INDUSTRY OUTLOOK
If the tax department can identify bottlenecks during the year when resource demand is at its highest , there may be ways to smoothen that demand and provide value to the organisation through more timely data insights . By identifying pressure points , tax functions can be clear about what problems need to be solved and adapt their transformation plan to solve them to the benefit of the function and the wider organisation .
4 . Choose the right technology
Global regulators are driving technological change as they increasingly require tax departments to interact with them more efficiently in real-time , with greater access for audits and data interrogation . This means technology investment is a requirement rather than an option . Choosing the right technology requires not only a detailed understanding of the various digital systems but also of the functional requirements and priorities .
The solution will probably be found in a number of systems . Advocating for brand new digital platforms purely for the tax department is unlikely to succeed – investments have often already been made and systems already integrated . Tax needs to find pragmatic solutions that leverage software that ’ s already available , wherever possible . Where new systems are being implemented , it ’ s important that tax has a ‘ seat at the table ’ to feed in requirements , as well as ensuring tax is seen as a creative user of existing systems where possible rather than simply asking for tax-specific ‘ bolt-on ’ solutions .
This requires a two-way and often ongoing conversation with other functions , where relationships are built , ideas tested and these other functions are communicated with using language they understand .
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