| |February 20219adopted, the quicker its benefits are visible. Simply put, the earlier a company digitizes its operations, the sooner AI can work with it to deliver solutions that can be implemented to increase business efficiency.In recent times, during the pandemic, cash recovery is a major focus for most businesses, the implementation of tax technology assists businesses to digitally process the voluminous data. Machine learning (ML) tools that are powered by Artificial Intelligence (AI) systems will create a system wherein real time decisions can be made with ease. The new system of data analysis will be crucial in enabling businesses to discover new opportunities for tax saving and recovery.This is of course, the long term vision. Before companies can get to this stage, there needs to be increased and consistent awareness about how hyper-automation can be beneficial in tax planning and forecasting.The Early Mover AdvantageAt the start of the New Year, we already know that this year will be defined by tax technology, which forms the bedrock for transparency, productivity, and trust within the ecosystem. Just as with faceless appeals and assessments, the newly introduced taxpayer charter brings about accountability within the tax department. Contrary to previous years, going forward as more transactions will be accounted for in the cloud, and with the increase in shared information, tax professionals will be greatly impacted. However, with the early adoption of digital twins within the organization, they can expect to create a well-oiled machine. Once formally set up, and implemented across the country, India will join its global counterparts in ensuring a technology powered tax system that is fair, efficient, and impactful for the years to come. Driving the process of hyper-automation, digital twins can be used across processes such as Order to Cash, Procure to Pay, Record to report, and Machine to Machine to name a few
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