The Five Laws of Tax Data

Hundreds watched the insightful tax ‘data’ video from the last post and loved it, but thousands felt 13 minutes was too long and bypassed it. I sympathize – I would bypass it too if I’m busy, even for a snippet so central to the future of tax. So, here’s a short, sharp, incisive lead-in:

The Five Laws of Data for the Digitally-Enabled Tax Function:

Law #1: ‘Data’ is at the heart of digital-enablement

Strategy: Be clear that enterprise ‘data’ is the absolute cornerstone of digital capability.

Law #2: Digital ‘data’ changes the rules of the game

Strategy: Acknowledge that new ways of thinking and working are inherent to being data-driven.

Law #3: ‘Data’ is a strategic asset in its own right

Strategy: Recognise that ‘data’ has intrinsic value and requires a data first approach.

Law #4: ‘Data’ outranks automation

Strategy: Set automation strategies to first and foremost support the data model.

Law #5: ‘Data’ only exists in a transformed space

Strategy: Learn to navigate the transformation journey and transition to data-centric operations over time.

Narrative

‘Data’ thrives within the context of people, process & technology  where ‘technology’ is platform-based and ‘people’ are digitally-enabled, tech-savvy, and data literate. This is the opposite of business process automation with labour cost-arbitration as its yardstick. ‘Data’ requires upskilling and can only take centre-stage once it is fully “trusted”.

For a vital piece of information on how to make this happen using “real-world” tax data modelling, here is the video again https://vimeo.com/434443089. It is well worth the small time investment. Enjoy.

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