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No more ‘techlash:’ 5 tech trends redefining business and tax

An over-the-shoulder view of a senior IT manager, dressed in yellow. They are working at their laptop, plugged into a monitor behind it, and looking at raw data for tax insights.

Staying ahead of the latest technology trends means keeping an eye on new systems and platforms themselves as well as the inventive, and often surprising, ways that organizations are using them.  

An eBook from West Monroe takes a deep look at the technologies driving change in today’s business environments and explains how companies can leverage them to support growth, build trust and prepare for the future. The report focuses on five key developments:  

  1. AI and generative AI (GenAI) are creating a new productivity paradigm: Companies are expanding the reach of these technologies beyond efforts to increase output and reduce costs. They’re building more strategic, multidimensional initiatives aimed at delivering better outcomes, such as more desirable products and increased customer satisfaction.
  2. Modernizing cloud and on-premises infrastructure is essential: AI, GenAI and machine learning (ML) are accelerating the demand for computing power and data storage. Businesses are re-evaluating their infrastructure in light of their innovation road maps, sustainability goals and security requirements.
  3. Synthetic data can be a game-changer: Synthetic data is created by systems, simulations and models to deliver the same statistical properties as real-world data. It can help businesses train AI/ML models, enable secure collaboration and ensure compliance with data protection regulations.
  4. Techno-optimism is real, but businesses should guard against technology backlash: While customers and stakeholders are generally positive about new technologies, organizations that provide inadequate guidance and monitoring for big initiatives risk provoking “techlash” – disillusion and erosion of trust.
  5. Human-centric approaches help companies ensure that digital transformation produces lasting value: New technologies are only effective when the human experience is improved. Businesses can support the human element by enhancing end-user research, encouraging employee input in automation projects and investing in employee growth.

Some of these trends will be familiar to tax leaders guiding digital transformation efforts in their own departments. The heightened need to assess cloud and in-house infrastructure is particularly relevant. Smart businesses depend on scalable and adaptable infrastructure to stay competitive and meet current demands while building for the future, the study notes. A future-ready infrastructure is something that Chief Technology Officers might want to aim for as they lay out the business case for investments in more advanced tax automation.

The eBook's emphasis on the human element in digital transformation is another important point tax leaders should consider. As Vertex CEO David DeStefano emphasizes, trust is a crucial component of our software development activities: “We don’t just apply technology to solve problems; we build solutions around the real- world tax challenges that our customers face every day.”  

As tax experiments and implements AI solutions and functionalities, it’s important to strike the right balance between the technology dimension and the human dimension by designing strategies that enable both the business and the workforce to thrive.

Disclaimer

Please remember that the Vertex blog provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information. The views and opinions expressed in the Vertex blog are those of the authors and do not necessarily reflect the official policy, position, or opinion of Vertex Inc.

Blog Author

Larry Mellon, Tax Directory, Vertex Inc

Larry Mellon

Tax Director, Chief Tax Office

See All Resources by Larry

Larry Mellon is a Tax Director in the Chief Tax Office, where he is responsible for providing insights, thought leadership and customer-centric direction to Vertex functional groups, supporting the continued expansion of Vertex indirect tax solutions and overall enterprise strategy. He has over 30 years of experience in sales and use tax compliance, risk assessment, jurisdictional audits, administration and management, as well as VAT compliance. Larry joined Vertex in 2005 as a Sales and Income Tax Supervisor and has served as Tax Manager since 2012, where he has played a pivotal role in elevating and advancing the company’s tax management offerings.

Prior to joining Vertex, Larry served as a Senior Tax Accountant and Property Tax Manager at Foamex International, Inc., a polyurethane and advanced polymer foam product manufacturer and marketer. Mellon also held multiple roles at The Franklin Mint and is a member of the Institute of Professionals in Taxation (IPT) and Tax Executives Institute (TEI).

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