“As machines replace humans in doing routine work, jobs are evolving to require new combinations of human skills and capabilities….Technology has not only changed the nature of the skills the job requires but has changed the nature of the work and the job itself.”
Fast-changing regulatory requirements, rising organizational pressures, and new digital technologies are rapidly changing what it means to be a tax professional. Tax teams are starting to work in new workforce models, wield digital skill sets, operate much more closely with the business—and augment their experience and expertise with powerful automation technologies. At Deloitte, we call it the Power of With.
Five key technology trends are driving the tax profession’s transformation in Canada and around the world. These same developments are also dramatically changing how tax authorities and other regulators meet their objectives.
When it comes to the future of work in tax, predictions of a robotic takeover are giving way to a more practical reality. Automation, artificial intelligence, and other technologies won’t push tax professionals out of their roles, but they will change how those professionals work and what they do. While some tax department activities—especially those that are rules-based, repetitive, or compliance-related—will be automated, human tax professionals have significant opportunities to capitalize on their unique capabilities and take on new value-adding roles. And transformation is coming fast: In a recent Deloitte survey of Australian tax executives, 85 percent said they believe unprecedented change is coming in the next five years.
New skills will be needed. All tax professionals will need technology skills, but they’ll also continue to rely on the very human qualities that will always be essential in any high-performing business: empathy, creativity, emotional intelligence, and a sense of morality. And tax team members will need to understand how to effectively integrate technological possibilities with their own professional judgment, intuition, communication, and advisory skills.
Tax professionals need to take action now to prepare for the digital transformation of tax. It’s time they understand the disruptive technologies coming their way, determine their role in a digital tax department, and take ownership of their own reskilling.
Skills in managing projects, data, and people will become as vital as technical tax knowledge. Sharpened analytical skills and professional judgment will be key to helping tax professionals sense when something’s “off.” It will also be important to be able to understand how to apply technology to daily tasks and communicate effectively with those who don’t “speak tax.”
As a tax professional, what can you do now to take ownership of your digital future? Here are six suggestions:
It’s time to harness the Power of With
Deloitte member firms around the world are exploring how tax departments can use the Power of With to transform the role of tax professionals and bring new value to their organization. Ready to learn more? Start here.