Manual procurement documentation is time-consuming and prone to human error. Employees often use previous procurement documentation to create new documentation, which, if not thoroughly reviewed, can harbour risks. According to Gartner, 65% of procurement leaders are actively investing in artificial intelligence (AI) to improve productivity rates and reduce the risk of human error. AI is a useful tool for tasks such as analysing historical procurement data, preparing documentation and evaluating candidates.
For more than a year, PwC has been supporting its customers implement artificial intelligence (AI) solutions that streamline day-to-day work with Microsoft's Copilot technology. We do not code anything in particular, but we help you find a solution that works well by using the customisation options available. Such technologies enable companies to increase their efficiency and adapt to the dynamic market environment.
On taking a closer look at the findings of PwC’s corporate cyber resilience survey 2024 (Global Digital Trust Insights Survey) I realise that business leaders are greatly concerned about the potential costs of cyberattacks. These include a potential ransom payment in the event of a ransomware attack, system recovery, and potential compensations to customers for the company’s inability to supply its goods or services while it’s dealing with the consequences. Small companies may find such costs unaffordable.
AI agents are a hot topic in the world of technology now. They represent a new breed of existing AI solutions that aim to automate processes and improve efficiency by providing each employee with a personal assistant. Over the past year, AI tools such as chatbots have become an integral part of everyday life. In a survey conducted by PwC in August 2024, 73% of respondents stated that they already use chatbots such as Microsoft's Copilot and ChatGPT daily or plan to use them. At the moment, however, the focus is increasingly on AI agents that combine a range of the skills of chatbots with broader automation and personalisation capabilities.
In the digital age, with technology becoming the basis for business process transformation, the synergies between e-invoicing and AI offer great potential for improving efficiency, accuracy and compliance. Yet the rapid evolution of AI technology increases the need for a clear set of rules to secure ethical practices and data protection. In this article we look at how the integration of e-invoicing and AI technology changes business operations, what the main challenges are, and what aspects organisations need to consider when adapting to the evolving regulatory environment.
The integration of e-invoicing into your finance function can significantly improve its efficiency and accuracy. However, this digital development brings with it some new risks, particularly in the area of fraud. The growing role of technology in financial transactions causes organisations to strengthen their security systems and focus on modern fraud detection solutions. In this area, artificial intelligence (AI) has become a crucial tool that provides organisations with advanced methods for detecting, preventing and minimising fraud. In this article we explore how AI can detect fraud in e-invoicing systems and how organisations can benefit in practice.
The rapid evolution of artificial intelligence (AI) and machine-learning technology has led to their increased use in tax administration across Europe and in Latvia. The adoption of AI has proved to be particularly effective, helping tax authorities prevent tax discrepancies and fraud, improve taxpayer experience and increase the effectiveness of internal processes. This article explores various recent examples of how AI is used to improve tax administration and boost tax revenues in Latvia and elsewhere in Europe.
Data is hugely significant in the business world, yet its true value lies not only in volume but also quality. Bad data can hinder your business growth and lead to wrong decisions and missed opportunities. This article explores the practical aspects of data quality management to help you discover the true potential of information and make decisions based on data that is reliable and accurate.
Cost segmentation is crucial for businesses aiming to maximise profitability and enhance operational efficiency. Categorising expenses helps companies identify cost-saving opportunities, optimise resource allocation and make informed strategic decisions. This process provides a detailed understanding of various cost drivers and their impact on the overall financial health of your organisation.
A system of artificial intelligence (AI) can make your day-to-day work increasingly more efficient, competitive and productive in both the private and the public sector. There are various AI system models on the market you can put in place, tailor to your company’s needs and use in your day-to-day work. Remember that, for instance, a company using an AI system for its professional purposes under EU Regulation 2024/1689 (the ‘AI Act’) faces various obligations for AI system maintainers.
Electronic structured invoices (e-invoices) are becoming increasingly widespread globally between businesses (B2B) as well as between businesses and government agencies (B2G). E-invoices are gradually replacing old-fashioned paper invoices and PDF invoices. Recent years have seen the member states working hard to implement e-invoicing. Latvia is set to legislate on mandatory e-invoicing in the B2G segment from 2025 and in the B2B segment from 2026.
The media have been actively using the term ‘cyber warfare’. At this year’s ‘Lampa’ Conversation Festival, I took part in ‘Are we ready for cyber warfare?’, a discussion held by the Ministry of Defence. At the moment we are unable to draw a clear line between the kind of cyber warfare that calls for a military response and the sort of cyber warfare that qualifies as an attack under the Criminal Code. Yet cyber warfare is definitely going on in Latvia and companies should be monitoring their cyber security carefully.
The large amount of information being generated every second has changed the way business decisions are made in today’s data-based world. It’s important for tax and financial professionals to understand what opportunities and solutions big data has to offer. If you are using improved data analytics processes with appropriate algorithms, big data can give you a detailed picture of financial trends, customer behaviours and operational efficiency. This article explores the foundations of big data analytics and the scope for using the available data to make strategic decisions and drive growth in your organisation.
Over the last six months I’ve been comparing the information technology (IT) inventory in a number of Latvian companies with their global industry peers. PwC makes a comparison in the course of developing a company’s IT strategy or assessing its digital transformation maturity. For comparison purposes we use similar corporate indicators gathered by the American Productivity & Quality Center, a leading global authority, and surveys of IT practices in various industries. The results show a systemic trend.
Every five years or so, each information technology (IT) officer looks back at performance and builds a new corporate IT strategy. A benchmarking study that involves comparing your current IT governance parameters with similar companies is an integral part of strategic planning. Comparable parameters (e.g. IT costs per user or per euro earned, the percentage of technology maintenance costs in total technology costs, or the number of computer hardware units to be serviced per specialist full-time equivalent) depend on the database you’re using, they’re easy to understand, and selecting them raises no questions.
