We live in a fast-paced world where speed and efficiency are considered precious commodities. And the most precious of all? Time.
In the realm of tax management and regulation there are countless time-consuming and mundane, yet fundamental, tasks.
AI funds, domiciliation companies, trust & corporate services providers as well as big groups with multiple legal entities – notably real estate and private equity funds – are no strangers to the mountains of admin that can pile up.
In Luxembourg alone, private equity and real estate GP’s manage an average of 60 entities. That’s just one of the reasons KPMG came up with its bright idea – the Intelligent Data Extraction Assistant.
Here we give you the top five reasons you shouldn’t wait a single minute longer to get automated:
- Time. We’ve already said it, but we’ll say it again. Robotic Process Automation (tools are the ultimate time (and cost) savers. Let’s imagine the admin required for 60 entities, and assume that one employee takes 15 minutes per entity to process said paperwork. Now what if we tell you that an effective tool takes two minutes per entity (without coffee). Do the math and that’s 100 bot minutes versus a whopping 750 minutes of human time – close to 1.5 working days!
- Optimization of human skills. Just think what could be achieved with the time saved. As opposed to tedious and time-consuming tasks (e.g. scanning, reviewing, archiving, tax returns, payment execution), more creative and interesting work can boost staff motivation. Data extraction manipulation and storage is effortlessly delegated to a bot, freeing up valuable time to focus on more important matters, not to mention less admin.
- Enhanced accuracy and reliability. In contrast to the potential for human error, bots make no mistakes. KPMG’s Intelligent Data Extraction Assistant certainly passed the “Coffee Test”: successfully extracting specific information (company names and payable taxes, for instance) from a coffee-stained document that went through a scanner four times!
- The Lux Factor. As bots are totally customizable, a tool can be “trained” to recognize and translate any tax and regulatory documents before extracting predefined key information. Once structured, the bot automatically adds it to databases or applications, checks for consistency, reconciles multiple sources and even sends emails. KPMG’s Intelligent Data Extraction Assistant is Made in Luxembourg, for Luxembourg.
- No hassle or extra work on your end. KPMG’s Intelligent Data Extraction Assistant is compatible with any IT environment with no changes needed to the existing set-up. RPA tools can connect or “talk to” other tools resulting in easy adaptation and interaction with your company’s specific IT architecture. The bot is conveniently pre-programmed and ready to plug ’n’ play (whether you have a cloud-based or physical server).
Convinced? Ready to automate? Check out KPMG’s Intelligent Data Extraction Assistant and get in touch with our experts from the Alternative Investment and Lighthouse team.