Bloomberg Tax & Accounting Introduces Innovation Studio Development Approach

New AI Assistant Is First Tool to Be Introduced Leveraging the Innovation Studio

ARLINGTON, Va., Oct. 7, 2024 /PRNewswire/ -- Today Bloomberg Tax & Accounting announced the launch of its Innovation Studio, an ideation environment that offers access to new tools, including generative-AI powered capabilities, that are currently under development for the Bloomberg Tax platform.

The Innovation Studio is available to select Bloomberg Tax customers. The AI Assistant, the first feature released within the Innovation Studio, provides answers to common questions, assists users with tasks, and enables them to leverage documents in helpful ways, such as summarization. The AI Assistant follows a number of generative AI tools previously available via Bloomberg Tax Research, such as Bloomberg Tax Answers and the AI Expression Generator on Bloomberg Tax Workpapers.

"We are excited to leverage the Innovation Studio as a new mechanism to collaborate with our customers to develop and evaluate new and innovative product features that help them do their work more effectively and efficiently," said Lisa Fitzpatrick, president, Bloomberg Tax & Accounting. "We know from experience that the best way to ensure success of the platform's AI capabilities is in close collaboration with our users, and incorporating their feedback as we develop new products is a longstanding practice at Bloomberg Tax & Accounting."

Customers have responded positively to Bloomberg Tax's existing AI tools. Providing customers with access to the new Innovation Studio will give users earlier access to features in development while also serving as a means to quickly get users' critical feedback.

"Bloomberg Tax Answers is perfect when starting out your research," said an associate director, global tax compliance and reporting at a sneaker and apparel platform who participated in the testing of the AI Assistant. "It gives you the broad answer first with the ability to dig deeper into the references listed."

The Innovation Studio approach was introduced by Bloomberg Industry Group in 2023 to prioritize incorporating customer feedback and iteration into the newest product concepts and ensure that new tools meet demand and fit workflows.

For more information on Bloomberg Tax's AI tools, visit https://aboutbtax.com/bfNC.  

About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions. From our unparalleled Tax Management Portfolios to technology designed to streamline the most complex planning and compliance scenarios, we deliver essential news and analysis, practical perspectives, and software that help tax and accounting professionals around the globe mitigate risk and maximize business results. For more information, visit Bloomberg Tax.

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SOURCE Bloomberg Tax & Accounting