Tax & Accounting Blog

Technology that Ignites Global Business

Best Practices, Blog, Global Tax Compliance, ONESOURCE March 31, 2016

This is part one in a series on how corporations do business globally.

For a global business to succeed in today’s world, it needs to hone five pillars of engagement, writes Klaus Schwab, founder and executive chairman of the World Economic Forum. Those pillars are corporate governance, corporate philanthropy, corporate social entrepreneurship, global corporate citizenship, and professional accountability.

Each pillar is worthy of closer inspection in its own right. But the bottom line is that they all demand automation. The more intelligent a global business’s systems are, the easier each pillar becomes to truly achieve.

Each of the five pillars require risk reduction and cost savings because they necessitate capital expenditures from the enterprise. They require the attention of smart people because they’re difficult to achieve.

Since no global enterprise today is entirely insulated from competition, multinationals should just assume that, if they aren’t using software better and smarter their competition probably is. Not even the best capitalized global businesses can afford to leave their brand and market share unguarded.

The optimistic take is that the conditions that create a need for this new global business status quo — “the world’s increasing complexity, interconnectivity, and velocity,” in Schwab’s words — are also what enable business to automate processes and use technology for better decision-making in the first place. It is technology that fuels teams. It is technology that guards brand and market share. It is technology that ignites global business.

Our forthcoming series on how corporations do business globally will give our take on the technology underlying the business of doing business on a global scale. We’ll explain what we’ve learned from helping global corporations succeed in today’s global business environment.

For more information on how global tax departments stay ahead with ONESOURCE corporate tax technology.