Here are five things that happened in tech this week and how they might affect your business. Did you miss anything?
1 – Google is considering acquiring HubSpot
Rumor has it that Google is considering acquiring CRM platform HubSpot to strengthen its position against Microsoft in the cloud software market. The move would strengthen Google's customer relationship management (CRM) offering and better compete with Microsoft's Dynamics 365 (Source: Reuters)
Why this matters to your business:
Will HubSpot end up in the Google graveyard? Possibly. There are pros and cons to this deal. First, HubSpot's focus on marketing, sales, and customer service software aligns with Google's goal of expanding its cloud business beyond advertising revenue. The acquisition could be a strategic step for Google to diversify its revenue streams and challenge Microsoft's dominance in enterprise software. But Microsoft has been in CRM for nearly 20 years; other CRM leaders have been in it even longer. Google will need to make long-term investments and embrace a lot of changes in its company culture to make this a success.
2 – Relay raised $32.2 million to help small businesses manage their cash flow.
Relay, a banking platform aimed at financial management for small and medium-sized businesses (SMBs), has secured over $30 million in funding. The investment is to further develop Relay's suite of financial tools tailored for SMBs. The platform aims to streamline financial operations such as expense tracking, bill payments, and analytics. The funding round demonstrates investors' confidence in Relay's potential to address the financial needs of SMBs and improve the efficiency of cash management. (Source: TechCrunch)
Why this matters to your business:
Regular readers will know that I predict we will see banks integrating accounting software (or offering their own), especially for small businesses, because there are just too many overlapping reasons not to. Relay is of course a banking platform that integrates with popular accounting applications like QuickBooks and Xero, but what about in the long term? Why integrate when you can offer all accounting capabilities to your business banking clients? I think it's inevitable.
3 – Rows raises $8.7 million to expand its AI-powered spreadsheet app.
Rows, an AI-powered spreadsheet application, has raised $8.7 million to support its expansion efforts. The platform offers customizable, intelligent spreadsheets that can be integrated with a variety of data sources and third-party applications. The investment will enable Rows to strengthen its product lineup and reach more users globally. The funding round was led by venture capital firms, signaling confidence in Rows' potential to revolutionize spreadsheet workflows and provide advanced data management capabilities to users. (Source: Pymnts)
Why this matters to your business:
Why use Rows? It's a spreadsheet on steroids. It's its own independent platform (it's not part of a suite of “office” products). It has its own community and integrates with other applications, especially AI platforms like OpenAI. It also comes with a lot of ready-to-use templates that are useful for fundraising, cryptocurrency trading, and website analysis. For a large amount of spreadsheet analysis, this seems like a great platform.
4 – Scientists found that ChatGPT was inaccurate at answering computer programming questions.
The researchers found inaccuracies in the responses of the AI language model ChatGPT. While the model is generally good at generating human-like text, they found that it sometimes produces unreliable or inaccurate information, especially in scientific contexts. The study suggests that users should respond to ChatGPT responses with caution and verify information from multiple sources when accuracy is important. Additionally, the study highlights the importance of continuous improvement and validation of AI models to increase their credibility and trustworthiness. (Source: Tech Xplore)
Why this matters to your business:
I wish everyone wouldn't get so worked up about the illusion of AI assistants like ChatGPT and Google Gemini. We all know where this is going. It's just going to take some time to get there. Until then, trust, but verify.
5 – OpenAI has improved ChatGPT to allow importing files from Google Drive and Microsoft OneDrive.
OpenAI has upgraded ChatGPT to allow direct import of files from Google Drive and Microsoft OneDrive. (Source: IBL News)
Why this matters to your business:
This is a big improvement in ChatGPT's functionality, allowing for easier and more detailed analysis once documents are uploaded.