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  "documentTitle": "AI in financial reporting and audit",
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      "text": "Companies that embrace AI for financial reporting see a myriad of benefits. Two thirds of Leaders see the top benefits as the ability to predict trends and impacts (65 percent), real-time insights into risks (60 percent), better data-enabled decisions and increased data accuracy (both 57 percent). At the same time, the use of AI is translating into greater productivity for the financial reporting team, combined with higher talent acquisition and skills development. Over 4 out of 10 companies already report greater employee productivity and efficiency, and in three years the percentage will grow to 6 out of 10. Similarly, the percentage of companies citing that AI will help their companies attract financial talent rises from 36 percent now to 47 percent in three years. Enhancing skills increases from 32 percent to 42 percent and filling staff shortages from 27 percent to 36 percent. These benefits accrue over time. Leaders enjoy many more benefits than other companies, particularly for predicting trends (65 percent), increased data accuracy (57 percent), and lower costs (52 percent). They also expect more benefits over the next three years. Since it is still early days, only 33 percent of companies see high or very high value in the use of genAI for financial reporting. They see greater value in more traditional AI, where they have made the most progress. The biggest value-driver is anomaly detection (65 percent), followed by RPA (58 percent), machine learning (58 percent), deep learning (53 percent), and natural language processing (50 percent). Chatbots (31 percent) and computer vision (19 percent) offer more limited value.",
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