With technology evolving at lightning speed, small businesses are increasingly looking towards artificial intelligence (AI) and automation to streamline operations and foster growth. Irana Wasti, chief product officer at BILL, joins this episode of the Paychex THRIVE podcast to shed light on this trend. She highlights the transformative potential these technologies offer small businesses; allowing them to move beyond the constraints of manual processes to a more strategic, insight-driven approach. Tune in to hear how the pathway to increased efficiency, better decision-making, and ultimately, greater success, can be achieved through the latest technology.

Topics include:

00:00 – Episode preview and welcome

01:15 – Introduction of Irana Wasti

03:45 – Irana's experience in SMB technology

04:10 – Emergence of digitalization for SMBs

05:15 – Predictions for outdated technologies and SMBs

06:10 – The challenge of managing digital solutions for SMBs

07:20 – The role of younger generations in technology adoption

08:35 – Meeting customers in their platform preferences

10:13 – The challenge of an all-encompassing business platform

13:08 – Describing BILL's ideal customer profile

16:18 – Justifying the return on investment for BILL

19:50 – The need for real-time data in decision making

20:39 – The relevance of AI for SMBs

21:34 – Business owner concerns about AI

24:16 – How AI can solve integration problems

26:00 – Discussing security and data issues with AI

29:52 – Managing risks and rewards with AI

31:02 – Future innovations in cash flow management with BILL

33:01 – Wrap up and thank you

DISCLAIMER:The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.