Tax

Cognitive Tax Advice

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The problem
Highly skilled specialists carry out tax judgements on behalf of their clients. These assessments are incredibly complex and time consuming, not least because of the size of the entities involved. The complex nature of their work means it takes a long time for new staff to be fully effective.

The assessment process is manual and there are no existing tools that can combine financial assessment data with the human cognitive reasoning process undertaken by their tax specialists.

Like all firms, our client relies on some seasoned experts with tremendous experience. This focused expertise, combined with the long lead-time up-skilling new members of staff, was the driving force behind them selecting Rainbird.

Rainbird can make complex, human-like judgements based on a combination of real-world expertise, the applicable rules and regulations and client-specific data. What’s more it can do this at scale. Rainbird won a competitive process because of its ability to form judgements in the face of uncertainty and missing data, and because it can provide a comprehensive audit trail that can explain the rationale behind each and every judgement. This is a feature that set’s Rainbird apart from most other AI technologies.

The solution
Rainbird developed a proof of concept, delivering a tool that successfully augments back-office workers when making complex tax judgements. The project focused on a specific area of foreign tax legislation.

Our team worked with the client’s tax specialists to develop a Rainbird model that replicates how experts navigate the tax legislation. The tool can determine whether or not a specific company is within scope of the law, and identify the impact on their tax liability.

We also developed a roadmap for other solutions based on the concept of a central repository of knowledge, with the potential to power multiple applications in numerous parts of the business.

The outcome
Following a successful proof of concept, we are now working with the firm to build an internal Rainbird Centre of Excellence, enabling our client to rapidly build their own internal Rainbird projects. This build of a CoE will include working on real-world projects, delivering two new tools capable of augmenting the work of humans when advising clients on two new areas of tax legislation.

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How intelligent automation can future-proof businesses for changing regulation

Chameleon
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Whether it’s IFSR 17 in insurance, IR35 in accounting, the continued refinement of EU customer data policies, or any number of Brexit-based logistical challenges, businesses are having to scramble for the right tools to react to the impact of changing legislation. The result has been a boom in compliance personnel over the past decade. Surely there’s another way?

Discover with Rainbird’s Marcus Vassiliou how intelligent automation can help you stay on top and adapt to ever-changing regulations.

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81% of UK businesses say a shortage of talent is the biggest hurdle to AI adoption

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The research, conducted by Vanson Bourne on behalf of Rainbird, surveyed senior decision-makers in enterprise organisations. It found that the main reason behind businesses not implementing AI is a shortage of talent in their workforce for handling automation processes. While this was the overall biggest barrier to adopting AI in the UK, when broken down into professional services, financial services, insurance and IT, the data highlighted a number of different concerns across business functions.

Find the full report here

James Duez, CEO at Rainbird, commented: “In order to truly understand what processes will benefit from AI, businesses must review their strategies. Rather than pushing AI investment into IT departments, organisations should recognise where the most important decisions are being made – within the business. Symbolic tools are business-friendly, rapid to work with and completely auditable and it is these that will unlock the streamlining and automation of operational decisions.”

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Neural networks can disempower human workers: the case for human intervention amidst rapid AI adoption

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Neural networks have become the alchemy of our age, the search for a magical, mystical process that allows you to turn a pile of data into gold. It is widely seen as a silver bullet that can generate new insights and expert decisions on an unprecedented speed and scale. Yet this ignores the reality that ‘deep learning’ systems are difficult to create or audit and most organisations lack the necessary in-house expertise or ‘data hygiene’ to use it effectively.

To read the full article, see Neural networks can disempower human workers: the case for human intervention amidst rapid AI adoption on Digitalisation World. 

 

 

 

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Ghosts in the Machine: How Machine Learning is Transforming Business

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According to new research from Rainbird – the AI-powered automated decision-making platform, 81% of those surveyed revealed that their organisation planned to increase investment in AI over the next five years. Of those who plan to increase spending on automation technologies, 22% suggested this investment would be significant. Interestingly, the financial sector is set to be the biggest adopter, with 94% of those surveyed planning to increase investment in AI over the coming years.

James Duez, CEO at Rainbird, commented: “AI should be brought into organisations to help employees, not hinder them. UK organisations – and beyond – need to fundamentally change the way they are adopting AI and, think beyond big data and machine learning. ‘Data scientists only understand black box solutions, and there are huge benefits to be had by moving towards more transparent symbolic technologies which can achieve automation outcomes beyond those available with data-only approaches. Such accessible tools also have the added benefit of addressing the skills gap by making AI far more accessible to employees without a degree in data science.”

To read the full article, see Ghosts in the Machine: How Machine Learning is Transforming Business on Silicon UK.

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91% of UK IT businesses say a shortage of talent is the biggest hurdle to AI adoption

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The adoption of Artificial Intelligence (AI) and automation technologies in the UK is still being stunted by a lack of digital skills in businesses according to new research by Rainbird, the AI-powered automated decision-making platform.

To read the full article, see 91% of UK IT businesses say a shortage of talent is the biggest hurdle to AI adoption on Digitalisation World.

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How AI can simplify mergers and acquisitions

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CTO of Rainbird, Ben Taylor, is featured in IT Pro on the importance of auditability in automated M&A decisions:

“If a financial institution gave incorrect advice that led to a failed merger, it might be difficult to tell how the neural network got the decision wrong.”

Read the full article, How AI can simplify mergers and acquisitions, on IT Pro.

Become a truly intelligent automation and decision-making organisation
Find out how Rainbird can ensure every decision in your organisation benefits from the required expertise.

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Rainbird is Crossing The Pond

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This winter Rainbird is embarking on another stateside visit marked by an appearance at AI Summit New York. We’ll be spanning the East Coast of the country from 3rd to 13th December – and we’re not coming just for scenery. The purpose of our visit: to enhance our US chapter and further engage with like-minded collaborators, as we aim to transform the business landscape of the future.

Combine human expertise with AI-powered automation

Wherever strategic decisions are made and expertise is consistently required, Rainbird can slot into the backbone of an organisation, integrated with APIs or RPA and accessed via consultative chatbots.


Improving fraud detection

Nothing beats human understanding when trying to investigate the nuances of potential fraud cases, and this understanding is exactly what Rainbird allows you to scale. Watch COO and fraud expert James Loft talking to Lloyds Bank about the evolution of merchant fraud, and how prevention is no longer just about security; streamlined prevention is crucial for a frictionless customer experience.

 

 


Revolutionising trading

The boom in cryptocurrencies is changing the face of the financial sector as we
know it, and Rainbird is being deployed in the engine room of that change.
In one of our most innovative projects to date, we provided the backbone
for a world-first in the finance industry: an AI-brokered trade via a virtual assistant.

 

 

 


Self-service legal advice

By automating the process of reviewing legislation and identifying customer needs,
Rainbird is a tool that can allow lawyers to focus on doing what they do best: using
their nous and know-how to offer a great service to their clients. Follow the link to
read about our work in legal tech with Taylor Wessing, or check out coverage of our
appearance as sponsor of this year’s London Law Expo – Europe’s largest legal conference.

 

 

 


Empowering better healthcare

Providing high-quality, customised healthcare to patients is sadly not always a possibility. The demand for specialists far outweighs the supply, and the cost of their service outweighs most patients’ budgets. In the case of our work with community healthcare service client Fluid Motion, there simply weren’t enough quality physiotherapists and osteopaths to go around for musculoskeletal condition sufferers. But by encoding the expertise of health specialists in a Rainbird knowledge map and making it available at scale, patients can have wider access to tailored treatment plans.

 

 


Explainability

Regardless of the use case for Rainbird – whether automating care plans, assessing insurance claims, or making legal recommendations – the decisions it makes are always explainable via an in-built audit trail, making it an ideal choice for regulated industries. In today’s compliance-driven world, you cannot automate important decision-making without being able to articulate why a judgement was made.

Collaborate with thought leaders

Rainbird is home to forward thinkers – and we invite others to join us in the activity. As a client, you’ll be in the capable hands of a rapidly growing business with the sagacity to navigate a rapidly changing marketplace. As a partner, you’ll be pushing the boundaries of business technology with some of the UK’s most preeminent thinkers and actors.

Take our co-founders as an example:


Aside from acting as the driving force behind Rainbird’s unique automated decision-making platform, our CEO Ben Taylor (left, in parliament) contributes to AI policy debate in the UK government, taking a seat on the All Party Parliamentary Group for AI (APPGI).

Ben is one of the leading proponents of ethical, explainable AI technology, and encourages values that inspire public trust in new technology.

 

Executive Chairman James Duez (below) is a trailblazing entrepreneur whose selection by Grant Thornton as one of their Faces of a Vibrant Economy is fresh off the presses.

And as recent selectees on the London Stock Exchange Group’s prestigious ELITE ecosystem, you can be sure you’ll be in the company of the UK’s best in AI and automation.

But most importantly of all, we’re interested in you.

What are the areas your business can improve in? Our implementation team can help you pinpoint pain points and build targeted solutions.

Where do the strengths in your business lie? By modelling your most valuable expertise in a Rainbird knowledge map, together we can capture and scale them.

 

 

Become a truly intelligent automation and decision-making organisation
Find out how Rainbird can ensure every decision in your organisation benefits from the required expertise.

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Rainbird joins London Stock Exchange Group (LSEG) ELITE programme

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Through the ELITE ecosystem Rainbird gains access to specialist business education from Imperial College London and tailored advice across a range of areas, including strategic planning, talent, governance and preparation for investment.

There will also be opportunities to collaborate and share ideas with exciting private growth companies, entrepreneurs, business leaders, corporate advisory and investor communities.

Having turned five in 2018 the company has already demonstrated significant growth and increased customer value. With access to the advisory support and leading capital markets network, ELITE will further enable Rainbird persevere through challenges and opportunities of a growing business.

“Rainbird is honoured to be part of the London Stock Exchange ELITE program,” said James Duez, executive chairman at Rainbird. “The company has been focused on scaling up customer value with an enhanced Leadership team that brings together various business insights. This programme is an excellent opportunity to further continue our growth at an accelerated pace.”

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London Law Expo 2018

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This year at the London Law expo, we were exhibiting our work in legaltech with Taylor Wessing at the London LawExpo. AI-powered automation can be the key to maximising the expertise of legal teams and streamlining the way their firms work.

Become a truly intelligent automation and decision-making organisation
Find out how Rainbird can ensure every decision in your organisation benefits from the required expertise.

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