Almost every organization can use tax analytics to potentially gain savings, cut costs, reduce tax risks, gain tax process efficiency, and enhance tax compliance.
Tax Analytics has quickly emerged as an essential component of many advanced tax management approaches. Tax benchmarking, trend and data analysis, and predictive analysis are all approaches being used by tax leaders around the world to gain deeper insights into their tax processes and profiles.
Of course, analytics itself isn’t new, but analytics capabilities have advanced significantly in a very short amount of time, making it easier to glean insights from vast amounts of information. Just as important, it’s easier to disseminate those insights to the appropriate people in the organization on a timely basis. Combined with the explosion of digital tax data underway today, Tax Analytics has the potential to harness new trends which have never been available before.
Tax Analytics can provide pattern recognition, tax data visualization, and predictive capabilities to find tax anomalies across activities and identify areas for tax process improvements. This should improve collaboration among an organization’s tax professionals and help focus more on finding tax planning opportunities.