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Three ways to manage data to integrate technology in tax

Livemint · 1y

The use of technology by tax authorities has transformed the tax landscape, bringing transparency and stricter reporting practices. To effectively manage this data-driven environment, tax functions need to focus on integrating data systems, improving data architecture, and leveraging generative AI for insights. Centralising data and ensuring its quality is crucial for compliance and audit readiness. Adopting generative AI can offer quick returns on investment and expedite data-centric transformation projects. Taking a holistic approach to managing data is essential for optimizing results and building trust with stakeholders.