In May 2021, Oxford Economics and the SAP Concur organisation surveyed more than 500 senior business leaders spanning seven countries about their economic recovery strategies. Respondents revealed that: increasing agility is their top functional goal, yet difficulties implementing changes to company culture and automating manual operations remain top challenges
Now, more than ever, finance and IT leaders are in an ideal position to lead their companies toward greater business agility and resilience.
You might already know that automating spend management could help your business reduce costs and free up employee time for more revenue-producing activities. Perhaps you’ve even automated some key finance functions. But fully automating your financial processes can lead to a significant return on investment.
For businesses in the global survey that have already automated their expense, invoice, and cash flow management:
How does that level of digitisation equate to actual cost savings? Research conducted by AMI-Partners found that, on average, small to midsize companies saved:
$30K annually after implementing an automated expense solution
$34K annually after implanting an automated invoice solution
For Concur Expense and Concur Invoice customers, the savings were even greater at $39K annually with each solution.
The Association of Certified Fraud Examiners estimates the typical organisation loses 5% of its revenue to fraud every year, which means you’ll have plenty of reasons to build a business case for fully automating your finance processes.
There are four key recommendations highlighted in the Oxford Economics report following the May 2021 global survey. Consider how you might apply these recommendations to your recovery plans:
You can learn more about how Finance and IT leaders are guiding post-pandemic strategy by downloading the Oxford Economics full report: Leadership In a New Era.
Your future business resilience and agility rely on your actions today. Take the first step toward automating your expense, travel, and invoice management. We’ll show you how.