Future Ready: Tax Optimization in the SAP Ecosystem
Key Takeaways
⇨ Real-World Applications: Examples include big data analytics for tax determination accuracy, RPA for data cleansing, and OCR for vendor invoice reviews.
⇨ SAP Offerings: AI Foundation on SAP BTP provides a comprehensive AI toolkit, and other SAP tools like AI Core and AI Launchpad are leveraging AI for various business processes.
⇨ Empowering Professionals: Tax professionals can focus on higher-level cognitive activities by leveraging AI but must also manage AI risks and upskill.
This Vertex paper explores the transformative impact of integrating emerging technologies such as AI, RPA, OCR, ML, and advanced analytics into the SAP ecosystem for tax optimization. It emphasizes the dual nature of these technologies, offering significant efficiency gains and powerful tax planning analytics while also presenting new challenges, including the need for clean data, increased human oversight, and the acquisition of new skills. The document highlights real-world applications of these technologies in tax operations, demonstrating how they can streamline processes, improve accuracy, and generate new insights. Additionally, it discusses how SAP offerings are evolving to incorporate AI, providing tools that enhance tax calculations and reduce the tax-coding burden. The paper underscores the importance of empowering tax professionals to leverage these technologies for higher-level cognitive activities and strategic contributions. An informal poll of tax professionals reveals a positive view of AI’s potential but highlights a gap in practical adoption, suggesting that while the technology is promising, there are still barriers to overcome in its full integration into tax workflows.
The integration of emerging technologies into the SAP ecosystem offers significant opportunities for tax optimization. However, realizing these benefits requires careful planning, strong governance, and a strategic mindset. Despite the potential, there is still a way to go in terms of practical AI adoption within tax groups.
About Vertex: Vertex is a leading global provider of indirect tax software and solutions, aiming to deliver trusted tax technology for global businesses.
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