A roadmap for creating a platform of tax knowledge that can help increase revenue, enhance margins and optimize supply chains.
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.
© 2020 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit https://home.kpmg/governance.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.