Marna Ricker, Global Vice Chair at EY, explains why AI is a game changer for all data-driven fields and shares her thoughts on how finance leaders can leverage AI in everything from taxes to strategic planning. Read the article for ideas on how AI can be a game changer for your organization.
Impact of AI on Tax Services
AI is prompting a shift to an 'AI first' mindset within companies. Professionals in tax and finance are using AI as a digital assistant, automating routine tasks and saving up to 14 hours a week. This allows them to focus on more strategic activities, as AI helps summarize information, identify anomalies, and highlight key themes.
Data Utilization in Finance
AI is unlocking previously trapped data within organizational silos, enabling tax teams to analyze complex datasets. This allows them to make informed suggestions regarding cash flow and sustainability. However, it also raises questions about whether finance professionals are prepared to manage and communicate insights derived from this wealth of data.
Upskilling for AI Integration
EY emphasizes the importance of prompt engineering, which involves asking better questions rather than just seeking answers. The firm is democratizing access to AI, making it accessible to all employees, and encouraging them to utilize tools like Microsoft’s Copilot Studio to enhance efficiency and automate processes.
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