It seems that with each passing day, there arises somewhere across the globe a new technology, government regulation, social activity, political sentiment or other phenomenon that brings with it the potential to disrupt the marketplace. Constant and accelerated change is the way of life for modern business.
Disruption carries with it the seeds of anxiety and opportunity. It’s up to each of us to choose which one we elect to water, nurture and grow. The businesses of tomorrow are the ones that today have the fortitude to look for opportunity amidst the disruption and the courage to make changes to their status quo.
It was just this topic that I picked up in my conversation with Dr. Michael Raynor, managing director of Deloitte Services, for this edition of Dividends. Having tackled the themes of strategy and innovation in four best-selling books, Dr. Raynor is renowned as an expert on helping businesses get ready for tomorrow. In our discussion, he challenges companies to beware of the temptation to play it safe. I asked him to tell us the most common mistakes companies make when they decide to innovate, and whether we can ever know the secret to staying truly innovative. I hope you find his answers as fascinating as I have.
In this issue, we also share the results of a survey that Thomson Reuters conducted in partnership with the Association of International Certified Professional Accountants (AICPA). We reached out to over 450 professionals in 24 countries in Asia, Europe and North America to get their points of view on disruptive trends. Technology automation, transparent data, regulation and policy, robots and more are illustrated as topics weighing on their minds.
You’ll also find in the following pages case studies from Latin America and India; an exploration of the onset of value-added tax (VAT) in the Middle East; an updated perspective on the Making Tax Digital initiative in the UK; a look inside how Thomson Reuters is helping small and midsized businesses (SMBs) tackle sales tax challenges; and direct reports from “taxologists,” tax professionals who embrace technology to yield remarkable results. This edition of Dividends is designed to look at the challenges ahead and to celebrate those peers who are embracing the opportunities that disruption is putting before us.
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