(This column originally appeared in Forbes)
Here are five things in business tech news that happened this week and how they affect your business. Did you miss them?
This Week in Business Tech News
Business Tech News #1 — Intuit is offering a lifetime version of QuickBooks for $250
Intuit is offering a limited-time deal on QuickBooks Desktop Pro Plus 2024, providing a lifetime license for a single user at $249.99, significantly reduced from its regular price of $699. This version caters to small businesses, freelancers, and solo entrepreneurs seeking comprehensive financial management without ongoing subscription fees. This offer is available through StackSocial, but interested users should act promptly, as it’s available only while supplies last. (Source: PCMag)
Why this is important for your business:
According to PCMag, the software encompasses a range of features, including invoice creation, expense tracking, detailed financial reporting, customer and vendor account management, job profitability analysis, fixed asset tracking, inventory management, and sales order processing. Enhanced bank feeds and time tracking functionalities streamline reconciliation and payroll preparation. It also integrates with other Intuit tools like TurboTax, ensuring synchronized financial operations. Too good to be true?
Business Tech News #2 — Microsoft’s Recall AI tool is making an unwelcome return.
Microsoft’s Recall AI tool — which captures and indexes screenshots of user activity every three seconds — is being reintroduced after facing significant privacy concerns after the initial announcement in 2024. Now available to Windows 11 Insiders, the feature requires users to opt-in and authenticate via Windows Hello, aiming to address earlier criticisms. However, privacy advocates remain apprehensive, noting that even with these measures, sensitive information from non-users can still be inadvertently captured and stored on others’ devices. This raises ongoing concerns about data security and the potential for misuse, despite Microsoft’s efforts to enhance privacy controls. (Source: Wired)
Why this is important for your business:
Of course there’s data and privacy issues. Think about it: if you opt-in, then all of the activity on your device is being captured by Microsoft and then stored who-knows-where in the cloud. But on the upside it will make recovering from a problem — a malware attack, a natural disaster — much faster, which could reduce losses. Like everything in tech, there’s a tradeoff. Do you give up your privacy and your confidential information for increased productivity? There’s no right or wrong answer. Everything is judged by risk vs. reward. In case you’re wondering, I’ll opt-in.
Business Tech News #3 — ChatGPT gets a useful new home for your AI images — and it could be the first step towards OpenAI’s new Instagram rival.
ChatGPT’s new feature — Library — provides users with a dedicated tab to store and manage their AI-generated images. This update is available across both the mobile app and web interface, for free and paid users alike. The Library collects all images created in past chats, allowing users to edit, download, or create new images directly from this section. While it currently lacks advanced search or filtering options, these may be added in the future. (Source: TechRadar)
Why this is important for your business:
According to TechRadar there are rumors of OpenAI’s plans for a social network — possibly inspired by Instagram — where AI-generated images and videos play a central role. This latest move aligns with the growing trend of AI-generated content becoming more social and shareable. If this actually happens it could open up another channel for engagement and sales with new customers for small businesses.
Business Tech News #4 — Nine out of ten retailers are embracing AI to enhance personalization, says new research.
Solutions platform Apply Digital shared research on how retailers are utilizing AI. Results showed that nine out of ten retailers are embracing artificial intelligence (AI) to enhance personalization in their operations. Retailers are utilizing AI in various ways — analyzing customer data to provide personalized product recommendations, optimizing inventory management, and streamlining supply chain operations. AI-driven tools are enabling businesses to forecast demand more accurately and automate customer service interactions, thereby improving efficiency and customer satisfaction. This widespread adoption reflects the industry’s commitment to leveraging AI technologies to deliver more tailored customer experiences. (Source: Retail Technology Review)
Why this is important for your business:
My prediction is that AI will be the savior of brick and mortar. Sure, it’s quicker to get some things online. But many people enjoy the experience of shopping. Having an advanced AI assistant on your smartphone that can shop along with you can be that friend you always wish you had: smart and non-judgmental! Small retailers should be keeping a close eye on what their bigger competitors are doing and tracking new applications like this that can keep them competitive.
Business Tech News #5 — Fourth introduces AI-powered back-of-house restaurant solution.
Solutions software company Fourth has launched an AI-powered solution called the Restaurant Operations Suite, designed to streamline back-of-house operations for restaurants. This platform integrates workforce management, HR, payroll, and inventory management into a unified system. By leveraging AI, it provides real-time insights and actionable recommendations, helping restaurant managers make informed decisions. (Source: Verdict Food Source)
Why this is important for your business:
According to the company, the solution aims to enhance profitability by reducing labor costs by 5 percent, cutting the cost of goods sold by 20 percent, and potentially increasing profits by 3–5 percent. It simplifies manual tasks, allowing managers to focus more on customer service and creativity. Applications like this are becoming critical in this industry where every penny is important, finding labor is next-to-impossible and managing customer expectations is extremely difficult.
Every week I round up five business tech news stories and explain why they’re important for small and mid-sized businesses.
