AI transforms finance through tech, skills, and culture
AI is reshaping how finance and tax teams operate, and what it takes to stay compliant, accurate, and relevant in a digital-first, global economy. According to PwC’s latest AI Jobs Barometer, 66% of AI-exposed jobs are seeing rapid skill changes, and those with the right skills are earning a 56% wage premium.
Rather than replacing people, AI tools are here to support and amplify them; and the businesses that will lead in this new era are the ones building teams that are ready to fully embrace these tools. They will be the ones that choose the right technology, train employees and ensure buy-in across all levels.Finance is the proving ground for AI
Finance is fast becoming one of the most high-impact areas for AI adoption. From anomaly detection to predictive compliance, today’s AI-powered tools help turn complexity into easily digestible data and insight. This is particularly true in tax and accounting functions where precision and pace are vital.
The shift to digital-first, cross-border business models has added new layers of complexity to tax and financial operations, as have the responses of tax jurisdictions in the form of digital reporting requirements.
Gone are the days of country-specific reporting and siloed ERP systems. Modern tax teams are dealing with real-time reporting requirements, e-invoicing mandates, and destination-based rules across multiple jurisdictions.
Yet despite the promise, the transformation is far from complete. Vertex research shows that 51% of European organizations have yet to automate their finance operations.
And when it comes to indirect tax, only 47% have centralized controls in place, with over a third saying changes to ERP and finance systems are what’s now driving tax strategy.
Finance teams should recognize the benefits of technology, especially as applied to tax – aspiring to become a ‘tax technologist’ rather than a pure finance expert.
