The company says it can also give personalized recommendations to a consumer who lives paycheck to paycheck and confronts an unexpected expense, or help an entrepreneur get started, importing data from the entrepreneur’s website and taking on day-to-day chores such as sending invoice reminders to customers. Intuit says the generative AI–powered assistant it introduced today will offer personalized analyses and recommendations for anyone who runs a small business, files their taxes, manages finances, or markets products and services.įor example, besides warning a small business of an impending cash crunch, Intuit says it can now create an email marketing campaign-strategy, images, words, which customers to target-analyze the results, and recommend next steps. We took those dollars and reinvested them in the craft skills we needed.” Goodarzi’s grand goals “We were starting to see momentum in our bets around data and AI,” he says, “but we knew we didn’t have the talent at the level that was needed to accelerate what was possible. He replaced the departing workers with over 700 new ones, largely people with AI skills. Moving AI to the core was going too slowly, Goodarzi felt, and Intuit’s ambitious reskilling program couldn’t work fast enough. “But Intuit’s dataset, on the consumer side or small-business side-it’s second to none.”Īmid these acquisitions and a strategy shift, Goodarzi made an unprecedented move in 2020- firing 715 employees, the first mass layoff in the company’s history. “Everybody wants to talk about how great their data is,” says Jackson Ader, a MoffettNathanson analyst who covers the company. That brought in 10 million more customers and their data. And in 2021 he bought Mailchimp, a marketing platform, for $12 billion. That brought in 110 million consumers and their financial data. Then in 2020, Goodarzi bought Credit Karma, a personal money management platform, for $8.1 billion. Intuit already had data from its 57 million customers, which gave it a significant advantage when it came to financially focused AI. Speaking more recently, he said that when it came to a new strategy, “the decision I made was, we’re going to bet the company on data and AI.” “AI is really useless if you don’t have vast data and clean data,” Goodarzi told Fortune three years ago. 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%.
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“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. The company has been incorporating elements of AI into its business for years, but its first major stand-alone AI product for consumers, called Intuit Assist, debuts today.
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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