Thank you for your response, I will definitely explore the topic. I agree that it can help to prepare myself for the future concerning my line of work. I know that services regarding Tax Law are also increasingly being supported by AI. However I actually got to experience first hand how inefficient the AI development regarding Tax Law happens in the present.
All the big accounting firms develop their own tools and algorithms but this takes a lot of manpower, time and money. However this is very inefficient because the developed tools often don’t serve as a foundation for future tools and sort of get discarded when they are not as useful anymore, that is reason #1. Everyone keeps reinventing the wheel.
Furthermore every firm develops its own AI tools and that equals a lot of firms spending loads of resources doing work that has already been done by someone else, which could have been way cheaper if AI could be rented. If every firm would develop its own operating system to let their servers run on, everybody would tell them they are crazy and advise them to just use Linux or Windows. In the future I hope that when a firm plans to build its own AI, that it will sound as crazy as in the example above.
An insane amount of duplicate services is reason #2.
Even for governments there is opportunity because Tax documents contain sensitive information, they should be protected from being leaked. The blockchain could enable this data protection. If a blockchain is secure and decentralized enough, governments could use AI to further automate their spontaneous information exchanges (http://www.oecd.org/tax/exchange-of-tax-information/taxinformationexchangeagreementstieas.htm) and also for example search for businesses that may be at risk of being non compliant.
To summarize there is loads of opportunity in terms of AI in my field. I am confident that I will enjoy the forum here