![]() The deciding factor in that decision was the company’s incredible trove of data-something that AI needs to train, and what enables the company to give detailed financial recommendations tailored to each customer. “Five years ago, putting AI at the core was hard to see. None rate it Underweight or Sell.ĭespite Intuit’s history of constant transformation, when Goodarzi decided to put AI at the center of its business model in 2019, not all of his top lieutenants agreed. Most of the Wall Street analysts covering the stock rate it a Buy. Since the company went public in 1993, the S&P index has risen 902%, and the Nasdaq has risen 1,940%. 1 accounting software for small and medium-size businesses. ![]() Today the company is best known for creating TurboTax, the bestselling tax prep software, and QuickBooks, the No. “And the decision I made was, as a team, we’re going to bet the company on data and AI.” “At the end of the day, there are certain decisions you have to make,” Goodarzi says. ![]() And he has quite literally bet his entire company on the idea that millions of people will trust an AI service to recommend specific, personalized business decisions. Goodarzi believes that an early gamble on AI, along with a massive trove of data, is a winning strategy to extend the company’s domination of tax and accounting software for individuals and small businesses. It’s embedded into products including TurboTax, Credit Karma, QuickBooks, and Mailchimp, and the company says it can do everything from foreseeing a looming cash crunch at a small business to creating and executing an email marketing campaign. product for consumers, called Intuit Assist, debuts today. ![]() The company has been incorporating elements of AI into its business for years, but its first major stand-alone A.I. The revamp has included two major acquisitions costing $20 billion in total, firing hundreds of employees, and investing heavily into AI, years before the technology made a blockbuster debut into the public consciousness. The light bulb moment spurred Goodarzi, who became CEO in 2019, to lead the company into a massive strategy reset putting AI at the center of the business. ![]()
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