Challenges In The Face Of Hyper Fragmented Markets
In a global market, companies must seek opportunities by becoming more competitive, which sometimes translates into taking a technological leap to improve both the organization and the quality of the information handled, optimizing internal processes and people management.
The importance of the global e-invoicing movement is leading companies to reinvent and update themselves to respond to the growing needs and requirements in terms of tax compliance. This implementation is occurring globally, as these are key measures to combat fraud and tax evasion, promoting transparency in all business-to-business communication flows. The growing trend towards digitization and automation of financial and tax processes is a reality that companies are facing daily due to the obligations already imposed by governments and tax authorities in terms of control of accounts payable and tax returns and declarations.
With globalization, companies have been able to expand and operate anywhere in the world. This brings great benefits, but it also generates new problems that companies must face. Multiple countries with different financial and tax legislation, even with different tax requirements within the same region. And we must not forget the needs and requirements that multinationals can demand from their increasingly diverse customers and suppliers.
All these changes mean modifying and adapting processes, management systems, and operations at the core of companies. All of them are heading towards new internal business and organizational models that are leading them towards a profound digital transformation. In this context, technology becomes relevant, since change management involves adopting and democratizing the use of innovative technologies that allow companies to develop and evolve towards omnichannel.
Challenges for companies
Internationalization poses a set of challenges for companies, as they no longer must serve a single market, but must adapt to an increasingly hyper-fragmented and strategically complex context.
Improvements in collection and fraud control, time reduction, and automation of part of the control and supervision processes have been decisive for the adoption of electronic VAT reporting processes in real-time by tax authorities in many countries.
This implies knowing all the systems, managing different communication channels with the tax authorities, having integrated solutions that automate the submission of documents, and complying with all the technical requirements and implementation dates.
By outsourcing and automating this process on a single platform, any company will gain flexibility and agility and will have the guarantee that its information reaches the public body in question in the correct manner.
Keeping a constant watch on the update and implementation of new developments of each tax authority and public body in a multitude of countries is already a great challenge for most companies.
That is why they are looking for a partner with the international capacity to accompany them in their daily tax compliance in several countries with different requirements. EDICOM is a dedicated and strategic partner that not only provides the necessary technological solutions to comply with the obligation, but also helps you to keep up with the updates that arise globally.
Another of the growing problems that most concern companies today revolves around communications security and identity theft. The digital transformation and the move towards 100% electronic models in business relations entail the need to protect the integrity, confidentiality, and authenticity of the documents exchanged and stored.
In this sense, having certified technological solutions and certification services such as digital signature, time stamping, etc., provides the necessary security and confidentiality to perform and streamline business activities with full legal guarantees. Our international certifications allow us to provide our solutions with tools that guarantee the exchange of electronic messages in a secure, complete, and confidential manner.
Multiple Internal Management Systems
It is common for companies to work with different internal management systems that perform different tasks. At some point, the information they handle must be unified and compiled to be sent or processed. This can become an arduous task, from the analysis of the information sources, through the processing of the data, to the treatment and provision of the final data to the recipients.
The consolidation of large amounts of data involves the implementation of data integration platforms or solutions to unify information and processes from multiple internal management systems. In addition to data integration, you can automate your key transactions with your trading partner community. Whether your partners are local or transnational, you can integrate all your information systems into a single, centralized B2B platform.
Relying on an expert partner in data integration and Data Management such as EDICOM will facilitate the management of data adapted to different tax and legal requirements, to different communication protocols, and to the particularities of B2B2G communication systems.
A scalable global platform
Today's companies require agile, short-term solutions to face the challenges of internationalization and focus on their core business: sales.
Relying on a global platform from an international operator such as EDICOM gives you the security and peace of mind of standardizing your processes in any business environment and business sector. Our solution aims to optimize your business processes to the maximum with a centralized global platform that operates in the cloud and adapts to the requirements and needs of a global and digital economy.
We have the capacity to customize projects to he needs of each company, adapting services to their particularities and optimizing workflows.
EDICOM solutions optimize and monetize the business and operational processes of thousands of companies.