Renuka Kimber discusses the launch of six new tax technology solutions at KPMG's Global Technology Catalyst.
This week KPMG launched six new tax technology solutions at this year’s KPMG Global Technology Catalyst. The event was designed to bring the latest transaction, tax and legal technology solutions from across KPMG’s network of member firms to one stage in a dynamic and open dialogue about how technology is transforming businesses and opening up opportunities for growth.
Amongst key themes explored was the topic of tax transformation through technology. While tax functions have used different forms of technology for many years, increasing internal expectations, cost reductions and pressure from the regulator, mean that maintaining the status quo operating model is not justifiable. Indeed, there is a compelling need to not only embrace new technology in the transformation of the tax function, but also to couple this with the implementation of better processes and people changes to sustainably evolve the tax operating model ongoing.
Although transformation through technology can be difficult to implement, particularly in the case of multiple and varied data sources, it’s clear that an increasing number of organisations are rising to the challenge. According to the recently released KPMG Global Tax Department Benchmarking Survey 2018, 60 percent of Chief Executive Officer's expect an increase in investment in tax-specific technologies and use of tax data warehouses over the coming 5 years.
Catalyst was able to showcase KPMG’s approach to transforming the tax function through technology and the benefits with respect to greater efficiency to manual processes leveraging automation, analytics and machine learning; greater accuracy and substantiation through the testing of every transaction across a range of taxes, as well as insights that enable data-driven business decisions.
“As tax functions begin to take their first step on their transformation journey, early successes can often bring unforeseen benefits beyond cash savings alone and elevate the value of the tax function. Looking for discrete processes to tackle, build confidence and demonstrate what’s possible on a small scale can credentialise both the function and the tax transformation story within an organisation, demonstrating proof of concept, benefit and capability. This initial success can then support the business case for change, enabling progression through to broader transformation.’”
– Emily Ulcoq, Director, Tax Transformation
The Technology Solutions Catalogue provides more information about the solutions launched at Catalyst.