Deloitte Tax LLP announced an expanded alliance with Snowflake, the AI Data Cloud firm, in order to transform tax data management solutions. This collab will leverage the strengths of the organizations in an effort to combat cloud modernization obstacles and enable cloud data solutions and analytics capabilities for tax departments.
Effective data management is considered to be a key part of a tax department’s journey into Generative AI, driving agility and operational efficiency.
By establishing data foundations, tax teams are able to unlock the potential of technologies, cut down on integration costs, and leverage historical and real-time data. As tax departments adopt various technologies such as GenAI, centralized data management has become key to enabling product development while ensuring agility.
Deloitte Tax’s expansion to the organization’s alliance with Snowflake leverages Snowflake’s cloud data management capabilities in combination with Deloitte’s tax services, enhancing “visibility into enterprise-wide tax data and providing a single source of data for accurate tax reporting, efficient reconciliation, and strategic tax planning.”
Via the latest alliance, Deloitte Tax and Snowflake will work on developing tax data management accelerators “to assist tax across all domains,” including:
- Common Data Models: Deloitte Tax and Snowflake are collaborating to design and implement unified tax data models, enabling organizations to harmonize disparate data sources and allow for consistency across tax processes. This foundation streamlines data integration and assists in creating more efficient tax operations.
- Standardized Reporting: The joint effort will introduce standard reporting outputs based on common data models including tax workpapers, tax system integration, exception reports, tax management reporting and analytical support. This approach will reduce manual effort and improve accuracy in tax reporting, documentation, and enhance audit readiness of Tax data.
- GenAI Data Readiness: The expanded alliance will focus on developing data models to support the Tax GenAI journey. Creating structured, reliable datasets aligned to tax processes will serve as the foundation to drive GenAI capabilities throughout the organization.
Deloitte provides audit, consulting, tax and advisory services to the world’s brands, including U.S.-based private firms.
They leverage a combination of so-called business acumen, command of tech, and technology alliances to advise clients across industries as they “build their future.”
Deloitte is part of the global professional services network serving clients in the markets that are important to them. Their network of member firms reportedly spans over 150 countries and territories.