Cognitive computing. Robotic process automation. Probabilistic reasoning. For many tax directors, technological advances like these may seem like science fiction. But some forward-thinking global companies are already applying such advances to draw new value from their reams of tax data — and many tax authorities are exploiting data and analytic techniques to enforce compliance with accelerating speed and efficiency.
Most companies have strong processes for collecting tax data. However, transforming tax data into actionable, predictive insights — on tax obligations, process improvements and pricing, for example — seems out of reach and the value in their data remains untapped. What does it take to move a company’s tax function beyond its compliance and regulatory functions to mine this hidden value and enhance the performance of the business overall?
To help companies capitalize on advances in data and analytics, this article offers a road map for creating a platform of tax knowledge to make better decisions and draw insights that can help increase revenue, enhance operating margins, optimize supply chains and more.
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