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| New opportunities are coming
to light by leveraging emerging technologies to drive
impact, efficiency and business growth |
Organisations are looking for clarity around the tax
implications of digital change on their business strategies,
business models and supply chains. On top of this, the tax
function must also be able to meet new demands relating to
governments' digital tax administration, as regulatory change
and transparency requirements intensify.
Cutting-edge technologies are driving the most
transformative developments in tax, introducing a new era of
visibility into transactional data that can help businesses
improve efficiency and unlock value.
To bring the framework of digital tax to life and refine the
focus on our clients' technology agenda, EY recently announced
the creation of tax technology and transformation, a dedicated
group of more than 1,000 tax technology and performance
improvement professionals to help organisations redefine their
tax functions and drive transformation for the digital age.
Tax technology and transformation services are an integral
part of how EY helps organisations to meet the business
mandates of the global digital economy, with its changing tax
data flows, data requirements and escalating pressure for
enterprise-wide operational transformation. From data analytics
and big data, to robotics, artificial intelligence and the next
wave of new technologies, organisations are looking to respond
to the impact of existing and emerging technology; the growing
data burden that many businesses face and understanding how to
make data an asset; and driving efficiencies to create a
cost-effective tax function.
Tax technology and transformation services will be provided
with the support of EYTax.Tech™, a customised suite of
client-serving technology services that connects the right
people, processes and emerging technologies that organisations
need to help them fuel innovation, drive efficiency and secure
competitive advantage.
As the digital tax function evolves to become a strategic
component of enterprise transformation, tax executives will
increasingly be required to act as technologists as well as
more traditional technical advisors. Tax talent must
increasingly be aligned with the business to redesign operating
models, engage in new digital workflows and assimilate emerging
technologies. This is bringing a wholesale shift in the
competencies required in the tax function, the people who are
being hired and the overall talent dynamic across the entire
tax profession.
Tax technology and transformation will bring together a
unique blend of talent, training and background: a new breed of
tax professionals immersed in science, technology, engineering
and mathematics who thrive in the digital world; and tax
function operations strategists, who take a holistic look at
the immediate and future needs of the tax function. Together,
these groups will build a blueprint for an enhanced tax
operating model strategy and transformation plan that
integrates more closely with businesses' finance and
enterprise-wide initiatives.
Our tax professionals are already helping organisations to
identify new opportunities by leveraging emerging technologies
to drive impact, efficiency and business growth. If you're
interested in hearing more about how our new tax technology and
transformation practice can help you, then please do get in
touch.
The views reflected in this article are the views of the
author and do not necessarily reflect the views of the global
EY organisation or its member firms.
| Shawn
Smith |
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Global tax technology and transformation
leader
EY
shawn.smith@ey.com
www.ey.com
Tax technology and transformation is led by Shawn
Smith, the newly appointed EY global tax technology and
transformation leader. Based in New York, Smith was
previously EY Americas tax performance advisory leader
– FSO and the southeast region market segment
leader. He has extensive experience in a wide range of
tax function services designed to improve the operating
performance of corporate tax functions for financial
services.
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