Tax as a Growth Engine: Identifying Opportunities in Compliance Data

This IDC Perspective provides a comprehensive overview of how companies can transform their approach to tax data, shifting from a focus solely on compliance to actively using tax insights for strategic decision-making and the identification of valuable revenue growth opportunities across various business functions and market landscapes. Real-time compliance data, particularly e-invoicing, is a powerful tool for identifying growth opportunities. Tax companies provide tax compliance products that enable businesses to leverage real-time data for strategic insights, enhancing accuracy, visibility, and operational efficiency."Moving beyond the traditional view of tax as a cost center, we've discovered its powerful potential as a strategic asset. By analyzing real-time tax data, we're uncovering hidden patterns and opportunities for revenue growth - from identifying untapped markets to optimizing pricing strategies. This data-driven approach transforms compliance into a catalyst for expansion, providing actionable insights that fuel informed decisions and propel our business forward," says Kevin Permenter, senior director, Financial Applications and Enterprise Applications at IDC.