Tax Analytics Insights
Smarter insights. Stronger outcomes.
Actionable tax data and insights are critical and meaningful enablers for an effective tax leader to deliver value back to the business enterprise. Want to deliver better outcomes faster? Incorporate analytics into your problem-solving approach.
- Customized data analytics solutions
- Problems solved with analytics solutions
- Potential outcomes
- The Deloitte difference
- Vitamin D: Deloitte’s Analytics Blog
Solving unique business issues with customized data analytics solutions
Many challenges within tax departments have common characteristics, but each circumstance is unique to the company’s operating and tax environments. We draw on tax domain expertise and a variety of technologies and tools to develop tailored technology-enabled analytics services that address specific issues facing the tax department. Because our approach keeps the business problem in focus, our analytics services are constructed to derive smarter insights, allowing our clients to take actions that secure stronger outcomes. We focus first on our clients’ business problems and how those problems might be solved using analytics.
What type of problem can be solved through analytics solutions?
Based on our experience with clients, we have identified the characteristics of issues commonly faced by our clients that are strong indicators analytics can drive a better outcome. If one or more of these characteristics resonate with a particular function, analytics can help.
- Data for a particular analysis comes from multiple sources or systems, many of them outside of the control of the person responsible for the analysis
- Voluminous amounts of data are important to the analysis
- The same sets of data are being analyzed on a recurring basis
- The data requires significant manipulating, reviewing, and analyzing, often through the use of sorting, pivot tables, and filtering of data
- The situation requires multiple scenario analyses of different alternatives
- A change in the data from period to period creates unwelcome surprises
- Reliance on others outside of Tax to provide the data results in delays in receiving needed information
- Errors have occurred due to missing or misunderstanding data
By addressing tax problems with technology solutions that combine analytics, tax domain knowledge and other technologies, our clients can achieve a better, deeper understanding of their data. This in turn may lead to further actionable insights and stronger outcomes.
With the support of the Deloitte Tax Analytics Insights team, increased mastery of tax-relevant data may bring several outcomes for the tax department, which include:
- Liberating hours spent on repetitive tasks with a high manual content, time that can be diverted to activities which add greater value
- Improved quality of analysis allowing the tax department to derive smarter insights
- More efficient processes
- Positioning the tax department as a value add business partner, as well as a steward of compliance
- Communicating complex tax issues to non-tax business executives with more clarity
- Reducing the tax department’s reliance on the IT function
The Deloitte difference
Our Tax Analytics Insights team leverages talent from across Deloitte Tax to help clients. The team combines advanced analytics and data science skills with extensive tax knowledge. We have deep experience not only in technology skills, but also in federal, state and international tax, direct and indirect tax, transfer pricing and global talent services. We apply an industry lens to understand what the outcome should be from a tax perspective given our clients’ environments, as well as an effective way to deploy analytics to derive stronger outcomes.
- Gartner named Deloitte a global leader, positioned highest in execution, in Business Analytics Services in their March 2018 report Magic Quadrant for Business Analytics Services, Worldwide.
- Forrester Research named Deloitte a leader in their recent report entitled The Forrester Wave™: Business Intelligence Platform Implementation Service Providers, Q2 2017.
- International Tax Review (ITR) named Deloitte Tax LLP the Americas Tax Innovator of the Year for its impact in delivering innovative solutions on large, complex client projects, 2017 and 2016.
Vitamin D: Deloitte’s Analytics Blog
Explore topics and trends in analytics, cognitive, data science, and more. Featuring informed perspectives from Deloitte leaders and other luminaries, Vitamin D delivers bold, real-world strategies and inspiring success stories to help organizations gain the insight-driven advantage and achieve better outcomes.
TaxPOV is a data analytics tool used by Deloitte Tax to deliver tax advisory services. Built on data uploaded from your federal and state tax returns, and augmented with insights and observations from Deloitte Tax professionals, our TaxPOV services bring to light the patterns, trends, and anomalies in your data and enable timely consideration of potential risks and opportunities. Our TaxPOV services facilitate a more strategic point of view on your tax data.
Integrated Insights with Taxalytics™
Analytics for tax departments has a new name: Taxalytics. Taxalytics brings it all together for tax: analytics strategy, visualization, top-flight analytics tools, data management, integration, and the expertise to make it work successfully. Putting a proper data analytics program together can be challenging, but it is fully attainable and a must-have in this day and age. The leading companies are pursuing it now.