Futuregazing: as economies create more data, how can they manage analytics?

But, as entire economies become more data-driven, with government-enforced tax controls demanding increasingly granular levels of transactional information, there is a growing need for analytics solutions capable of handling this data, securely and at scale. Fortunately, innovations such as artificial intelligence (AI) and machine learning mean that businesses are able to scale up their analysis like never before to ensure the right data is presented in the right format for the right audience. Tax reporting is becoming more complicated as different countries have different requirements. With increasingly strict penalties for non-compliance, businesses everywhere need to consider their analytics capabilities if they hope to keep up. In an effort to close their respective country's VAT gap, tax authorities across the world are using every tool at their disposal to collect all revenue owed to them. Real-time VAT reporting, for example, is growing in popularity, with many tax authorities employing continuous transaction controls – such as electronic invoicing and audit reporting – to insert themselves ever closer to companies' transactions.