PwC India unveils a suite of GenAI-enabled products for CFOs
- PwC’s CFO Suite has been adopted by 700 clients in over 16 countries, and it addresses a wide range of priorities for the finance function
PwC India, a leading professional services firm, is integrating GenAI into its suite of products designed for chief financial officers (CFOs). With its ability to summarize, analyse, create and validate information from unstructured data sources, it can improve productivity, effectiveness and the overall stakeholder experience while significantly enhancing the decision-making process.
Apart from this, PwC’s GenAI-enabled suite offers the CFO office a host of other benefits:
- simplifying judgement-intensive finance activities by processing vast amounts of information
- accelerating response times to stakeholders
- mitigating process risks through precise transaction identification and validation
PwC’s CFO Suite has been adopted by 700 clients in over 16 countries, and it addresses a wide range of priorities for the finance function. These include operational finance and tax management, risk mitigation through compliance management, controls effectiveness and contract management.
PwC’s Integrated Accounts Payable Engine: This is a complete solution to drive touchless, paperless invoice processing with in-built tax compliance at the transaction level. It has an AI-based invoice reading solution and workflow to handle invoices (purchase order (PO) and non-PO based) and a supplier portal with 50+ other features. This GenAI-enabled tool can be used to handle vendor queries as well as onboarding and matching processes.
PwC’s Compliance Insights: Currently in its third generation and with 250 clients across 16 countries, this product enables clients to centralise enterprise-wide compliances. It maintains a curated compliance register that reflects the latest regulation changes. Equipped with GenAI-enabled response generation technology, it helps in understanding and managing complex compliance documents.
PwC’s Anomaly Detection Platform: It is an award-winning reconciliation and anomaly detection product that helps CFOs automate time-consuming reconciliations. The platform assumes the maker’s role in reconciliations by leveraging its native, unsupervised machine learning capabilities. It platform can also be used for complex cash applications. Ten modular GenAI-based algorithms powered with extra layers of large language models (LLMs) help in anomaly detection and translation into natural language for stakeholders’ ease of understanding.
PwC’s Contract Insights: A contract lifecycle management (CLM) platform with a centralised contracts repository, the solution completely digitises the process from contract authoring to signing, thus reducing the time taken for deal closure. It has the ability to integrate with and fully connect customer relationship management (CRM) systems at the upstream level and enterprise resource planning (ERP) systems at the downstream level. Its GenAI component helps in conducting risk analysis for large complex contracts and can also identify potential exposures to new risks.
PwC’s Business Risk Analytics and Insights Platform: Controls monitoring is typically siloed, manual and reactive. With over 800 algorithms, PwC’s Business Risk Analytics and Insights Platform helps in monitoring ERP transaction/masters and gives controllers and internal auditors a full view of the actions they need to take.
PwC’s Navigate Tax Suite: Tax compliances (GST, income tax, transfer pricing) and regulations along with faceless assessments have made technology adoption an imperative. Loss of credit and high transaction volumes are also big drivers of change. PwC’s tax suite (12+ solutions) helps clients address the challenges arising from such technological and regulatory developments. The integration of GenAI helps in rate identification, code validation, tax research and litigation preparation.
Benefits of PwC India’s suite for the CFO office
While there is ever-increasing pressure on CFOs to pivot towards value creation, management of day-to-day operations and priorities can end up taking up much of their time. By helping to automate validation and identification of risks, GenAI can boost productivity and quality.
The writers for the article are PwC India’s Chief Digital Officer, Manpreet Singh Ahuja (manpreet.singh.ahuja@pwc.com); PwC India Finance Transformation Partner, Gaurav Agarwal (gaurav.x.agarwal@pwc.com); and Digital Products Leader, Aman Goel (aman.goel@pwc.com).
Disclaimer: Content provided by PwC for brand partnership with Livemint.com. Opinions expressed are those of PwC and not necessarily of Livemint.com.
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Business NewsTechnologyPwC India unveils a suite of GenAI-enabled products for CFOs
First Published:6 May 2024, 03:41 PM IST
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