Earlier this year, we initiated the first of our planned 20 for 2020 series’ as an echo to the 10 for 2010 series that we used to launch this site. That first 2020 series focused on the key themes and ideas that Chief Procurement Officers should have on their agenda this decade. This second series focuses on “Key Providers in 2020” which you can think of as (borrowing from Supply and Demand Chain Executive and countless others), the 20 “Solution Providers to Know” this decade. Today, we continue the series with Vertex, a leading provider of indirect tax software and solutions.
Key Provider in the 2020s – Vertex
Founded in 1978, Vertex is a provider that falls outside of the traditional supply management category of solutions but remains highly relevant at the same time. Headquartered in North America, and with offices in South America and Europe, Vertex employs over 1,100 professionals and serves companies around the world. The company’s stated mission is “To deliver the most trusted tax technology enabling global businesses to transact, comply and grow with confidence.” Vertex achieves this by providing cloud-based and on-premise solutions that can be tailored to specific industries for every major line of indirect tax, including sales and consumer use, value added and payroll.
The company is publicly-traded (Nasdaq ticker: VERX) and has 4,000 customers across 130 different companies, including more than 50% of the Fortune 500. Their solutions enable businesses to manage indirect tax obligations more accurately and efficiently while reducing risk and supporting ongoing compliance and reporting requirements.
With the rise of business process automation tools, cloud- based applications, mobile solutions, connected devices, and Big Data permeating the modern business environment, more data is being created each year than ever before. The result is a world that has become increasingly data-driven, and procurement teams around the globe have an extraordinary opportunity to capitalize on it.
Vertex’ solution offers greater capabilities to support, better and more accurate tax payments than general enterprise systems of record. And, while some enterprise systems include some default higher-level criteria to determine whether a product is taxable, most lack the ability to analyze product specific tax rates at the state or local levels across a global supply chain. Not only do tax automation systems enable a deeper, more comprehensive view into potential and actual tax liabilities, they are powered with real-time tax rates and therefore generally more accurate than other kinds of systems.
The most cohesive and common way to drive efficiencies and value via the tax payment process is via automation solutions and the procure-to-pay process (“P2P”) is where the ‘rubber hits the road’ for supplier tax payments. Vertex integrates its powerful tax calculation and payment execution capabilities with many of the leading eProcurement and ePayables solutions, empowering the teams most responsible for the payments. In a year where managing cash is more important than ever, organizations should be more focused on properly managing their tax liabilities. Vertex is a leading solution in that regard and Vertex is one of Ardent Partners’ Key Providers in the 2020s.
RELATED RESEARCH
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Tagged in: B2B payments, Key Provider, P2P, Solution Providers, Tax, Technology
