Tax’s Integral Role in Procurement Optimization

  • February 15, 2021

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.  

The KPMG and Vertex partnership is designed to help clients minimize tax-compliance complexity while maximizing the value procurement generates. An upcoming webcast, Impact the Bottom Line by Automating Procurement Tax Processes, delves into both of those objectives while providing a rundown of 2021 procurement trends and highlighting how companies address tax considerations within procurement-optimization efforts. 

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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