Wolters Kluwer Tax & Accounting (TAA), a global leader in professional information, software solutions, and services, announced that the Wolters Kluwer CCH® AnswerConnect platform has been selected as winner of the “Best Natural Language Generation Platform” award in the seventh annual AI Breakthrough Awards program conducted by AI Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today.
Wolters Kluwer CCH AnswerConnect is a comprehensive tax research platform enhanced with generative AI (GenAI) capabilities to streamline and augment the tax research process. The company has developed three intertwined search features that improve the search experience. Using a Retrieval-Augmented Generation (RAG) model trained with Wolters Kluwer’s proprietary tax and legislative content (updated daily by a team of editors, accountants and tax attorneys), the new features provide quick, relevant, easy-to-understand, and actionable responses to research queries, along with necessary citations.
“The sheer volume and nuance of tax information makes it challenging for a researcher to quickly find information relevant to a client’s facts and circumstances. We’ve partnered with our clients to identify exactly where the tax research workflow breaks down for complicated matters, and to deliver GenAI enhancements to CCH AnswerConnect to dramatically improve that research experience,” said Dean Sonderegger, Senior Vice President and General Manager, Canada and Research & Learning of Wolters Kluwer TAA North America. “We appreciate AI Breakthrough’s recognition of our achievement in addressing these breakdowns. The GenAI extensions to CCH AnswerConnect make our high-quality, continuously updated, proprietary content more accessible and actionable for our valued customers.”
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CCH AnswerConnect surfaces answers to common tax questions that have been written by the company’s editorial team. The RAG model is trained to respond to natural language queries, such as “What is the standard business mileage rate in 2024?” An improved user interface displays the response in a box labeled ‘Editorially Curated Answer’ along with links to related documentation. Customers can easily move from on-point content to trusted reference sources to verify the answer and/or dig deeper.
The mission of the AI Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of AI and machine learning related categories.
“With its state-of-the-art features and seamless integration, CCH AnswerConnect makes conquering federal, state, and international tax challenges easier than ever. Finding answers to specific tax scenarios is like trying to find a needle in a haystack. Additionally, there’s uncertainty about whether answers from third party search tools are accurate, up-to-date, and trustworthy,” said Steve Johansson, managing director, AI Breakthrough. “We’re awarding Wolters Kluwer with ‘Best Natural Language Generation Platform’ for AI innovations that are focused on building firm intelligence for tax and accounting professionals so they can more easily make trusted and informed decisions around complex issues.”
SOURCE: BusinessWire