New Analytics System Gives CFOs Greater Insight

Deloitte has cracked the code to provide a first-of-its-kind data analytics and visualization offering that empowers companies to make smarter business decisions. Teaming with Tableau, the industry leader in visual analytics, Deloitte brings together tax technical knowledge, analytics strategy, visualization, top-flight analytics tools, data management, integration, and services in a solution called Taxalytics™.

Deloitte’s Taxalytics is aimed at supporting the tax function in its role as strategic advisor to the broader enterprise. It serves as a link between an organization’s tax, finance, and IT departments by integrating financial data, two of the leading ERP systems and visual analytics technology in user-friendly, analytics dashboards. Business insights, incorporating disparate sources of tax data and results, can now be uncovered in minutes rather than what traditionally has taken days or weeks.

The Taxalytics solution from Deloitte is powered by Tableau. Deloitte worked closely with Tableau throughout the development process and successfully surpassed a series of benchmarking tests designed to ensure the data source extract compatibility between Taxalytics and Tableau.

“We are filling a whitespace for our clients in the IT ecosystem of enterprise analytics,” said Nathan Andrews, partner, Deloitte Tax LLP and global practice leader for Deloitte’s Tax Management Consulting practice. “The time is now for tax departments to leverage and analyze their data, inside and outside of the tax department and the enterprise, in an efficient and complete way. Through our collaboration with Tableau and ERP leaders, we are bringing a tax lens to the areas of big data and analytics.”

“The effective use of data – in every department – is critical to an organization’s success,” said Dan Miller, EVP of worldwide sales, services and support for Tableau. “The Deloitte Taxalytics solution powered by Tableau is a great example of how embedded analytics can help deliver flexible visual analytics to customers quickly and easily. We’re thrilled to be working alongside Deloitte to provide powerful solutions that will help customers gain a competitive advantage with data.”

Through the use of Taxalytics services and tools, tax departments will now have greater control of their data and reports to improve both compliance and planning. By integrating data across departments, tax professionals are enabled with a clear view of their corporation’s complete financial data, while the ability to run real-time analyses prevents reliance on static information buried within spreadsheets.

“This solution is timely in the current tax environment, where tax reform creates a critical need for organizations to keep pulse on specific data and analyze data on an ongoing basis,” said Beth Mueller, partner, Deloitte Tax LLP and leader of Deloitte’s US Tax Analytics Insights practice.

Deloitte was recently named by Gartner as a global leader in business analytics services for the second consecutive year. Tableau was also recently ranked by Gartner as a leader in its Magic Quadrant for business intelligence and analytics platforms for the fifth consecutive year.

For more information about Taxalytics, please visit https://www2.deloitte.com/us/en/pages/tax/articles/taxalytics.html.