7 Considerations for Enhancing Procurement Technology Implementations
Every transaction tells a story, and the best ones tend to feature surprising plot twists. When it comes to a procurement group’s increasingly strategic and data-driven narrative, unforeseen indirect tax risks linked to purchasing transactions can trigger unpleasant developments that hinder procurement efficiency and impede its transformation progress.
As a result, procurement leaders and their counterparts in the tax group should keep the following points in mind:
- Procurement’s ongoing digital transformation is crucial to organizational performance.
- Tax determinations represent a critical, though frequently neglected and potentially high-risk, component in procure-to-pay (P2P) lifecycles.
- Procurement’s effort to enable seamless purchases hinges on accurate, convenient tax determinations.
- One of the leading ways to enable and sustain seamless transactions is by conducting tax determinations at the time of purchase via a procurement-tax technology integration.
Following this logic can empower tax teams to manage the organization’s tax-compliance story while procurement groups remain laser-focused on enhancing their value proposition.