Wolters Kluwer launches AI-powered finance transformation platform

Global professional information, software, and services giant, Wolters Kluwer, has announced its AI-powered CCH Tagetik Intelligent Platform today, engineered to digitally transform the efficiency, accuracy, and strategic ability of the Office of the CFO.

Ralf Grtner, Senior Vice President & General Manager, Corporate Performance Management (CPM) Solutions at Wolters Kluwer, has stated: "We are the first to bring to market an intelligent, AI-empowered platform that enhances an entire suite of CPM solutions. We know that GenAI has the potential to enable finance leaders to deliver financial close and planning cycles fifteen times faster than at present and we are harnessing that power for our clients. CCH Tagetik Intelligent Platforms new, state-of-the-art AI functionality empowers CFOs to unlock the answers they need from their data in a fraction of the time to make better informed, faster, strategic decisions."

The latest advancements in AI functionality have transformed the CCH Tagetik Intelligent Platform and its capabilities. These include empowering finance professionals to manage and control massive datasets with unprecedented speed and automation. Moreover, it works to unlock hidden insights, democratising access to critical financial data, and improving and speeding up decision making.

The platform's new GenAI offering, Ask AI, allows users to receive real-time, visual answers to text and voice-based natural language queries. Wolters Kluwer estimates that this functionality will drastically increase efficiency, liberating users to channel resources towards value-adding activities like analytics, decision support and innovation.

The Intelligent Analytics feature enables self-service reporting, analytics, dashboarding and visualisation. This engine allows users to rapidly search organised sets of information to uncover accurate answers to everyday business queries quickly.

To maintain data integrity, AI Automapping accelerates data collection and ensures data governance, while AI Anomaly Detection identifies outliers and flags abnormal data patterns. Furthermore, Intelligent Disclosure dynamically integrates financial, non-financial, and ESG consolidated numbers with narratives into data-linked reports. This assures finance and business teams that any document, including annual filings, board books, and management presentations, is always accurate.

AI Driver-Based Analysis assists users in analysing large datasets quickly to identify key business drivers and potential growth areas. These new AI capabilities build on the existing features of CCH Tagetik, such as Predictive Intelligence and Transaction Matching, which already enable users to create explainable, insight-driven predictive forecasts, accelerate data reconciliation and enhance decision making.

These AI innovations demonstrate Wolters Kluwer's commitment to utilising AI technology to drive continued digital transformation in the Office of the CFO.