How Wolters Kluwer uses GenAI for smarter decision making in financial processes

Discover how financial professionals can leverage AI tools for data analysis and reporting.

In brief:

• Wolters Kluwer integrates Generative AI into financial processes to enhance strategic decision-making.
• AI tools simplify data analysis and accelerate reporting, enabling professionals to create more value.
• The use of AI not only supports efficiency but also fosters innovation and digital transformation within organizations.

As CFOs increasingly embrace AI technologies, the focus is shifting from improving efficiency to supporting strategic, data-driven decision-making. With tools that simplify complex tasks, make data more accessible, and generate actionable insights, AI is transforming the way financial teams operate. Generative AI, Large Language Models (LLMs), and Natural Language Processing (NLP) are integrated into platforms like those of Wolters Kluwer, allowing users to extract valuable insights from data more quickly.

The Crucial Role of AI in Transitioning from ESG Reporting to ESG-Driven Strategy

In addition to streamlining processes, AI plays an increasingly significant role in sustainability, particularly in ESG (Environmental, Social, Governance) reporting. ESG data is often complex, as it requires both quantitative and qualitative data from various sources. Wolters Kluwer is exploring how AI can simplify the complex reporting requirements of, for example, the Corporate Sustainability Reporting Directive (CSRD) and the International Financial Reporting Standards (IFRS). Bandoni emphasized how AI simplifies regulations like ESG: "AI can validate and integrate ESG data, enabling companies not only to comply with regulations but also to uncover the sustainability factors that most influence their performance."

AI as a Catalyst for Digital Transformation

"For many companies, AI initiatives serve as a catalyst for broader innovations," notes Bandoni. "The value of AI lies not only in direct improvements but also in the inspiration and acceleration it provides for digitalization within organizations." Companies that embrace AI often find that it stimulates further modernization and opens new growth opportunities. For decades, financial organizations have focused on strict process discipline, executing tasks with precision and consistency. However, to truly innovate, a shift in culture and mindset is necessary. Finding the right balance between routine tasks and fostering new ideas and insights is crucial for organizational progress.

Driving Innovation in the Future Financial Function

Looking ahead, Bandoni is convinced that AI will become increasingly integrated into the financial function. Wolters Kluwer is exploring how AI can assist not only with complex reporting requirements but also with daily tasks such as anomaly detection, data mapping, and forecasting. "AI and Generative AI are already embedded in all our solutions to support the Office of Finance. The big question for financial professionals is not whether and why they should use this technology, but when they will start benefiting from the higher productivity and deeper insights that AI offers, taking their work to the next level." Bandoni envisions a future where AI is a key growth engine for financial teams.