Lucanet introduces new AI-powered tools for financial operations
Lucanet, an XBRL International Sustaining Partner, has introduced advanced Generative AI (GenAI) features to its CFO Solution Platform, expanding on its earlier XBRL Copilot Tagger launched in October.
The new tools include Copilots for consolidation, financial planning, and disclosure management, designed to reduce manual effort and improve efficiency. Additional innovations are planned for 2025, reflecting Lucanet’s commitment to integrating AI into financial processes.
The GenAI-powered tools are designed to reduce manual effort and improve decision-making. The Consolidation and Financial Planning Copilot acts as a virtual assistant, delivering insights from balance sheets and profit and loss statements. For Disclosure Management, the Copilot helps streamline the creation of narratives for standards like the European Sustainability Reporting Standards (ESRS) and International Financial Reporting Standards (IFRS), ensuring clarity and consistency across reports. Meanwhile, the XBRL Copilot streamlines financial data tagging, cutting processing time significantly while enhancing accuracy.
We won’t repeat ourselves too much here as most of you already know our take on AI, but we feel like it’s worth noting: AI’s real potential lies in how it complements robust structured data like XBRL. Lucanet’s latest release is an early example of this synergy in action. By automating a significant amount of tagging with speed and precision, it promises efficiency gains and hopefully better-quality, more consistent data for digital reporting. This development is an interesting look at the potential for these tools to support preparers navigating complex reporting requirements.
Learn more about these capabilities on their website.
