Augmented decision-making: how MYOB is embracing AI to help your business

We address some burning questions about AI: what are the broader implications of such advanced software; and how can businesses make wise technology choices?

Artificial intelligence (AI) is still maturing as a technology, but is already being used to help businesses and consumers make smarter decisions. 

A recent survey of 1,000 Australians conducted by MYOB showed that 70 percent of Aussies support the development of AI, but most remain distrustful of the technology. Just half thought it was a good idea to develop high-level machine intelligence.

MYOB—a company known for innovation—is embracing AI to offer new levels of agility to small to medium businesses. But as with any new technology, it’s not wise to rush in without forethought.

Should we fear or favour AI?

Professor of computational neuroscience Eleni Vasilaki says that machine learning—one of the most popular AI techniques—simply allows a machine to learn a task without specific instructions, by programming the machine to exploit common relationships in data. 

She says that while people worry about AI’s potential to develop intelligence that surpasses humans and ‘take over the world’, machines’ learning ability and versatility is no match for humans (and is unlikely to match it anytime soon).

Prof. Vasilaki argues a more pressing concern is how humans use AI and how well we scrutinise machine learning ‘solutions’ to ensure they’re correct or desirable.

“If, for instance, we train our system in the wrong way, we can also end up with a machine that has learned relationships that do not hold in general.”

The quality of data and algorithms applied to algorithms naturally affects the outputs, and therefore the decisions humans make as a result.  

This poses a range of ethical and practical questions about the viability of AI—especially when businesses seek to implement solutions without fully appreciating the methodologies behind how they were developed. 

AI is already here: who’s in control?

MYOB’s survey revealed that Australians are generally comfortable with the rise of artificial intelligence, yet many were unaware they already use AI in daily life through platforms like Netflix or virtual assistants like Alexa. 

MYOB’s long-serving former CEO, Tim Reed (recently succeeded by Greg Ellis) said the onus was on businesses to develop AI applications with meaningful, trustworthy intent.

“Eighty-one percent of those researched told us they expect technology companies to work closely with government and carefully manage AI’s development, which is exactly what we mean to do at MYOB,” Reed said.

“We have a responsibility to ensure AI has its place in the right parts of people’s lives, and it’s encouraging to see Australia is open to that. Society is changing and technology is a key driver. So long as we embrace it for the positive influence it has and give Australia the fuel it needs to fan the flames, we will all remain on the right track,” he said. 

A survey of almost 600 Australian digital decision-makers revealed a general lack of AI guidelines within businesses—two-thirds of which were already using AI. 

Most respondents agreed it was important to adhere to principles around privacy protection, compliance and ensuring that AI is not designed to harm or deceive people: but they were split on whether accountability should lie with those who develop (46 percent) or deploy the AI (46 percent). 

In either case, the buck will stop with businesses. It’s your reputation and profits that will take a hit if security or privacy issues arise. Customers want an improved experience (even if they don’t understand how it’s achieved), but not at any cost.

Minimise the risk of AI by choosing systems wisely

Far removed from the hype, the most advanced AI systems available are not life-like robots with free will, but rather products that follow processes defined by smart people.  

Putting your trust in the right people is vital. Companies that are not only investing heavily in developing their products, but are approaching AI based on careful thought—like MYOB.

For instance, MYOB’s Enterprise Resource Planning (ERP) solution incorporates machine learning within its core offering in targeted ways to reduce manual effort and support better decision-making. 

MYOB Acumatica (formerly MYOB Advanced) includes AI-driven features that:

• automate bank-feeds with automatic matching rules for quicker more accurate reconciliation.
• OCR scanning of expense receipts and invoices to auto-allocate to the correct supplier and expense accounts to minimise input error and speed up efficiencies.
• apply conditional formatting to help users highlight quick database queries on-screen, KPIs and dashboards that enhance meaning and allow for proactive decision making.
• automate financial transactions based on past activity, e.g., recognising a regular monthly telephone bill and automatically pre-populating the GL account, cutting the time required to code an AP invoice to the right expense.
• minimise working capital by evaluating supply and demand in the system, referencing EOQs, lead times and current stock levels in different warehouses etc., to provide stock recommendations for purchase and production orders.
• deduce and map out the best routes for delivering field service to customers based on appointment locations, contracts and the availability of qualified technicians.
• automatically assign specific technicians or subcontractors to service calls, based on their skill level, certificates or assurances. 

The solution’s flexible, cloud-based infrastructure also makes it the ideal foundation for building a connected, data-driven and self-learning ecosystem of technologies. The platform is open, allowing you to easily incorporate other emerging technologies built on AI and machine learning. 

MYOB’s cloud-first approach also means they have the luxury of working with best-in-class AI and machine learning services like including Amazon Web Services (AWS), and the Google Cloud Platform team to select the most innovative services going forward. 

Achieve AI business benefits with MYOB Acumatica

AI-driven efficiencies and insights within MYOB Acumatica are powerful because they draw on enterprise-wide, unified data. Predictive insights put you in control—business leaders can choose how they proceed. 

MYOB is on the front foot when it comes to a development roadmap that embraces AI responsibly, motivated by helping businesses to harness AI for powerful and reliable results.

Learn more about the incredible potential of MYOB Acumatica (formerly MYOB Advanced) — contact us today.