Automation, AI, and the tax function of the future
Technology is giving tax professionals real-time insights and information, allowing them play more strategic and influential roles.
Tax professionals have traditionally been keepers of knowledge in a complex field. As new technologies have emerged their roles are beginning to change. Information is more widely available and the emergence of AI and machine learning has made it more accessible. The technology landscape gives tax professionals an opportunity to move from being a responder to being a crucial part of developing and implementing strategic business change. For a tax professional to step into this influential, strategic role, he or she will need to take advantage of the opportunities automation creates for your business.
Disruption is everywhere and tax could be one of the professions that’s most affected by it. Legislation is always changing so tax functions should be accustomed to disruption. Automation and Artificial Intelligence (AI) are the newest sources of significant disruption and change as departments change their role within the business. Are you prepared for the changes ahead?
Machine learning and cognitive computing
Tax compliance is getting to be more digitized and automated. This helps business reduce costs, improve speed and establish round the clock operations. Cognitive computing also improves quality by increasing standardization and reducing errors.
Compliance benefits of automation and AI
If your tax department still depends on manual systems and capabilities, it will struggle to keep up with the compliance demands. Tax authorities want more detailed information, faster – sometimes even in real-time. This puts extreme burden on tax teams, processes and accuracy checks. Investing in AI and automation could be the only reasonable way that departments will be able to keep up with compliance demands with the speed and accuracy needed.
A new tax ecosystem
The relationships between tax teams, the business and tax authorities are going to be nothing like what we experience today. Automation and AI are enabling a new tax ecosystem that will be a driver and enabler of change.
To successfully build an innovative tax function, tax departments need to be open to the possibility of change. Begin by reshaping talent, operational capabilities, and your department’s mission. Successful tax departments will leverage the human capital to make effective use of the automated solutions and AI.
As technology continues to emerge, it could be tempting to wait until the end game is clearer. Leading tax departments will get comfortable with the pace of change and leverage automation and AI to give your function a clear path toward innovation and a tax function of the future.
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