LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global tax advisory services market is expected to grow at a CAGR of 9.2% over the next five years due to the huge amount of financial data generated from global organizations, which creates a demand for tax advisory services to analyze and maintain such large volumes of data.
The research report titled ‘Global Tax Advisory Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Increasing globalization of companies across different regions is leading to an increase in demand for tax advisory services, as players must comply with taxation complexities pertaining to the regions in which they have an operational base,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Regulatory bodies are strictly enforcing the adoption of systematic documentation processes, which is prompting several organizations to approach tax advisory service providers to help them comply with the implementation of these processes within their organizations,” adds Angad.
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Cost saving opportunities in the global tax advisory services market
The adoption of various cost-optimization levers helps buyers of tax advisory services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global tax advisory services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Tax advisory services vendors adopt technologies such as ERP services, data analytics, web portals, and mobile application guides to enable savings up to 7% of the total category spend.
The number of tax payments to an organization depends on various factors such as tax rate, tax base, regressive tax, and progressive taxes. Buyers prefer to engage with vendors who can successfully design potential solutions to minimize the tax burden.
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Optimization of procurement practices saving aspects
Buyers should engage with global suppliers as they have expertise in industry-specific tax regulations and can help in tax strategy in the business model.
Buyers prefer to enlist the services of suppliers that offer automation processes for collecting transactional data along with strategy formulation to reduce operational costs and improve profitability by reducing the final tax burden.
Bundling of services saving aspects
Suppliers often bundle together services such as risk consulting and financial planning to save up to 15% of the bundled spend area.
Tax policies are constantly changing due to rapid economic development in different regions worldwide, requiring suppliers to update their expertise in multi-jurisdictional tax compliance, reporting, and risk management.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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