Technology-driven disruption, along with the ever-increasing volume of data, already is having a major impact on oil and gas businesses and will continue to do so for the foreseeable future. A recent study estimated a 95 percent likelihood that jobs in the accounting and audit field will be computerized. In addition, computerization and the development of artificial intelligence and machine learning are being applied to solve tax challenges. The implications are that creating an environment where data can be leveraged for applied decision-making will become the norm and that the Tax function is ready for transformation.
Under Tax Reform, it is more important than ever for oil and gas businesses to shift focus away from data gathering and manipulation, and more towards analytics that are crucial to finance and the business. Tax functions face significant challenges in gathering high-quality and timely data, hindering their ability to contribute more strategically to enterprise-wide decisions: