As procurement teams and the advanced technologies they deploy rapidly evolve, procurement leaders recognize that crucial tax considerations – and integrations – drive the success of their procurement optimization efforts.
Today, high-performing procurement teams routinely perform activities such as:
Leveraging data-driven insights to measure, manage and communicate the value procurement adds to the business;
Protecting the organization from external volatility and disruptions by continually stress-testing supply chains with risk management analyses and tools;
Enhancing collaborations with trading partners to leverage their expertise while stimulating new innovations throughout the value chain; and
Calibrating, and continually recalibrating as needed, the company’s globalization/localization mix based on highly fluid economic conditions, sustainability considerations and other risks.
A new generation of procurement technology plays a central role in enabling those leading-class capabilities. And that technology must be integrated with tax technology that enhances the overall procurement process while helping companies comply with an expanding collection of local indirect tax requirements whose complexity continues to soar.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information. The views and opinions expressed in Tax Matters are those of the authors and do not necessarily reflect the official policy, position, or opinion of Vertex Inc.
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Nick Skarlatos is a Director in KPMG’s Global Indirect Tax - Transaction Tax Systems practice, specializing in the deployment of tax technology process improvements to support indirect tax management in a wide range of industries. Nick has over 20 years of experience in state and local tax, specializing in designing, developing, and implementing technology and processes to manage indirect tax determination, calculation, compliance and reporting.