The smartest way to use AI to create new revenue by XBert image

The smartest way to use AI to create new revenue by XBert

Unlock new revenue streams with AI: Our latest webinar delves into practical tips and strategies to seamlessly integrate generative AI into your practice, enhance efficiency, and foster innovation—perfect for those ready to harness the power of AI.

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Posted byXBert
onTuesday, 2 July 2024

The Smartest Way to Use AI to Create New Revenue: Tips for Getting Started

In our recent webinar, "The Smartest Way to Use AI to Create New Revenue," over half of the attendees responded “Yes” to using AI in their practice today. However, 38% mentioned that they don't know how to get started or remain sceptical about its benefits.

Chances are you might be using AI without even realizing it. For instance, Google Maps suggests the best route home before you've even thought about leaving the office. Familiar, right? This simple example shows how seamlessly AI can integrate into our daily routines without us even noticing. So, how can you harness the power of AI for your practice?

Here are some helpful tips to get you started with generative AI:

Set Realistic Expectations

Generative AI is an incredibly new technology that is continually advancing. It won't transform your practice overnight, and it certainly won't make you redundant. Instead, think of AI as a tool to augment your capabilities and streamline your processes.

One of the key aspects of effectively using generative AI is to set realistic expectations. While AI can handle many tasks efficiently, it’s not a magic wand that will instantly solve all your problems. Begin by identifying specific areas where AI can provide immediate benefits and focus on those. The more specific you are with your prompts and desired outputs, the better AI will perform. Over time, as you become more comfortable and AI technology continues to evolve, you can expand its use within your practice.

Break Down Activities into Tasks

Look at your routine activities and break them down into individual tasks. Ask yourself if any of these tasks could be automated. Common examples include automating routine and repetitive tasks like data entry, audit checks, and report generation.

For instance, consider the process of closing month end accounts. This task, which traditionally requires a significant amount of manual effort and checklists, can be automated using AI, so you only need to check the things that need attention, freeing up valuable time for your team to focus on more strategic activities. By automating non value-add tasks, you not only increase efficiency but also reduce the risk of costly errors.

Take Your Team on the Journey

Implementing AI in your practice is not just about technology; it’s also about people. Creating a safe use policy is a great starting point. This policy should outline the appropriate uses of AI and ensure that everyone in your team understands its capabilities and limitations.

Next, engage in open discussions with your team about the potential impacts and benefits of AI on their roles. Address any fears or scepticism they might have. It’s natural for people to feel uncertain about new technology, especially when they’re unsure how it will affect their jobs. By involving them in the process and encouraging their input, you can help alleviate these concerns and foster a culture of innovation.

Encourage your team to experiment with AI. Allow them to try new technologies and provide feedback on their experiences. This feedback will be invaluable in refining your AI usage and ensuring it meets the needs of your practice.

Leverage Your Community

Accountants and bookkeepers have always had a unique sense of community, and there’s a wealth of knowledge to be gained by connecting with your peers. Join the XBert Facebook discussion group to engage with other professionals who are also exploring AI.

In this group, you can ask questions, share your experiences, and learn from the successes and failures of others. Discover how other practices are improving their customer experience and streamlining their operations through AI utilisation. By leveraging the collective wisdom of the community, you can accelerate your learning curve and avoid common pitfalls.

Take the Next Step with XBert!

If you’re ready to dive deeper into how AI can transform your practice, we’re here to help. At XBert, we love helping our customers achieve increased efficiencies, faster job turnaround times, and higher customer satisfaction through AI-driven solutions.

Book a personalised session with one of our team members to learn more about how XBert can help you achieve your goals. During this session, we’ll discuss your specific needs and show you how our AI tools can be tailored to meet them.

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