Vertex Innovation Labs focuses on exploring new solutions to address intriguing ideas from our customers and partners. Collaborating with our customers is one of the many ways Vertex ensures that we are delivering solutions that work for our customers.
Overall Strategic approach or methodology
Vertex Innovation Labs analyzes technology trends and discovers how emerging disruptors can resolve market pain points. We talk with many in the industry to understand how jobs are done today and how new technologies can be leveraged to solve those problems in the future. We develop our products alongside professionals who are solving problems today to ensure what is built truly meets their needs.
The approach relies upon frequent customer and market feedback cycles with integrated checkpoints to ensure value is constantly being generated. An integrated small team of business, design, and development personnel are responsible for each project, including moving it through checkpoint continue/kill/pivot decisions.
Finally, our focus on speed, outside metrics, and leveraging 3rd party talent helps remove traditional biases in decision making.
Current Topics of Research/Discovery:
Tax’s role in Digitization of Global Trade, Supply Chain, Blockchain
Trillions of dollars of savings potential exists in the digitization of global trade. Through pre-alignment between parties on contract terms, inclusive of tax, then using the blockchain for attestation - significant savings can be realized.
Robotic Process Automation
Tax departments, always aware of limited resources, have been eying Robotic Process Automation (RPA) as a way of automating repetitive, routine activity so that tax staff can focus on more complex or strategic tasks. The Innovation Labs has been working with tax leaders to prototype solutions to business problems that RPA can effectively solve.
Taxation and Regulation in a Token Economy
Blockchain has given rise to new markets and ways of connecting buyers and sellers. Value exchange and payments options based general purpose cryptocurrencies (ie: Bitcoin) or in special purpose tokens exchangeable for goods and services (aka: utility tokens). The rapid emergence of these global-from-the-start digital assets, as well as their pseudo anonymous nature, has challenged existing jurisdictional approaches to regulation including taxation. Vertex is at the forefront of these trends exploring the ways in which Blockchain can be utilized to help regulate Blockchain.
Micro Cloud APIs
This commercial cloud platform, based upon emerging RegTech, FinTech, and TaxTech industry standards, enables a wide range of network of suppliers and customers to easily build, deploy, manage, offer, discover, license, trade, and efficiently monetize regulatory content, knowledge, interpretation, processing, and compliance solutions.
Regulatory content aggregation
This commercial cloud solution facilitates large and specialized content aggregators to establish partnerships for the collection, classification, segmentation, and dissemination of raw and processed regulatory, financial, and tax content.
Share an Idea
Do you have an idea for innovating tax work that you would like us to consider?
Join our Innovation Community
Are you interested in talking to us about ideas we are developing? Stay up to date with our projects or participate by reviewing ideas or designs we are working on.
Co-Develop a Project
Would you like to propose a project to support your company, even one that isn’t directly a tax project, that you’d like to work with us to bring to life?
Provide your contact information in the request information form at the top to learn more and to begin working with us.
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