In order to comprehend why Artificial Intelligence is so relevant to the companies that performs in tax area today, we firstly need to understand how the technology advanced through the years.
Back in 1949, Arthur Lee Samuel introduced us to what probably was the first A.I. demonstration: a self learning program, provided with an awesome technology for that time. In the following year, the world met Alan Turing, through his bold test which sought to respond questions like “are machines capable of thinking?”.
After this, the technology timeline advanced extremely fast; creative invents and systems attracted all the people’s attention, allowing dreams about a boundless future. From the Dartmouth College foundation – first A.I. group -, in 1956, to Watson and his Cognitive Computing, em 2011, so much happened. A lot of incredible minds working together in fascinating projects that we may don’t know yet or that may never be concluded. All this led us to this moment we live now.
But a question remains: “how does exactly works the Artificial Intelligence?”.
In an abridged explanation, is possible to say that A.I.’s functioning happens in the following way: a) Understanding – through natural language processing; b) Reasoning – creating and testing hypothesis; c) Learning – saving records. It is essential keep these details in mind as considering the artificial intelligence application in the legal and tax areas.
Currently, there are some systems been used in these fields, as RPA – Robotic Process Automation, Machine Learning and IOT – Internet of Things, for example. All them share the same goal: simplify complex procedures, preserving accuracy. The time we live now turned softwares and robots into a necessity for people and for business, as well. We are allowed to say that a revolution occurred, which altered daily routines completely.
Refusing the use of these tools means to be forgotten. Companies need to adopt innovative ways to conquer the attention of their clients and stand out in their competitive scenarios. Ignoring the progress is the same as stay behind.
According to research from The Economist, over than eight professions have 50% of chance of being replaced by robots in twenty years. It may be scary to professionals, but it is necessary to see this fact as an improvement opportunity instead.
The crucial point for most of them it is not even feeling insecure and lost about what to do. It is more about do not even know how artificial intelligence could benefit their business. So, to illustrate some of the advantages that may result from investing in technology for companies which perform in the tax and legal areas, we will take a look over the Tax Group’s successful case.
The Tax Group performs as a tax advisory company in Brazil and decided to invest in softwares in order to bring more agility and security to your services. Considering all the difficulty of Brazilian entrepreneurs in dealing with taxes, due the complex, numerous and contradictory existing laws, Tax Group developed a system to simplify this process.
The system counts on OCR technology and was programmed to completely understand these laws (over than five million). It is feeded up daily by the work of fifty consultors that follow up every single update and modification about these rules. All to ensure the efficiency of the procedure.
Registering these laws as algorithms, the software crosses rules with the information provided by the company that is requiring help. Through the SQL Technology (Structured Query Language), the system generates a report that indicates what is right and wrong about the taxing of the company. Some of the possible results are: mitigation of mistakes related to the tax activities of the business; supply chain improvements; sales optimization – making the logistic planning easier; significant prevention of tax credits loss and the recuperation of them, as well. It is also possible to identify opportunities which have been missed and could significantly present improvements for the tax health of the business.
This demonstrates how many different benefits could result of technology investment, and reassures how artificial intelligence is important and should be used in our favor.
Certainly there is no need to be afraid of machines when we can use them at our advantage. If there is a chance of increasing the productivity of our business, preserving agility, accuracy and exactness, then why not enjoy it?
It is time of being visionary, as the pioneers of technology, and initiate a true revolution in the market. We can not get stuck on our comfort zones when there is so much to discover, find and create. The world craves for the new, today. We shall attend this demand.
