Blue dot, a leader in tax compliance and automation, value-added tax (VAT) reclamation and data integrity solutions, has been named as a Major Player in the IDC MarketScape: Worldwide SaaS and Cloud Value-Added Tax Software 2021 Vendor Assessment (doc #US47987321, October 2021). This was Blue dot's first time being included in the IDC MarketScape report.
The IDC MarketScape report evaluates marketplace competitors across a variety of categories, ultimately producing a graphical positioning of the strengths of vendors in a given space.
"It is enormously validating for our pioneering and innovative platform to be recognized as a major player by the IDC MarketScape. The analysts agree: the tax space is undergoing a paradigm shift that's been catalyzed by COVID-19. With our forward-looking focus, we're expecting to see rapid growth," said Isaac Saft, founder and CEO of Blue dot. "The pandemic has completely changed the game - how we work and what rules we need to be aware of. As the gig economy and the tax challenges both continue to grow, Blue dot's tech-first platform stands ready to lead customers through a new generation of tax compliance."
Blue dot's two greatest strengths, according to IDC MarketScape analysts, are its technology-first approach and artificial intelligence (AI) driven functionalities.
On the technology front, the report states that Blue dot's service "results in a faster time to process and deeper analytics than the traditional market is able to offer. Only through total automation of the end-to-end process can you reliably process, analyze, report, and manage your tax position, for example, relying on the thoroughness and accuracy of the data to take advantage of the configurable posting tool or using the Blue dot tool as the basis for authority audits."
Blue dot's investment into AI was noted as a key differentiator by IDC MarketScape analysts, with the report highlighting the software package's inclusion of deep learning, natural language processing, external and historical data - creating a comprehensive account of employee-driven transactions which is the key to solving the challenges associated with VAT, fringe benefit taxes and corporate income tax.
With news reports from Amazon, PwC and other large tech firms announcing permanent remote work policies within the last week, the distributed workforce and work from anywhere paradigm is here to stay. Blue dot's software track analyzes and reports on a company's employee spend data for hidden exposure to employee benefits and resulting taxes.
"Blue dot has a laser focus on automating VAT reclamation that is well-suited to a swiftly changing tax landscape," said Kevin Permenter, research manager at IDC. "The impact of COVID-19 - and the subsequent loosening of VAT restrictions causing budget shortfalls for many governments worldwide - will likely result in increased vigilance to close tax gaps in the coming years. With a platform that offers coverage in both the VAT and taxable employee benefit spaces, Blue dot is positioned to address the new working norm in the post-COVID world."
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About Blue dot
Founded in 2013, Blue dot is a market pioneer in the tax tech arena, having developed the first technology-based and dynamically updated financial platform for employee-driven transactions in the market. The Blue dot tax compliance platform harnesses digitization, tax compliance and automation to process and analyze a company's employee spend data for value-added tax, taxable employee benefits and corporate income tax, in real time. As a privately held company, Blue dot's technological breakthrough has raised more than $90M in private equity funding and attracted a large portfolio of Fortune 500 clients. Blue dot is fully dedicated to providing its clients with value, not only in terms of process savings and ROI, but especially in the peace of mind that comes from full compliance. For more information visit www.bluedotcorp.com.
Robin Conner, Vice President, Global Marketing