target audience: TECH SUPPLIER Publication date: Mar 2024 - Document type: Market Perspective - Doc Document number: # US51920124
Generative AI in Corporate Tax Management: Potential for Elevating Compliance Efforts Within the Tax Department
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Abstract
This IDC Market Perspective discusses the transformation possible in the corporate tax department through the implementation of generative AI technology. With features such as document management, knowledge management, technical expertise assistance, workflow automation, and data analysis, tax professionals can be empowered to maintain compliance and meet relevant requirements more effectively and efficiently. Today's tax professionals must be cognizant of common challenges such as manual processes, ever-changing regulations, lack of technical expertise, and siloed departments resulting in poor data quality. With the capability to address these challenges, generative AI is poised to have a significant impact on corporate tax management processes as the technology continues to advance.
"The corporate tax department is ripe for technology that facilitates process automation, improved document and knowledge management, and higher quality insights from improved data management and analysis," says Jordan Steele, research manager, Worldwide Financial Applications Support at IDC. "With the delay in automation common in finance departments, solutions that can effectively implement generative AI technology to address these concerns will be well equipped to meet the needs of today's corporate tax department."