Ask the expert: Why AI is worth all the hype
Q Why are we still hearing about generative artificial intelligence over a year after it burst on the scene? Is it really worth the hype?
A Yes, generative AI is worth the hype. Accountants are still facing significant staffing issues, resulting in having to do more work in the same or less time. Generative AI is a unique technology, with the potential to drive efficiency in everyday tasks and make professionals more productive. Its emergence jump-started a conversation about how to interact differently with technology to produce better results and drive additional benefits.
While there are quite a few stand-alone generative AI tools on the market, Wolters Kluwer believes that AI’s true value comes from integrating generative AI into the firm’s existing tech stack. Whether AI-powered automation drives a digital tax workflow or sifts through vast datasets to help auditors detect patterns and anomalies, when AI is embedded into everyday tools, accounting professionals can maximize their expertise, solve customer challenges, and drive superior outcomes for clients and the firm.
Q What’s a key challenge facing AI right now?
A According to our customer surveys, trust is the top concern for tax and accounting professionals regarding AI. There are far too many stories and/or experiences with generative AI giving incorrect guidance or “hallucinations.” However, most also see the potential for AI to make positive changes in how they approach work, especially when it comes to research, client communications, marketing, and automation.
A fair amount of the trust issues originate with many generative AI systems relying primarily on publicly available data, raising concerns about who’s curating the data, when it was last updated, and the data source. This is why Wolters Kluwer has grounded our research-based generative AI capabilities in expert-curated tax and accounting content that is continuously updated and reviewed to ensure trustworthy, current, and relevant results.
Q How does AI impact smaller firms differently?
A AI doesn’t necessarily impact smaller firms differently; rather, it can provide an outsized impact to smaller firms. At the heart of the opportunity to leverage AI is automating existing processes. Because AI is capable of learning, it improves over time without additional assistance, helping achieve greater efficiency without sacrificing quality or accuracy. Smaller firms are likely to notice the benefits of higher efficiency more quickly than their larger peers.
Similarly, firms that use a trusted research platform with generative AI capabilities will be able to access the answers they need more quickly and accurately. Because fewer small firms have dedicated research staff, the benefits of searching tax research platforms and guidance like the U.S. Master Tax Guide using everyday language and receiving results quickly and in simple terms that don’t require extensive interpretation of the tax code will be more noticeable.
