Ignition looks to AI, integrations as part of 2024 plans
The software firm says connectivity, integrations and leveraging AI will be an important part of its strategic focus for 2024.
Accounting and professional services software provider Ignition will look to improve connectivity for its users through further integrations and develop artificial intelligence (AI) features as part of strategic plans for next year.
Ignition co-founder and chief product officer Dane Thomas said the software firm wants to play a bigger role in its customer’s connected systems from an integration perspective.
“AI is also something that we’re obviously tracking. Internally we’ve run some recent hackathons around AI and what that means,” said Mr Thomas.
“There’s a huge opportunity for us to lean into that unique data set and make it more insightful and actionable. I’m particularly passionate about seeing that happen and getting that into the hands of our customers. I’m excited about what’s coming down the line.”
Mr Thomas said AI may provide an opportunity to provide useful insights based on localised data for its software users.
“[For example], there may be an opportunity for Ignition to help accounting firms price customers based on where they’re located. Do accounting or professional service firms based in Sydney versus Melbourne or Perth have a different base rate for the same sorts of services? Are you above or below the threshold?” he said.
“Ignition has this really rich client data set around what client has what service and at what price. This is anonymised data and once you start to look at how that can be leveraged with artificial intelligence and machine learning you can serve up unique insights to help firms become more profitable.”
The software firm is also exploring where there may be other opportunities in areas such as engagement letters, documents and ledgers.
“We want to look at how we can interpret [the data from those] and get professionals up and running as fast as possible. It’s a huge opportunity that we’ve started to explore,” said Mr Thomas.
Ignition has already released a raft of new features and functions during 2023. This includes the recent launch of Instant Bill, which allows professionals to bill and get paid for out-of-scope work without the need to create a new client proposal.
Mr Thomas said the tool provides an easier way for professional firms to capture revenue from additional or out-of-scope work.
The tool has already seen a strong uptake from its users, with around a quarter of all Ignition’s customers using the function in the four weeks since it was released.
“We’ll continue to see more uptake as the year goes on,” said Mr Thomas.
The firm will also soon be releasing its price assist tool in the coming weeks which will help professionals and accountants with the client renewal process.
“It will assist our customers in looking at what they charge their clients and rolling out price increases in a systemised way,” said Mr Thomas.
“Price increases are somewhat topical at the moment with the cost of living increases. It’s important that you’re getting a proper value exchange and positioning your prices correctly with your clients.”
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