At Wolters Kluwer Tax and Accounting, we are investing in leverage AI's generative capacity within our award-winning solutions to delivering value to our tax and accounting customers.
Our innovation strategy is clear – to build firm intelligence.
With every new product innovation, we strive to enable tax and accounting professionals to work at the top of their capabilities and deliver the insights to drive value for their clients. Artificial intelligence (AI) is among the powerful, cutting-edge technologies that we are putting to work in our solutions to increase efficiency, surface valuable insights and strengthen client relationships.
AI’s adaptive capabilities have been a long-standing component of our customer-driven innovation strategy. Our product development is grounded in solving customer challenges using the best technology available, and our solutions are built on the foundation of our trusted tax and accounting content. We take our role as trusted innovators seriously.
We are committed to developing artificial intelligence in an ethical and responsible manner in accordance with our AI Principles. Our promise is that ‘when you have to be right,’ you will know you can trust Wolters Kluwer.
Our AI innovation pillars
Applying AI pillars in practice
Human-centric solutions
“Customer-driven innovation is central to everything we do at Wolters Kluwer”
– Jason Marx, CEO Wolters Kluwer Tax and Accounting
We believe in the profound ability for technology to positively transform the lives of tax and accounting professionals. Our commitment to developing human-centric solutions is about driving value creation and enabling the professional to work at the top of their capabilities.
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A human-centered approach
Artificial intelligence, because of its adaptability and unique capacity to analyze patterns and recognize relationships in data and other information, plays a critical role in our solutions development strategy. However, AI is just one component of a comprehensive approach that integrates our corpus of tax and accounting content with other cutting-edge technologies like cloud computing, intelligent analytics, blockchain, and other emerging technologies.
The cornerstone of our innovation strategy is the tax and accounting professional; working closely with firms to identify the challenges that need to be solved today and in the future. We follow a human-centered approach for all our solutions, leveraging the latest approaches to gather customer feedback with very specialized research in ethnography, observing the social and behavioral patterns of accountants working. These approaches are especially important when it comes to coupling our research with artificial intelligence.
Our AI systems are designed to drive practitioner efficiency, leveraging their knowledge and experience while automating routine tasks and generating actionable insights so they can focus their time on higher-value, relationship-driven tasks. Our commitment to developing human-centric solutions is about driving value creation and enabling the professional to work at the top of their capabilities.
Trust and transparency
Artificial Intelligence has a trust problem – especially among tax and accounting professionals. According to our customer surveys, trust is the primary concern amongst our customers when it comes to AI. They also believe that AI has the potential to make positive changes in how they approach work.
Trust is always at the top of Wolter Kluwer’s mind, but this is especially true when it comes to the development and implementation of artificial intelligence technology.
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Building trust in AI
We see AI’s potential to provide significant value to the accountant, but only if the industry can embrace the technology. Competency, transparency, and consistency are key factors in building trust. We strive to imbue our technology with these qualities.
Wolters Kluwer Tax and Accounting’s long history of providing high-quality, expertly curated resources and guidance to tax and accounting professionals forms the core of our product development. In the realm of generative AI (GenAI), many systems rely primarily on publicly available data. These systems sometimes suffer from outdated information and can incorrectly generate “hallucinated” content.
Our approach to GenAI is different. Our GenAI solutions incorporate continuously updated and meticulously curated content that is specifically relevant to tax and accounting professionals, ensuring current and relevant results. Whether you’re doing research for a tax question or evaluating benchmarks for services pricing, you can trust our AI to deliver thorough and reliable results while saving you the time and effort of sifting through all the information yourself.
Our GenAI solutions are transparent and explainable. Results include citations for relevant sources and can provide an audit trail for automations and other results.
Our AI development is built on a decade-long history of investing and deploying artificial intelligence into our solutions. In 2016, Wolters Kluwer created the AI Center of Excellence to ensure development teams across the company were able to work collaboratively and with agility when developing AI systems. In this same year, we launched our first AI-enabled product, CCH iQ, which uses machine learning to identify clients impacted by tax legislation changes, enabling tax service providers to proactively advise their clients. Today, approximately 50% of our digital revenue is supported by AI.
Recently, we have continued to invest our attention and funding into expanding the capabilities of our existing teams to develop AI and generative AI solutions that accelerate research & learning, firm intelligence, document recognition, and more.
Our clients have staked their reputation in being a trusted advisor to their clients. “When you have to be right” is more than a tagline, it’s our commitment to our customers that they will have the expert insights and solutions they need to deliver better outcomes for their customers.
Deliver better outcomes
With AI-powered solutions, tax and accounting professionals have the capacity to focus on strategic initiatives, strengthen client relationships, and achieve better outcomes with greater efficiency. This not only enhances the overall productivity and profitability of the firm but also contributes to a more fulfilling and balanced work environment for professionals.
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Improving how tax and accounting professionals work
Our focus is clear – we drive innovations that improve how tax and accounting professionals work. Our product teams are continuously experimenting with ways to infuse new, cutting-edge technologies into our solutions to deliver more capabilities to our customers. Of these technologies, artificial intelligence has the potential to be the most transformative. By harnessing the power of AI, we can streamline workflows, optimize processes, and provide actionable insights that enable professionals to make informed decisions and deliver exceptional value to their clients.
AI technology is constantly evolving through research and experimentation. As AI progresses and gains new abilities, we are also experimenting with enhancements that can be made to our current and developing solutions. Within our current solutions, AI powers our ability to:
- Automate data entry and reconciliation tasks
- Analyze large volumes of information to identify trends and anomalies
- Flag inconsistencies among client data
- Highlight legislative changes that might impact clients
Our service teams utilize AI to reduce customer service wait times though the use of our proprietary artificial virtual agent (AVA) and to speed up data processing times for outsourced services. New generative AI capabilities will increase our ability to streamline and summarize complex research tasks and streamline accounting workflows in tax, audit, and various consulting services.
Many of the most sought-after benefits in tax and accounting software leverage AI – syncing client data across integrated systems, tax form roll-forward, features that automatically populate tax returns, reporting and financial statements, document scan and data ingestion, to name a few. Artificial intelligence enables our ability to give tax and accounting professionals more time and better insights to focus on delivering the most value for their clients.