Allen Stevenson Advisors (ASA) is a high-profile search firm which has been at the forefront of placing partners, groups and practices in international tax and tax controversy for decades. In a related matter, we have joined forces with an elite technology-driven firm in the development of cutting-edge advances in the field of transfer pricing. Significant breakthroughs in artificial intelligence/machine learning have become increasingly common in data analytics, and we see the profound impact in transfer pricing in the documentation phase. Clients or end users have come to expect a myriad of efficiencies related to the advancements in the automation process of acquiring/cleaning and downloading data electronically for the purpose of documentation and benchmarking.
Today the big 4 can offer their clients a more streamlined process, yet they are much like a large ship that pivots very slowly. AI advances in technology allow firms outside the big 4 the ability to market on a far greater scale and even the playing field a bit. As a result, ASA has joined forces with QLex, an AI-driven consulting firm that embodies the experience and expertise of a prominent economist currently providing policy analytics for the White House, and a former software engineer at Google. QLex offers a unique technology to reduce time and cost for TP clients (brochure attached). In addition to our ongoing global search efforts, ASA is helping QLex educate decision makers in the tax community of a highly efficient documentation option.
COVID and advances in AI technology have modified how business is conducted in international tax. As a result, clients are aware and seeking a more economical and proficient process to execute business. Providing AI-driven solutions to clients is a prime example to best achieve a more desired result. For many years QLex founder Joseph Ahn (PhD Harvard) has been utilizing state-of-the-art AI technology in the development of software designed to automate the TP documentation process. The QLex solution effectively transforms massive amounts of raw data from relevant countries into organized and formatted reports in significantly less time and expense – thus reducing the information gathering process by roughly 50%, and reducing benchmarking costs between 70-90%. The multiple efficiencies and the related economics will generate unique marketing opportunities. Large and small firms will be able to effectively compete on a global scale. Harnessing these advances provide a considerable advantage in maintaining and developing new clients.
QLex developed a breakthrough in TP documentation utilizing “transformer” technology. The approach involves a strategic relationship with RoyaltyStat, a data resource for IP and TP which has parsed more than 20,000 agreements. It is clear there has been and will continue to be a constant flow of AI advances that will provide even greater efficiencies. The prevailing concept is to consistently offer clients advances in AI technology where they are always positioned on the cutting edge to reap the related benefits. Our advantage lies in speed and adaptability that creates the ability to immediately incorporate AI advances and become the actual instrument that separates one portion of the business community from another.