The world as we know it is becoming more connected and data-driven by the day. Whether it’s Facebook pixels or customer feedback surveys, gathering data is a crucial part of keeping any modern business competitive. But just gathering information isn’t enough, you need to apply it constructively to your business. That means a lot of work reading, analyzing, and testing as well as constant improvements to stay competitive. To do that effectively, your data needs to be agile in order to make your VAT management easy and flawless.
What is Data Agility?
To understand data agility, you should think about agility as it applies to people. An agile person is quick, flexible, and adaptive to new situations. To have agile data, the same characteristics must apply. That means having a system in place that makes it easy to access and, if necessary, move your data. Think about the flow of data through your company. What systems are in place that gathers and process your data? How can they be faster, more adaptable, and more agile? With data moving so quickly from server to server, it’s important that VAT recovery is possible to ensure complete foreign VAT reclaim. The relevant data needs to be easily accessible from everywhere, and the people in charge need to constant access to the data, no matter the circumstances.
Imagine that you had three days to move all your data to new servers and set up all the existing infrastructure again. How likely would it be that you could get it done in time? If it’s not too hard (usually this involves a robust cloud storage solution), then you know your data agility is on point. If that sounds like a nightmare scenario, you’ve got some work to do.
Advantages of Agile Data in the Cloud
Storing your data in the cloud makes it very agile, and has several advantages over local servers. For starters, modern cloud storage for VAT management is extremely secure. While in the past security was a selling point of keeping your data rigid and local but with the improvement and growth of cloud storage as well as industry specialists like Amazon Web Services (AWS) pushing higher security standards forward, the cloud has become an extremely safe way to keep your data agile and secure. The cost of cloud storage also scales dynamically, compared to the rigid limits of local storage with expensive upgrade costs and inefficient utilization where you’re always paying for too much storage or running out of space. Cloud storage has become very inexpensive even from high-quality providers, and available size increases with your need.
Automation and Your Data
As our methods of gathering and storing data improve, so do methods of processing it. Automation has taken the lead as the most efficient way of processing and categorizing data. When you get a lot of information pouring in all at once, it’s hard not to get bogged down in the sheer quantity of the data, or to make mistakes trying to sort it out. By having an algorithm sort through your data, you ensure that it’s consistently processed and stored in the same way every time. Luckily as the world gets more complex, VAT management solutions get better and easier to use. The best automation solutions can do this complicated task in the background while keeping the data secure as well as accessible to the people working on the project.
Data Agility and VAT Management
VAT management can be tricky. It requires a deep understanding of tax laws, a firm grasp of your company’s finances, and an ability to adapt as these and other factors change over time. VATBox’s automated VAT management keeps your data agile, storing it securely and also making it easily accessible to those who need it. This data agility allows you to easily move your data between servers, make changes, and access it securely from your web browser. Keeping your data agile and automated removes the headache and ensures that you’re getting all the VAT recovery you qualify for.
The world is changing, and the internet plays an increasingly large role in our day-to-day lives, especially in the business world. By staying up to date on new VAT technology and keeping your data agile, you can make sure your business remains competitive and your data remains secure.
If you’d like to learn more about the VAT process, VATBox can help. VATBox, an automated, enterprise-wide, cloud-based VAT recovery solution, has successfully streamlined the global VAT recovery process, providing businesses with unrivaled visibility, compliance, and data integrity, and ultimately boosting its bottom line. VATBox can help ensure that your company is always in compliance with the latest VAT laws and always has access to the most current VAT-related information. Request a free demo here.