AI Moment Podcast Show Notes

Episode: The companies who are ripe for acquiring in AI - Part 3

Welcome back to the final part of Jonathan and my conversation with the brilliant Martin Spiller of Oakmere.

This episode was a fantastic exploration of how AI is revolutionising the business landscape, especially for SMEs.

We kicked off by diving into Martin's investment strategy. It was fascinating to hear that he actively looks for companies that aren't currently using AI.

His reasoning is simple but powerful: these are the businesses with the most to gain from a technology 'turbocharger'. He shared a brilliant anecdote about a carpentry business that only got its first internet-connected computer a few years ago – a perfect example of a ripe target for AI-driven growth.

The conversation then took a critical turn towards data security and privacy.

Jonathan and I often discuss this, but Martin's perspective was a valuable reminder of the real-world implications.

We highlighted the risks of putting sensitive data into public LLMs like ChatGPT and the importance of understanding where your information is stored and who can access it. Martin's comparison to using Dropbox in the legal profession was particularly insightful.

A Call To Indie Hackers I also shared my thoughts on the opportunities for developers to create bespoke AI solutions for SMEs. The current lack of adoption in this sector means there’s a huge gap for tools that can address specific operational inefficiencies.

Ultimately, we agreed that AI isn't about replacing people or strategies. It's about amplifying them.

Martin noted that AI can free up valuable time – even just a couple of hours a week – that can then be used for more strategic work. I found this to be the most compelling takeaway.

Thank you for listening again today!

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Contact us on our dedicated email for questions or asking about AI enablement or AI workshops ⁠ai@dannydenhard.com

Hello and welcome back to the AI Moment podcast! I'm Danny Denhard, and this week we continue part 2 and 3 of finance and AI.

As a reminder, Jonathan and I sat down with finance expert Martin Spiller to discuss AI and its impact on the finance world, particularly for SMEs.

As promised if you’d like to listen to the full 35 minute interview with Martin enjoy it here exclusively on our site https://aimomentpodcast.substack.com/p/finance-and-ai-full-episode

In our conversation, we explored how AI can free up a significant portion of a finance professional’s time by automating routine "bean counting."

Martin explained how this saved time can be used for more strategic work, such as analysing business data and making crucial decisions to boost profitability. We talked about how "turnover is vanity, profit is sanity" and how a deep dive into customer profitability can reveal that a small number of clients are actually losing you money. Martin gave a brilliant example from his own business where they had to cut an unprofitable client to free up resources for growth.

We also discussed the power of AI in scaling a business without having to scale the headcount. As I’ve said before, I firmly believe the opportunity for SMEs is to make your existing people more efficient, not to replace them. By integrating AI into your workflows, you can double revenue with only a small increase in staff. Martin added that this approach makes a business more efficient and resilient, and therefore, more valuable to potential buyers.

We also touched upon the tools available, mentioning QuickBooks and Xero, and how they handle AI differently. Ultimately, while AI is a powerful tool, both of us agreed that it still needs human oversight to ensure accuracy and to prevent mistakes, particularly when dealing with complex data like cash flow forecasting.

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Hello everyone, Danny here. Welcome back to the AI Moment podcast. This is the first part of a new three-part series where Jonathan and I delve into the fascinating world of AI and its impact on the finance industry and small to medium-sized businesses.

In this first episode, we're joined by the brilliant Martin Spiller.

Martin's a man of many talents, having qualified as both a barrister and an accountant, and with a background as a successful serial entrepreneur. His latest venture is Oakmere Partners, which focuses on helping owner-managed businesses find new avenues for growth.

During our conversation, Martin provided some incredibly valuable insights. He highlighted that many businesses are already using AI without even realising it, through tools like Xero and QuickBooks. We also discussed how AI can be a massive opportunity for businesses, not a threat, by automating the "dull stuff" and freeing up a finance team's time to focus on strategic, value-add tasks. Martin shared his perspective on how AI can be a perfect "finance friend," empowering non-finance professionals to understand their numbers better without the fear of looking stupid.

The key takeaway for me is that the future of finance is a hybrid model. It's about using AI for grunt work, such as data analysis and forecasting, while ensuring human oversight remains in place to check for errors and to provide the strategic thinking a machine simply can't.

We covered a lot of ground in this first part, and I'm really excited for you to hear what's coming up in parts two and three. So, thanks for listening today. If you have any questions or want to learn more, please reach out via the show notes below. You can also subscribe to our newsletter for more important links and tools mentioned in this podcast. You can find all the details at aicoments.co.uk. See you next time!