Explore audit innovation with Deloitte AI Robot #6
Differentiate to drive efficiency – the evolution of Deloitte AI Robot
As we enter the 5G era, efficiency is all that matters. With massive information being transferred across vast networks at the speed of light, we are improving efficiency not only for speed, but also for reliability, accuracy and wider applicability. Rapid technological advancement is also driving us towards a new age in which we make full use of robotic automation to enhance quality and efficiency, allowing us to be as quick, reliable, and accurate as Deloitte AI Robot.
Technology can't develop without the build-up of experience and technologies over time, which enable it to continue advancing. Over the past four years, I have been evolving from an audit robot that served internal audit projects to an AI robot widely applied in many other service areas.
Now as a next-gen intelligent robot, I not only use emerging technologies such as RPA and AI, but also stand at the forefront of high-tech innovation and combine various features to create more practical scenarios that help auditors improve work efficiency, every step of the way.
In just few years since launch, Deloitte AI Robot has been upgraded several times, and has now become an industry-leading AI robot with strong capabilities in a wide range of areas.
Thank you, Collin. This video reminded me of my growth and evolution. Just as experience needs to be built up gradually over time, so too does technological development.
As a promoter of audit innovation, I am confident that Deloitte AI Robot, when deployed in relevant audit processes, will have an enormous impact on audit efficiency.
In my memory, there are quite a few scenarios involved in the tasks I completed. Take audit for example …
Audit data extraction, transforming and loading
Integrating features of data extraction, encryption, transforming and processing, Data Raptor embedded in Deloitte AI Robot automates financial data extraction and working paper generation, and provides automated channels from financial systems to financial analysis and other audit processes. Based on our practices, Data Raptor can reduce working time by over 90 percent in data extraction and working paper generation.
Enterprise-related risk query
Based on a list of suppliers and agents, Deloitte AI Robot automatically searches third party databases to obtain a relationship map of related enterprises. It uses digital tools to reshape the process of identifying enterprise-related risks and enhance efficiency. According to our pilots, it can help save labor cost by 100 percent and improve query time and processing efficiency by 86 percent.
Document review and analysis
With AI technology, auditors use IDRP and OCR tools embedded in Deloitte AI Robot 2.0 to save labor cost by about 80 percent and time cost by up to 50 percent in reviewing and analyzing documents. It is applicable to over 20 types of documents, such as leasing contracts, loan agreements, asset management contracts and financial statements. Meanwhile, IDRP becomes more precise as it is enhanced by machine learning.
Accounting knowledge enquiry
Auditors often need to get more details on the latest accounting standards during an audit. Deloitte AI Robot acts as a chat bot to answer questions and engage in conversations on user audit processes, accounting standards, tax knowledge, financial terms and abbreviations to help auditors gain a full understanding of accounting and audit knowledge in their daily work.
The 1STOP smart stocktaking tool embedded in Deloitte AI Robot 3.0, with the drones that come with it, offers an intelligent, integrated and accessible one-stop stocktaking service. It combines the features of stocktaking task creation, stocktaking, process management and result aggregation and analysis to realize remote physical counts, real-time data synchronization and intelligent aggregation of results in a highly automated precise process. Based on our practices, 1STOP can reduce labor cost and time taken in stocktaking and subsequent arrangements by 30 percent.
Reducing manual work
Deloitte AI Robot 3.0, embedded in smart devices, automates audit confirmation and invoice check procedures through mechanical arms and sorting systems to completing tasks including filling addresses, sorting and checking. Moreover, it can also be applied in a broader range of financial processes, such as invoice printing, automatic stamping and sorting, replacing the traditional manual invoice handling process. By deploying similar features, Deloitte AI Robot will gradually replace manual work with low efficiency and low accuracy in daily audit and financial processes, greatly improving financial work efficiency.
Finance department head from a large Chinese energy company:
As one of the big four international accounting firms, Deloitte leads the world in audit, advisory and other businesses. Deloitte's professional team integrates innovative technologies including advanced analytics, RPA, AI and data visualization into various application scenarios during audit projects, and provides systematic end-to-end solutions from planning to deployment tailored to businesses' digital transformation of internal audit.
As audit is a profession that is highly dependent on auditors' professional judgement, it is imperative to apply automation technologies in audit to relieve auditors from traditional, tedious daily work, and allow them to focus more on professional insights and judgement.
We will continue to develop more application scenarios for Deloitte AI Robot. My friend, do you know what we expect from you?
Yes. I will work to keep up with technology trends and apply the latest technologies to serve clients' broad demands. Meanwhile, I will also expand my application scenarios and areas to help users optimize their financial processes and improve audit efficiency, so as to provide a better service experience for clients to create greater value in this wave of digital transformation.
That's right. I have full confidence in you. Let's work together to improve audit quality, create value and increase efficiency to address the challenges ahead in the face of digital disruption.
To improve quality, value and efficiency, we also need a comprehensive set of highly effective standards and intensive management philosophy, in addition to digital technologies, to promote the audit work mode of the future. In the next issue, we will explore how Deloitte integrates digital technologies with standardized and centralized audit processes to shape the future of audit. See you!