As the year slowly progresses, industry analysts are trying to make sense of 2022 in terms of IT developments. One analyst who has come forwards with a set of predictions for Digital Journal readers to digest is Amit Venugopal, chief information officer, Sovos.
Venugopal focuses on two areas of interest: data handling and the automation of cloud computing.
According to Venugopal there has been a shift in the dynamic between the public and private sectors when it comes to data. Taking the U.K. as an example, he cites: “With new government-mandated e-invoicing laws rapidly expanding across the globe, the government is now your data partner. In 2022, it’s unavoidable – governments are now firmly entrenched in enterprise data stacks touching everything from invoices to payroll to shipping.”
This issue brings with it consequences, says Venugopal: “As a result, a company’s failure to provide governments with the correct data access and accurate reporting has the potential to bring your business to a halt. Real-time enforcement is here and whether or not to comply is not a choice if you want to continue operating in that country.”
Venugopal adds further to the implications, noting: “Organizations need a single compliance broker that matches business and government innovation rates with a solution that is connected, continuous and complete.”
The second area picked by Venugopal relates to making the cloud more efficient and this rests of robotic process automation (RPA). Venugopal finds: “Global RPA software revenue was projected to reach $1.89 billion in 2021, an increase of 19.5 percent from 2020. Recognizing the benefits associated with RPA, tax and accounting departments are looking for their fair share to help manage the increasing 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 labor-intensive, repetitive tasks tax departments often complete – for instance, gathering/validating data, running reports and calculating adjustments – accountants are now seeing the potential for RPA to transform the way tax departments operate and in some ways reshape what it means to be a tax professional.”
Consolidating the benefits, Venugopal sates: “By leveraging RPA in 2022, tax departments will begin to replicate routine, predictable tasks and free up professionals to focus on more high-value work.”