To future-proof your tax function you want to ensure that you adapt to external changes in the tax landscape, such as global tax reform and the digital economy, and embrace the latest technologies so that you make the best use of your time and maximize insights into/value from data and processes to improve your overall operations. This gives rises to a tax transformation strategy or journey, which is the process of transforming a traditional, rather manually-oriented tax function to a data-driven, digitally-enabled tax function, aligned with your overall (global) tax strategy.
There are several aspects – beyond technology – that are important to take into consideration as part of your tax transformation journey. For example, governance and risk, sourcing models, people/capability, processes and data/information.
But how do you start such a tax transformation journey? What is the role of technology and how do you ensure this is aligned with broader (financial) transformation initiatives and your overall IT/digital strategy?