[IMGCAP(1)]In a world of “big data” that grows exponentially every day, tax departments should focus on how to mine the right data. Most tax teams are too busy with daily responsibilities or don’t know how to efficiently manage the massive amounts of structured and unstructured data at their disposal to gain maximum benefit.
Some tax departments aren’t aware of what information is available to them from internal sources—such as the company’s enterprise resource planning (ERP) and general ledger systems, and from cross-functional areas each with their own systems. But there are hidden gems tucked inside these systems that can help tax teams improve efficiency, increase productivity, and enhance performance. Mining those gems is tough, because tax teams rarely have visibility into the information to determine what is useful to support operations.
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