How to maximise international reporting and data analytics with AI

Invest now to gain insight through AI data strategy

AI is reshaping both internal processes and customer-facing interactions (notably through the rapid development of agentic AI technology). It increases the speed and efficiency of daily operations, freeing up humans from repetitive tasks. It learns and improves on its capabilities as it works. Perhaps most importantly, its ability to rapidly process and analyse vast amounts of data provides consistent and dependable business insights.

Already, the technology is helping tax practitioners stay current on legislation in jurisdictions all around the globe and use AI predictive analytics to forecast impacts from one country to another. AI enhancements to tax software can also drastically reduce the time it takes to adhere to global tax compliance reporting and audit requirements. As data platforms incorporate AI, professionals can be proactive and help provide fresh insights to identify tax saving opportunities, increase accuracy and reduce risk with global reporting.

To maximise the effectiveness of AI in reporting, analytics and other key parts of business strategy, companies will need to invest more and do so wisely. More than two-thirds of the business leaders we surveyed highlighted the need to allocate more spending on digitising their internal operations. A central focus must be to shape an overall data strategy for the business while introducing and modernising systems to ensure the quality of the information it relies on. This helps build a dependable data foundation – a critical factor in demonstrating the return on investment from AI.

We are only just scratching the surface of AI’s potential in reporting and daily business processes. That’s why it’s so important to create good data analytics foundations now in order to be prepared.

Lucas Hoffmann Senior Manager

Understand the risks to use AI responsibly and maximise the rewards

Clearly, companies are only starting to scratch the surface of what is possible when harnessing AI to analyse and help build their businesses globally. But with this great opportunity also comes the duty to use AI responsibly. The quality of the insight offered by AI is only as strong as the historical data it is accessing. If a company’s data isn’t already optimised, if it doesn’t know where that data sits or, worse, if that data includes some form of bias (even if it may be subconscious), any AI analysis will be based on those errors and so create risks for the business.

In Europe, a new EU AI Act is the first legal framework to create a set of guardrails and ensure the responsible use of AI. It is unlikely to be the last despite a more laissez-faire approach to AI development being employed in other jurisdictions. The new regulations require real-time reporting on AI use within organisations including a stipulation that any serious incidents relating to an incident or malfunctioning of an AI system must be reported within 15 days, complete with a risk assessment and proposed corrective action.^[1]

Moving forward, business leaders will have to consider the following issues as they shape a successful strategy for maximising AI in their analytics and reporting. First, they must have a clear idea of the business insight AI can provide. Second, they’ll require sufficient investment for AI development and do so in a way that will scale and demonstrate a clear return on investment. Third, business leaders must create a data strategy that is robust enough to give AI the platform it needs to deliver real insight. Finally, they will need to build in the necessary checks and balances to guarantee that AI is used responsibly and incorporated in a way that is ethical, compliant with all regulatory requirements and complements the expertise and experience of the human workforce.

1. https://artificialintelligenceact.eu/article/73/