Is your organization leveraging data to drive growth?

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Doug Thomas Insourced Solutions for Tax and Managed Services Leader, PwC US

Data is the new gold. Managing data proficiently is one way to keep companies running successfully, enabling business executives to make the insight-driven decisions needed to achieve a company’s growth goals.

According to the most recent PwC CEO survey, 91% of US CEOs are confident that their companies will grow organically in the next 12 months. The question is, which businesses worldwide will win the battle for market share and growth? Companies with the lowest costs, best value and optimal data management.

The focus on data as a driver of growth is essential, as most companies are sitting on a tremendous volume of valuable data: about their products and services, customers, partners, industry and competitors. Though all areas of business face data issues, finance and tax functions have unique challenges. Their data is often managed in disparate systems around the world and must meet diverse financial and tax regulations. That’s why bringing all that data together can be particularly demanding.

And consolidating raw data is just the beginning. For finance and tax functions to get useful insights to support their company’s growth, data must be aggregated, analyzed, cleansed and redistributed in multi-use formats. Doing all that data-related work manually requires an amount of time that most organizations don’t want to—and shouldn’t have to—spend on routine tasks. They want a solution that will allow their staff to work on business-critical jobs and make decisions based on the results of good data management.

The sought-after solution for data-related issues—acknowledged by virtually all tax and finance leaders—is automation, which is fueled by Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, machine learning, advanced analytics, and robotic process automation (RPA). Leveraging these technologies to automate data management will lead to more efficient handling of tax and finance requirements and will allow employees to focus on the high-value work they were trained to do.

Of course, not all finance and tax organizations have the ability—or desire—to deploy these advanced technologies in-house. Instead, many will partner with a third-party provider that’s an expert in data management.

For example, PwC has created a data platform that tackles clients’ pressing issues. It’s the foundation of our Managed Services platform, which insources clients’ financial reporting or tax functions. This data platform manages the extraction and aggregation of data, and the built-in automation and anomaly detection improve data by identifying issues early on and capturing changes, so they flow to downstream financial reporting and compliance activities. The insights and analysis provided as a result of financial and tax data optimization give companies the information needed to make informed business decisions, ultimately enabling them to reach their growth goals.

Want to understand the global tax implications for updating your supply chain? Need better insights into the financial impact of a potential deal? Odds are you’ve got the data to drive those decisions. And a data-first approach—one that integrates data management and automation—can provide those insights. It’s a critical success factor in helping finance and tax enable growth for their company.

The focus on data as a driver of growth is essential, as most companies are sitting on a tremendous volume of valuable data: data about their products and services, along with information about their customers, partners, industry, and competitors. Though all areas of the business face data issues, finance and tax functions have unique challenges. Their data is often managed in disparate systems around the world and must meet diverse financial and tax regulations. That’s why bringing all that data together can be particularly demanding.

And consolidating raw data is just the beginning: For finance and tax functions to get useful insights to support their company’s growth, data must be aggregated, analyzed, cleansed and redistributed in multi-use formats. Doing all that data-related work manually requires an amount of time that most organizations don’t want to — and shouldn’t have to — spend on routine tasks. They want a solution that will allow their staff to work on business-critical jobs and make decisions based on the results of good data management.

The sought-after solution for data-related issues — acknowledged by virtually all tax and finance leaders — is automation, which is fueled by Fourth Industrial Revolution(4IR) technologies such as artificial intelligence, machine learning, advanced analytics, and robotic process automation (RPA). Leveraging these technologies to automate data management will lead to more efficient handling of tax and finance requirements and will allow employees to focus on the high-value work they were trained to do.

The focus on data as a driver of growth is essential, as most companies are sitting on a tremendous volume of valuable data: data about their products and services, along with information about their customers, partners, industry, and competitors. Though all areas of the business face data issues, finance and tax functions have unique challenges. Their data is often managed in disparate systems around the world and must meet diverse financial and tax regulations. That’s why bringing all that data together can be particularly demanding.

And consolidating raw data is just the beginning: For finance and tax functions to get useful insights to support their company’s growth, data must be aggregated, analyzed, cleansed and redistributed in multi-use formats. Doing all that data-related work manually requires an amount of time that most organizations don’t want to — and shouldn’t have to — spend on routine tasks. They want a solution that will allow their staff to work on business-critical jobs and make decisions based on the results of good data management.

The sought-after solution for data-related issues — acknowledged by virtually all tax and finance leaders — is automation, which is fueled by Fourth Industrial Revolution(4IR) technologies such as artificial intelligence, machine learning, advanced analytics, and robotic process automation (RPA). Leveraging these technologies to automate data management will lead to more efficient handling of tax and finance requirements and will allow employees to focus on the high-value work they were trained to do.

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Doug Thomas

Doug Thomas

Insourced Solutions for Tax and Managed Services Leader, PwC US

Rick D'Avino

Rick D'Avino

Chair, Insourced Solutions for Tax, PwC US

Bob Malitz

Bob Malitz

Global Client Solutions Delivery Leader, Insourced Solutions for Tax, PwC US

Chris Yeaton

Chris Yeaton

Operations and Tax Accounting and Lifecycle Support Leader, Insourced Solutions for Tax, PwC US

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