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Generative AI presents big innovation opportunities for tax departments
Jun 05, 2023
While the discussion about generative AI still feels new, it is already transforming business. So much so that PwC is investing $1B over the next three years to expand and scale our artificial intelligence (AI) capabilities and help our people and our clients innovate through the power of generative AI. Many companies are already realizing cost and efficiency gains across various operations – tax departments being high on the list of opportunities. But while the transformative possibilities are limitless, it is critical to have a responsible and thoughtful strategy at the enterprise level to manage the risks and harness generative AI’s power to drive sustained outcomes and build trust.
As discussed in my last post, we are seeing an increase in the burdens on the tax function. With regulatory and compliance demands at an all-time high, maintaining visibility and staying on top of projects is costing tax teams too much time and resources. This is where tax departments have a real opportunity to innovate. Incorporating generative AI into your tax technology strategy can help further automate and enhance numerous manual and time-consuming tasks. Its ability to generate tax content, process documents and better understand tax domains can deliver greater visibility, insights and analytic capabilities to tax departments and free up and redeploy time for your human-led workforce. But the implications go way beyond tax. Generative AI can integrate and enhance almost all aspects of business operations – from customer service to finance, legal and HR – so staying aligned with your c-suite peers about your transformation strategy is critical.
PwC has been making bets on AI as part of our technology ecosystem for years, and we are well underway with generative AI. We have identified hundreds of generative AI use cases – both for our clients and within our organization to drive efficiency and productivity – and deployed many of them. We have seen how successful this can be. But while the transformative power of generative AI is undeniable, being intentional about use cases and prioritizing a responsible and trusted approach is critical. To build and maintain trust with stakeholders, it is important to make informed technology decisions; be ready to demonstrate ongoing governance over data and appropriate use cases; and be mindful of emerging issues. A focus on governance, privacy, security, ethics, and responsible design is key. We are committed to driving responsible innovation and equipping companies with the skills they need today – and for the future. Learn more about how you can push boundaries and stay responsible with generative AI.
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