competitive. Additionally, employee wellbeing – an issue that workers have been more vocal about in the pandemic era – will become a central business priority. “HR isn’t just a side player—it’s a game-changer for business success,” Swirnow said. (Source: Fast Company)
Why this is important for your business:
CEOs involving HR leaders in their strategic decisions isn’t a tech issue, it’s a critical management issue and we should all be doing that. HR tech decisions need to be collaborative with HR executives, IT and other leaders within an organization.
5 – Wix releases AI feature for businesses to engage with customers online.
Wix’s new AI feature – AI Site-Chat – is designed to help businesses engage with customers online. The AI Site-Chat acts as a virtual agent, answering customer questions and providing relevant information around the clock – even when business owners are unavailable. It integrates with the site’s internal systems to pull live data, ensuring accurate and up-to-date responses – a key function in capturing leads. The chat feature is fully customizable to reflect the brand’s voice and can be configured with specific guidelines. “Businesses can seamlessly use this feature to deliver real-time, conversational customer service, sales, and support in one place,” said Yaniv Ben Simon, Head of Product for AI Site-Chat at Wix. (Source: MarTech Cube)
Why this is important for your business:
This is great, but businesses should also be looking at similar AI offerings from their CRM (customer relationship management) providers. Most of the good, mainstream CRM platforms have this kind of functionality available that’s easily integrated into a website and can then be used for further service and marketing actions.
Every Sunday I summarize five business tech news stories and offer my thoughts on why they’re important for your business.
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