FINAL WORD
Eric Lefebvre , CTO at Sovos approach , we can expect frequent and substantial changes to data mandates and enforcement procedures .
The impact of non-compliance with data mandates can be severe – ranging from hefty fines to enforced operational shutdowns . Given the potential economic and reputational ramifications , it ’ s clear that all functions – including IT – will need to work together .
Forewarned is forearmed
As more countries roll out government data and e-invoicing mandates , IT teams must ensure the right resources and tools are in place . This means working closely with leadership , compliance , legal , product development and other teams to establish the following four points :
• Product offering : How many different products and services do we sell ? Is this likely to increase or decrease and will this remain consistent across all markets ?
• Tech stack : What new technology solutions will we need to support government data mandates and e-invoicing ? What level of IT support is needed to manage these ? Will this impact IT ’ s ability to meet other obligations ? How will we meet all security and privacy standards ?
• Vendors : Is implementing a variety of different technology solutions from smaller , regionalized vendors the right choice for us ? Or would it be more effective to work with one multi-regional or global partner , unifying all compliance obligations and providing economies of scale that can grow with us as we expand into new markets ?
• Geography : What are the current and expected e-invoicing mandates for the countries in which we operate ? Will our expansion plans affect this ? And how can we stay ahead of any planned changes ? It ’ s worth noting that compliance becomes more complex with each region you cover , as there ’ s currently no standardized framework for data mandates – even within trade blocks like the EU .
For IT teams , gathering the above information is crucial to understanding how to approach government data mandates .
The sooner these conversations happen , the better . Those who don ’ t act risk getting caught out by unexpected regulatory changes which can take significant time and resources to prepare for . p
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