In this episode of Tax Leaders Unplugged, host Stevi Frooninckx interviews Sara Mendiola, the Tax Technology Manager at LyondellBasell, to explore the critical decision-making process of buying versus building tax technology solutions. Sara shares her unique professional journey, insights on evolving tax technology, and a real-world project involving the standardization of audit files across different jurisdictions. The conversation dives deep into considerations for choosing the right strategy, such as skill sets, resources, stakeholder involvement, and total cost of ownership. They also discuss the importance of executive sponsorship, documentation, and change management strategies. Additionally, Sara emphasizes the innovation potential through hackathons, highlights the benefits of embracing failure, and advises tax professionals on advocating for tech transformation. This episode provides invaluable insights for tax and IT teams aiming to optimize their tax solutions and navigate the complexities of technological integration.
In this episode, we cover:
02:17 The Evolution of Tax Technology
03:28 Importance of Processes in Tax Technology
06:42 Buy vs Build: Analyzing Tax Technology Solutions
09:07 Case Study: Implementing Standard Audit File for Tax
15:11 Pros and Cons of Building Tax Technology In-House
20:18 Cost Considerations in Tool Replacement
20:43 Employee and Customer Experience
21:03 Time and Compliance Constraints
21:28 Vendor Solutions and Tax Expertise
22:14 Internal vs. IT Team Development
24:02 Examples of Build vs. Buy Decisions
26:25 Change Management in Implementation
30:34 Next-Generation Technologies and AI
36:16 Hackathons and Innovation Challenges
40:12 Key Takeaways and Final Advice
