Photo by Philipp Katzenberger
As the year slowly moves on, industry analysts are trying to make sense of 2022 in terms of IT developments. An analyst who presented a set of forecasts for Digital diary readers to digest is Amit Venugopal, Director of Information, Sovos.
Venugopal focuses on two areas of interest: data processing and cloud computing automation.
According to Venugopal, there has been a shift in the dynamic between the public and private sectors when it comes to data. Taking the United Kingdom as an example, he quotes: “With new government imposed e-invoicing laws rapidly expanding across the globe, government is now your data partner. In 2022, it’s inevitable – governments are now firmly entrenched in stacks of corporate data touching everything from invoices to payroll to shipping.
This issue has consequences, says Venugopal: “As a result, a company’s failure to provide governments with correct data access and accurate reporting can potentially disrupt your business. Real-time enforcement is there and whether or not to comply is not a choice if you want to continue operating in this country.
Venugopal further adds to the implications, noting, “Organizations need a single compliance broker that combines business and government innovation rates with a connected, seamless, and comprehensive solution.”
The second area chosen by Venugopal relates to improving the efficiency of the cloud and this is based on robotic process automation (RPA). Venugopal finds: “Global RPA Software Revenues expected to reach $1.89 billion in 2021, an increase of 19.5% over 2020. Recognizing the benefits associated with RPA, tax and accounting departments are seeking their fair share to help manage the growing demands of global tax authorities.
The benefits of automation are clear to Venugopal, as the expert points out to business-minded readers: “When you consider the repetitive and labor-intensive tasks that tax departments often perform – for example, collecting/validating data, running reports and calculating adjustments – accountants now see the potential of RPA to transform the way tax departments work and, in some ways, reshape what it means to be a tax professional .
Consolidating the benefits, Venugopal says, “By leveraging RPA in 2022, tax departments will begin to replicate routine, predictable tasks and free up professionals to focus on higher-value work.