DataFramed #151 How Data Science Can Sustain Small Businesses with Kendra Vant, Executive GM Data & AI Products at Xero
Aug 21, 2023
Kendra Vant, Executive General Manager of Data & AI Products at Xero, is a powerhouse in transforming small businesses through data and AI. She discusses how small businesses can thrive in a competitive landscape by leveraging data for better financial management and decision-making. Kendra emphasizes the importance of organized data and the role of machine learning in automating bookkeeping. She also highlights successful strategies for enhancing customer experiences through collaborative data initiatives, ensuring small businesses can adapt and succeed.
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Data Tidiness Tips
- Pay attention to data consistency when generating it, especially labeling and categorization.
- This consistent approach improves pattern identification, whether by humans or machines.
Data Confidence in Small Businesses
- Many small business owners feel data is complex and not for them, hindering their use of data.
- Overcoming this misconception and seeking help from advisors like bookkeepers is crucial.
Data-Driven Decisions for Small Businesses
- Use data for cash flow forecasting to predict potential issues and take proactive actions, such as contacting late-paying suppliers.
- Leverage AI-powered tools for automating tedious tasks like transaction coding to save time and improve efficiency.
