GenAI and data management for tax
GenAI unlocks data in new ways, but quality inputs are key.
GenAI, driven by good data management, can significantly enhance the productivity and strategic value of tax departments.
It enables better near-time analysis, more strategic business decisions, and the discovery of new opportunities by breaking down traditional boundaries within the tax function. That’s the power of GenAI.
GenAI has revolutionized not only access and processing of data, but also its definition. Data is no longer just the information sitting in select files on a server. It’s now also every document, email, chat, notice, filing, policy, law, rule, video, or visualization—it’s everything your business can see. That amplifies the need to understand the principles of effective data management as well as the data challenges faced by tax departments when implementing Gen AI.
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Learn how effective data management can help you get the most from your GenAI investments
Download PDFHow are companies organizing data?
Your tax data strategy should include GenAI requirements to avoid creating future pain points that don’t fit under an overarching strategy.
Most companies are going to have ongoing data and GenAI projects that are led by finance, IT, even the chief data officer. Try to get a seat at the table to maintain alignment and avoid having to recreate the wheel.
Select technologies that you’re able to integrate into a cohesive solution for your data centralization, while also ensuring that it can integrate with GenAI and has the ability to scale as you grow, add new technology, or bring in new users.
As you centralize data, make sure only the appropriate people have access to sensitive information. The last thing you want is somebody asking GenAI a question and seeing payroll information as a result.
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