The perfect partnership of humans and machines. No, it’s not a trailer for the latest Hollywood blockbuster. It’s how we’re training technology to push the boundaries of what professional services can achieve.
Our app-based myInsight portal, which is now used by 12,000 Deloitte colleagues and clients worldwide, is another example of how tech is transforming tax.
The secure online hub brings together a client’s global tax and legal products in one place, providing the latest data and insights whenever and wherever they choose.
Much like a smartphone, users have access to a tile store and can select tools that meet their own specific needs. The portal also makes it easier to share documents and knowledge across projects, processes, business units and jurisdictions.
This increased transparency and convenience means clients can spend less time navigating today’s ever-evolving regulatory environment – and more time doing what they do best.
Tech takes the time out of tax
In a digital world that sees 269 billion emails a day and 6,000 tweets a second, information is everywhere.
But what does that mean for business? There’s more data available, but is it harder to find what we need? Do we only use a fraction of what’s at our fingertips?
Through a partnership with leading artificial intelligence (AI) company Signal, we’ve been piloting technology that cuts through the noise. And for clients, it could make tax a lot less, well, taxing.
The data explosion means an estimated 300 million new tax regulatory documents will have been produced by 2020. For professionals working in the sector, keeping up with this rate of change is the number one issue.
The myInsight Signal Alerts platform uses AI to read more than five million articles a day from a vast array of sources. Our experts can train the technology to identify specific topics and provide high-quality, real-time insights for colleagues and clients.
It can track emerging tax news, from rumour through to regulation, and provide competitor updates and brand insights. And it goes beyond keywords to understand context – a trawl for tech giant Apple, for instance, won’t turn up results for fruit.
“Regulation is exploding and it’s not humanly possible for someone to keep on top of that constant change,” explains Sally Pritchard, Deloitte’s global product owner of the myInsight Signal Alerts solution. “The other benefit is that professionals don’t have to spend hours looking for something that isn’t there.”
The technology has huge potential to save time and money, and give companies a competitive advantage. For our clients, it’s great news in taxing times (excuse the puns).